After receiving initial interest from 25 banks, the Government of Thailand has short-listed three bidding consortiums for its proposed THB24 billion ($626 million) securitization program (see ASR 3/14/05). The project will fund the construction of an office development, which will eventually house 28 government departments. The ABS deal will be backed by future rentals collected from those departments.

Each consortium contains one foreign advisor. HSBC is working with Bangkok Bank, Government Housing Bank and Thai Military Bank; Standard Chartered has joined forces with Siam Commercial Bank, Krung Thai Bank and Kasikornbank, while Deutsche Bank Securities and Bank Thai form the third group.

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