The Government of Thailand last week completed the first deal from its THB24 billion ($582.5 million) securitization program, established to finance construction of a huge office complex on the outskirts of the capital.

Bangkok Bank, Government Savings Bank, HSBC and Thai Military Bank acted as joint leads for the offering - issued out of the DAD SPV - which was upsized from THB9.5 billion to THB10.3 billion due to high demand. Two further issues from the facility are expected early next year and in 2007.

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