Allen & Overy has represented Thailand’s integrated national petroleum and petrochemical company, PTT PCL, on its return to the international dollar bond market after a seven-year absence. On Oct. 18, PTT priced a dual-tranche offering totalling $1.1 billion that achieved low coupons.

The two-tranche U.S. dollar-denominated bond included a Rule 144A/Reg S USD500m bond offering due 2022, and a Rule 144A/Reg S USD600m bond offering due 2042. Allen & Overy, led by James Grandolfo, head of the firm’s Asian international capital markets practice, acted as local and international counsel to the issuer. Clifford Chance acted as local and international counsel to the underwriters.

Media reports said that with a similar spread on both tranches, PTT became one of three issuers in Asia this year to price with flat 10-year and 30-year curves. The others were CNOOC in April and Sinopec in May.

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