Summary · why it matters
Gulf Development Public Company Limited, or GULF, has set final interest rates for six series of bonds and digital bonds with maturities of 3 to 10 years at 1.83% to 3.00% per year, with a combined face value of not more than 20 billion baht. The bonds will be open for subscription by the general public from October 19 to 21, 2026. The bonds carry a credit rating of AA- with a Stable outlook from TRIS Rating. Ms. Yupapin Wangwiwat, Chief Financial Officer, disclosed that the offering to institutional investors and/or high-net-worth investors during the bookbuilding process drew demand as high as 3.3 times the value of bonds allocated to those investor groups. The six series comprise a 3-year zero coupon bond with a discount rate of 1.83% per year, a 4-year bond at 2.10% per year, a 5-year bond at 2.33% per year, a 7-year digital bond at 2.80% per year, a 7-year bond at 2.80% per year, and a 10-year bond at 3.00% per year. Bonds that pay interest will pay every six months throughout their term. For subscription channels, the 4-year, 5-year and 10-year bonds are offered through eight leading financial institutions: Bangkok Bank, Krungthai Bank, Kasikornbank, Siam Commercial Bank, UOB, Bank of Ayudhya, CIMB Thai Bank, and Asia Plus Securities, with a minimum subscription of 100,000 baht and increments of 100,000 baht. The 7-year digital bond is available only through Krungthai Bank's Paotang application, with a minimum investment of 1,000 baht and increments of 1,000 baht, up to a maximum of 50 million baht per transaction. The company plans to use the proceeds to repay bonds due for redemption and to support future business expansion in renewable energy and digital infrastructure such as data centers, cloud and AI. Most recently, Gulf Labs, a company in the GULF group, announced a strategic partnership with Injective, a blockchain developed for financial services, and has officially begun serving as an Institutional Validator on the network, advancing the building of onchain financial infrastructure for Thailand's institutional sector. It plans to extend into tokenization and stablecoins, as well as expand cooperation in data centers and AI to support the growth of the digital economy, linking GULF's business networks across energy, telecommunications, banking, digital assets and cloud, and supporting Thailand as a key market for Injective in Asia.
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Bank of Ayudhya PCL
Kasikornbank Public Company Limited
Krung Thai Bank Public Company Limited
Bangkok Bank PCL
SCB X Public Company Limited
Gulf Energy Development Public Company Limited
United Overseas Bank Limited