L.P.N. grows in Pin Klao

REAL ESTATE :L.P.N. Development will launch its second project in the Pin Klao area to serve rising demand for one-million baht units, according to managing director Opas Sripayak.

The 1.2-billion-baht L.P.N. Place Pin Klao 2 will be located on Boromratchonnanee Road. The 26-storey building will house 621 units sized between 30 and 68 square metres with prices starting from 47,000 baht per sq m. Construction starts this month and is scheduled to be completed in March 2008. Pre-sales will start from Friday.

Mr Opas said L.P.N.'s success with its first Pin Klao site early this year had encouraged the company to expand to serve demand on the west side of the Chao Phraya River.

L.P.N. shares closed yesterday on the SET at 4.54 baht, up six satang, in trade worth 15.02 million baht.

K-Asset opens two funds

INVESTING :Kasikorn Asset Management has launched two new open-ended fixed-income funds, with initial subscriptions ending next Monday.

Ruang Kao Government Bond 0309C is a five-billion-baht fund with a six-month rollover period, while Ruang Kao Government Bond 09B is a five-billion-baht fund with a 12-month rollover. Both funds will focus on short-term government debt instruments and have a projected annual return of 4.6% to 4.7%.

The minimum investment in both funds is 10,000 baht. For further information, contact branches of Kasikornbank or K-Asset at 02-276-2233.

B30bn in deals foreseen

GEMS & JEWELLERY :More than 30 billion baht worth of transactions are expected to be made over the five-day Bangkok Gems and Jewellery Fair, which opens today at Impact Muang Thong Thani.

The 80,000-square metre exhibition features 1,200 exhibitors and 3,000 booths highlighting the latest developments and trends in the industry. Over 30,000 people are expected to attend the exhibition, hosted by the Thai Gem and Jewelry Traders Association and the Export Promotion Department.

Malaysian ATM pact

BANKING :The National ITMX, the operator of the country's ATM system, and the Malaysian Electronic Payment System (1997), yesterday signed agreements that will facilitate the use of ATM cards for residents both countries.

Starting next month, both Thais and Malaysians would have direct access to their accounts at a cost lower than for withdrawal services through international payment cards such as Visa or MasterCard, said Teera Aphaiwongse, the chairman of National ITMX

Withdrawal fees from the MEPS network are 12 ringgit (about 120 baht) per transaction, with ITMX charging 70 to 100 baht for transactions in Thailand. The link next year will expand to ATM fund transfers, regional e-debit and possibly to mobile phone payment channels.

The cross-border ATM network includes more than 10,000 ATMs in Thailand and 5,900 in Malaysia.

It includes Bangkok Bank, Krung Thai Bank, Kasikornbank, Siam Commercial Bank, Bank of Ayudhya, TMB Bank, Siam City Bank, Bank Thai,and UOB (Thailand). Hong Leong Bank is the only participant in Malaysia but six others will join by year-end: Maybank, RHB Bank, Affin Bank, EON Bank, Bank Islam, Southern Bank.

2-year bonds yield 5.04%

DEBT MARKET :The Bank of Thailand yesterday auctioned 10 billion baht worth of two-year bonds for an average yield of 5.0442% with bid coverage of 2.63 times.

DAD issue rated AAA

RATINGS :Tris Rating has assigned a preliminary AAA rating to two planned new debenture issues by DAD SPV Co.

The AAA ratings for the existing DAD SPV debentures were also affirmed. The debt issues are a securitisation by Dhanarak Asset Development, a unit of the Treasury Department, to finance construction of the government's new office complex on Chaeng Watthana Road.

DAD SPV plans to issue 2.2 billion baht in debentures due in 2020 and six billion worth of debentures due in 2025. Proceeds to repay the debt will come from lease payments made by the Treasury Department.

Receivables rated A+

FINANCE :Fitch Ratings has affirmed the national A+(tha) rating for the 1/2004 series 1 debentures issued worth 650 million baht and issued in August 2004 by Auto Receivables SPV Co..

The issue is a securitisation of automobile hire-purchase receivables originated by Scandinavian Leasing Plc, a subsidiary of SMC Motors Plc. The notes are backed by a pool of hire-purchase receivables under an assignment of rights to receive cash flows.

Source-Bangkok Post Wednesday September 13, 2006