“Twin Pine Group is at the forefront of pioneering access to capital markets. Through years of our commitment and in-depth understanding of this region, we provide hands-on and practical advice to address difficult financing challenges facing frontier markets participants.”
Types of Service
Debt Capital Market
With a team of professionals possessing a wealth of experience in investment and corporate banking, economics, treasury products, legal and the public sector, Twin Pine is well placed to provide debt management and access to debt capital markets for governments, state enterprises, and leading corporates in South and Southeast Asia.
We formulate innovative and tailored strategies for accessing regional and global debt capital markets, providing the opportunity for our clients to obtain the best terms and conditions for debt issuance.
We advise our clients from start to finish, ranging from pre-deal preparation, structuring, and documentation, to coordination, closing, and monitoring.
We have established strong working relationships with Thai and international banks that distribute the securities to Thai and global investors. Our services span from deal origination to structuring and from credit analysis to creditor negotiations.
Of exceptional note, we have advised the Government of Lao PDR on 10 cross-border transactions over the past 7 years, with a total value of USD 1.9 billion.
With comprehensive understanding of business owner’s objectives and limitations, Twin Pine could offer unique strategic approaches through end-to-end process for clients, bridging the gap to ultimately achieve their goals.
We strive to find the best solutions for clients by providing consultation on strategic initiatives. Twin Pine aims to optimize the shareholders’ wealth by assisting the company to design the suitable capital structure, arrange shareholding structure, help manage the Initial Public Offering process, and Merger and Acquisition process (sell-side and buy-side), as well as the potential divestment at the appropriate timing.
We will help ensure that the goals of the company and the founders are effectively achieved, the future projects are moving forward as planned, while transforming the company into a professional organization with long-term and sustainable growth.
Asset Management Advisory
With our expertise in debt capital markets and credit risk analysis as well as an extensive network with relevant stakeholders, we have launched our inaugural High Yield Bond Fund in Thailand. Twin Pine is establishing fund advisory and structure with our current capabilities to provide investment alternatives with the identified opportunities.
Twin Pine has achieved numerous notable successes in providing innovative and forward-looking solutions for our clients in the Greater Mekong Sub-region. We are proud of the many industry awards we have received over the past few years, in recognition of our efforts to encourage financial integration across the region.
THB 6.5 Billion Bond Transaction -
EDL-Generation (“EDL-Gen”) is 75% owned by Électricité du Laos, the state-owned enterprise that operates the country’s electricity generation, electricity transmission and electricity distribution assets. EDL-Gen aims to be the leading company in Laos in ensuring reliable electric power supplies for the socio-economic development of Laos.
EDL-Gen became the first corporate issuer from the region to raise funds in the Thai debt capital markets when it issued a THB 6.5 billion multi-tranche THB Bond offering in December 2014.
Twin Pine provided comprehensive advice that helped EDL-Gen realize its ambitious financing objectives. The issuance was credited as the first ever rated transaction from Laos, with a transaction size of THB 6.5 billion on the back of a strong order book of THB 12 billion. Its longest tenor was 10 years, which exceeded the seven years mark set by the Laos government months earlier.
The deal received a number of internationally recognized awards including IFR Asia Awards 2015 “Frontier Markets Issue of the Year” and Asiamoney Awards 2014 – “Country Deal of the Year Laos”
Sole Advisor: Twin Pine
Joint Lead Arrangers: Bank of Ayudhya, Krung Thai Bank, Standard Chartered Bank (Thai)
MOF LAO PDR:
THB 11 Billion Bond Transaction -
The Ministry of Finance of Lao PDR (“MOFL”) executed its most complex debt financing transaction in November 2016, in the process retaining access to a vital source of funding from the THB Bond markets amidst new policy changes aimed at preventing foreign issuers from remitting proceeds of THB Bond issuance overseas.
Twin Pine worked with MOFL to structure a two-pronged approach which involved firstly, a short-term USD loan from Thai banks for offshore use, and secondly, a THB Bond issuance to repay those loans onshore.
This deal received several impressive awards including IFR Asia Awards 2016 “Frontier Markets Issue of the Year”, and Asiamoney Awards 2016 – “Best Deal in Laos”
Sole Advisor: Twin Pine
Joint Book Runners: Bank of Ayudhya, Kasikornbank, Siam Commercial Bank
Joint Lead Arrangers: Krung Thai Bank, Thanachart Bank
Yoma Strategic Holdings:
THB 2.22 Billion CGIF Guaranteed Bond Transaction -
Yoma Strategic Holdings (“YSH”), a leading Myanmar-focused conglomerate listed on the Main Board of the Singapore Securities Exchange Trading Limited, holds a diversified portfolio of businesses in Real Estate, Consumer, Automotive & Heavy Equipment, Financial Services and Investments in Myanmar.
In January 2019, YSH issued a THB 2.22 billion THB Bond deal, becoming the first Myanmar-focused corporate selling international bonds. The transaction was exemplary for its ability to open a new funding avenue for Myanmar credits.
Twin Pine was the architect of this first ever cross-border capital market deal by a Myanmar focused company in Thailand, providing expert advice from deal origination to closing. We worked intensively with YSH to obtain the guarantee from Credit Guarantee and Investment Facility (“CGIF”), a trust fund under Asian Development Bank. As a result, YSH became the first Myanmar credit to receive the CGIF guarantee.
Multiple internationally-recognized awards for this pioneering transaction reflected our role in this new frontier in regional integration. These included GlobalCapital Asia’s Best Local Currency Bond 2019, FinanceAsia’s Deal of the Year for Myanmar 2019, and The Asset Country Award’s Best Bond Myanmar 2019
Sole Advisor: Twin Pine
Book Runner and Lead Arranger: Bangkok Bank
JWD Infologistics Public Company Limited: THB 1,900 million bond programme - 2021
JWD Infologistics Public Company Limited: THB 1,900 million bond programme – 2021
JWD Infologistics Public Company Limited (“JWD”) is a SET-listed provider of comprehensive logistics and supply chain services, including warehousing, shipping, storage, transport and distribution with operations across ASEAN.
In March and December 2021, JWD issued long-term bonds totaling THB 1,900 million under the Medium Term Note (“MTN”) Programme fully guaranteed by CGIF. It was the first time a CGIF guarantee was structured to cover all issuances within an entire MTN programme.
Twin Pine’s comprehensive advice helped JWD achieve the first CGIF-guaranteed bond transaction in Thailand since the onset of the COVID-19 pandemic. The bonds were fully subscribed by Thai institutional investors, including a commercial bank and life insurance companies.
Sole Advisor: Twin Pine
Joint Lead Arrangers: Kasikorn, Kiatnakin Phatra