MTC Plans Four-Tranche Bond Offering with Three- to Eight-Year Tenors at Fixed Rates of 2.95%–4.00% Per Year

24 October 2025

Information on MTC's proposed four-tranche bond offering in November 2025

Historical announcement — not a current offer: The expected subscription period described on this page was 24–26 November 2025 and has ended. This archived information must not be treated as an invitation or recommendation to invest.

Muangthai Capital Public Company Limited (MTC) planned to offer four new bond tranches to general investors and institutional investors, limited to institutional investors who are natural persons subscribing as general investors. The proposed tenors were three years, four years, five years 11 months 29 days, and eight years, with an expected subscription period of 24–26 November 2025.

Fitch Ratings (Thailand) Limited assigned the proposed bonds an ‘A-(tha)’ rating on 14 October 2025.

Portrait of an MTC executive featured in the announcement — Parithad Petampai, MTC executive

Parithad Petampai, Chief Executive Officer, said the company was filing the registration statement and draft prospectus with the Securities and Exchange Commission, Thailand (SEC) for the offering of registered, unsubordinated and unsecured debentures with a debenture holders' representative.

Proposed tranches

Tranche 1: three-year tenor; fixed interest rate of 2.95%–3.05% per year.
Tranche 2: four-year tenor; fixed interest rate of 3.15%–3.25% per year.
Tranche 3: tenor of five years, 11 months and 29 days; fixed interest rate of 3.50% per year.
Tranche 4: eight-year tenor; fixed interest rate of 4.00% per year.

Interest was to be paid every three months throughout each bond's tenor, with the final payment on the relevant maturity date. The expected subscription period was 24–26 November 2025. The minimum subscription was THB 100,000, with additional amounts in multiples of THB 100,000. Proceeds were intended for refinancing maturing debt securities and expanding the company's loan portfolio.

MTC targeted loan-portfolio growth of 10%–15% in 2025 while keeping non-performing loans at no more than 2.70%. As at 30 June 2025, outstanding loans were THB 174.807 billion, up 6.43% from THB 164.242 billion at the end of 2024.

For the second quarter of 2025, MTC reported total revenue of THB 7.546 billion and net profit of THB 1.647 billion, increases of 10.45% and 14.06%, respectively, from total revenue of THB 6.832 billion and net profit of THB 1.444 billion in the same quarter of the prior year.

For the full year 2024, the company reported total revenue of THB 27.902 billion and net profit of THB 5.867 billion, increases of 13.76% and 19.59%, respectively, from the prior year.

MTC opened 130 branches during the second quarter of 2025, bringing the total to 8,433 branches nationwide at quarter-end. Its ratio of credit-impaired loans more than three months overdue to total loan receivables was 2.62%, improving from 2.75% at the end of 2024. Credit cost decreased to 2.48% from 3.02% at the end of 2024.

“Muangthai Capital remains focused on responsible and fair financial services to international standards, together with good governance and consideration of impacts on all stakeholder groups.”

MTC stated that it had been included in SET ESG Ratings for six consecutive years and received a AAA rating in 2024. It also received an ‘Excellent’ five-star Corporate Governance Report rating from the Thai Institute of Directors for the seventh consecutive year. The company cited cooperation with the Japan International Cooperation Agency (JICA), Germany's KfW DEG and the International Finance Corporation (IFC), a member of the World Bank Group, including investments in MTC social bonds supporting women-owned microenterprises.

Thai-language artwork for MTC's proposed four-tranche bond offering in November 2025

Subscription channels stated in the original announcement

Bangkok Bank Public Company Limited, excluding micro branches: call 1333. General investors who are natural persons could also subscribe through Bangkok Bank Mobile Banking.
Kasikornbank Public Company Limited: eligible natural persons could subscribe online at K-My Invest. Foreign nationals and legal entities were directed to the head office or branches. Call 02-888-8888 and press 869. Kasikorn Securities Public Company Limited also acted as a selling unit of Kasikornbank.
CIMB Thai Bank Public Company Limited: eligible natural persons could subscribe through the CIMB Thai mobile application. Call 02-626-7777.

Note: At the time of the original announcement, the registration statement and draft prospectus filed with the SEC had not yet become effective. Allocation was subject to the discretion of the bond underwriters and the conditions in the draft prospectus.

Warning: Understand the product features, conditions, returns and risks before making an investment decision. Investing involves risk. Investors should study the information in the draft prospectus before deciding to invest. Official filing information is available from the SEC.