White & Case leads Thai securitisation

White & Case has advised the lead managers to the Royal Thai Government on its largest securitisation to date.

The government issued Bt10.3bn (£143.4m) of notes in four tranches with separate maturities. The bonds are secured by 30-year leases on the government's new offices at Chaengwatthana and are the first to be sold under a Bt24bn (£334m) securitisation bonds programme.

Bangkok-based partner Manida Zinmerman believes that securitisation will become a more common source of funding for Thai corporates.

Funds raised will be used to help finance new headquarters for 28 government agencies on the outskirts of Bangkok, due for completion in mid-2008. Bangkok Bank, HSBC and TMB Bank acted as lead managers.

The Thai government did not use outside counsel. It was advised by the Office of the Prosecutor General.