Mud & Hound Public Company Limited

Mud & Hound Public Company Limited, or MUD, plans to offer long-term registered, unsubordinated, secured debentures with a maturity of 2 years and 3 months at a fixed interest rate of 7.35% per year, with interest paid every 3 months. The offering is aimed at institutional investors and/or high-net-worth investors through five leading securities firms. Subscription is expected to open between 3 and 5 November 2026, with a minimum subscription of 100,000 baht and increments of 100,000 baht. The proceeds from this offering will be used to repay debentures maturing in November 2026 and as working capital for business operations. The debentures are secured by ordinary shares of ABP Cafe (Thailand) Company Limited, or ABP, at a value of not less than 1.5 times the value of the debentures issued and offered. ABP holds the rights under a master franchise agreement to produce and distribute bakery products under the Au Bon Pain trademark in Thailand exclusively. The company has been assigned a corporate credit rating of BB- with a negative outlook by Tris Rating Company Limited on 23 June 2026, and is in the process of filing a registration statement for the debenture offering and a draft prospectus with the Securities and Exchange Commission, which has not yet taken effect.

Bluebell Securities is offering newly issued bonds from seven companies, totaling nine series, between late July and September 2026. Coupons range from 4.60% to 7.35% per annum, with tenors from 1 year 1 month to 3 years. Mud & Hound bonds have a 2-year tenor, pay 7.35% per annum, carry 1.50 times collateral coverage and a BB- credit rating, and are offered to institutional and high-net-worth investors from 31 July and 3–4 August. Saksiam Leasing bonds have a 3-year tenor, pay 5.60–5.80% per annum, hold a BBB credit rating, and are offered to the general public from 24–27 August. Ananda Development offers two series: a 1-year-1-month-3-day tenor paying 6.50–6.75% per annum, and a 2-year-6-month-27-day tenor paying 7.20% per annum. Both series carry 1.50 times collateral coverage and a BB credit rating, and are offered to institutional and high-net-worth investors from 3–5 August. Noble Development bonds have a 2-year-11-month tenor, pay 6.00–6.25% per annum, hold a BBB- credit rating, and are offered to the general public from 4–6 August. Aurora Design offers two series: a 1-year-6-month tenor paying 4.80–4.90% per annum with a BBB- credit rating, and a 2-year-6-month tenor paying 4.60–4.70% per annum with a BBB credit rating and 1.00 times collateral coverage. Both are offered to institutional and high-net-worth investors from 25–27 August. Micro Leasing bonds have a 2-year tenor, pay 6.40–6.60% per annum, hold a BB credit rating and 1.20 times collateral coverage, and are offered to institutional and high-net-worth investors from 1–3 September. Jaymart Group Holdings bonds have a 3-year tenor, pay 5.75–6.00% per annum, hold a BBB- credit rating, and are offered to the general public from 21–23 September.