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Allen & Overy advises Gulf Energy Development on its MTN programme and THB35 billion bond offerings

Allen & Overy has advised Gulf Energy Development Public Company Limited (GULF), Thailand’s largest private power producer by market value, on the establishment of its medium-term note (MTN) programme and domestic offerings of digital bonds and plain vanilla bonds under the programme to the value of THB35bn (USD915m).

For each tranche of the bonds offered to the public, investors were able to choose, based on their own preference and convenience, between the digital version of the bonds offered through Krungthai Bank Public Company Limited’s (Krungthai’s) 'Pao Tang' mobile application, or the traditional version that could be subscribed through nine financial institutions in Thailand.

Krungthai’s 'Pao Tang' mobile application is Thailand’s largest electronic financial platform/digital wallet with more than 34m active users. The 'Pao Tang' mobile application is designed as an 'open digital platform' and can be used by any Thai citizen in the country, including those without an existing Krungthai bank account.

The offering of GULF’s bonds in this way is seen as an important step in making investments in top-rated corporate bonds accessible to all in Thailand. The issuance of the digital bonds via the 'Pao Tang' mobile application will also enhance efficiency and contribute to the digitalisation of the Thai debt and equity capital markets. GULF’s digital bonds are also scripless, which is another key element with regard to facilitating higher demand for fund mobilisation through issuances by Thailand-based issuers.

The A&O team was led by Bangkok-based counsel Doungporn Prasertsomsuk and Bangkok-based associates Pichaya Ruamsub and Pradchayada Maneeratanapron with support from Hong Kong-based partner John Lee.

For further information, please contact Grace Zhang at or