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Thai Tisco sells 2 bln baht bonds at 5.5-6.5 pct

Sun Jan 4, 2009 11:50pm EST

BANGKOK, Jan 5 (Reuters) - Tisco Bank TISC.BK, Thailand's second-biggest car loan lender, said on Monday it was selling 10-year bonds worth up to 2.0 billion baht ($57.4 million), mainly to retail investors, to raise funds for expansion.

The bonds, which opened for subscription from Jan. 5 to Feb. 16, offered a coupon of 5.5 percent in the first three years, 6.0 percent in the next three and 6.5 percent after that, a bank official told Reuters.

"We plan to issue several more tranches of subordinated debt this year. The amount of the bonds will be set to match our needs for expansion," she said.

Tisco had delayed the bond sale from the fourth quarter of 2008 due to unfavourable market conditions.

At 0441 GMT, shares in Tisco were up 2.84 percent at 9.05 baht, underperforming the main Thai stock index .SETI, which was 3.36 percent higher. ($1=34.80 Baht) (Reporting by Viparat Jantraprap; Editing by Alan Raybould)



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