Factsheet

Factsheet
Ministry of Finance of the Lao People’s Democratic Republic
Acting on behalf of the Government of the Lao People’s Democratic Republic (the “Issuer”)
Status of listing on the Stock Exchange of Thailand (listed):  listed  non-listed
Characteristics of Business: The Issuer is a central state management organisation acting as a government secretariat for
the management of nationwide financial sector and state budget of the Lao People’s Democratic Republic (“Lao PDR”).
Offering of Name-Registered, Unsubordinated and Unsecured Bonds with a Bondholders’ Representative
“The Bonds of the Ministry of Finance of the Lao People’s Democratic Republic No. 1/2565 Series 1
Due B.E. 2568 (2025)” (the “Bond Series 1”) Subscription Period: 28-30 March 2022

Bond Type Risk Level

Currency Baht (Considering of tenor and credit rating of instrument )
Tenor 3 Years
Interest Rate Fixed rate 5.80% per annum
Interest Payment Quarterly Yield to Maturity
Early Redemption None
The yield on instruments with the same tenor and credit
Offer Value
rating is 5.00% per annum as of 7 February 2022.
Up to Baht 3,000 million with an extra amount of up to Baht
Remark: The yield determined by the calculation of reference rates
2,000 million using linear interpolation.
Guarantee/Collateral None
Bondholders’ Representative Issuer’s Risks
Asia Plus Securities Company Limited 1. Currently, the ratings are “BBB-” with a “Negative” outlook
Use of Proceeds which indicates that the Issuer has an adequate capacity to pay
To repay debts incurred from redemption of the bonds that interest and repay principal on time, but is more vulnerable to
were matured in 2021 adverse changes in business, economic, or other external
Credit Rating conditions. There is no assurance that ratings will not be
continuously downgraded from the negative impacts of the
Issuer and Bonds credit rating “BBB-” with a “Negative” spread of COVID-19 and/or other adverse effects.
outlook on 17 February 2022. by TRIS Rating Co., Ltd. 2. The COVID-19 pandemic is continuing to spread
Other Significant Details worldwide. Consequently, the economy of Lao PDR may
not be achieved the sustained revival as desired and could
Issue Date 31 March 2022
continue to be adversely affected by the unpredictable
Maturity Date 31 March 2025
situation of the spread.
Offering Type
3. Although the economic indicators in Lao PDR in the past
Institutional Investors and/or High Net Worth Investors
decade before the spread of COVID-19 have shown strong
Joint Lead Arrangers
signs of growth, the future growth is subject to many
KTBST Securities Public Company Limited
factors beyond the Issuer’s control. In addition, there are
Finansia Syrus Securities Public Company Limited
certain shortcomings in the macroeconomic and financial
Kingsford Securities Public Company Limited
data that may significantly hamper surveillance.
Merchant Partners Securities Public Company Limited
4. Any legal action arising out of or relating to the Bonds or the
Phillip Securities (Thailand) Public Company Limited
Conditions may be brought in the courts of Thailand and the
UOB Kay Hian Securities (Thailand) Public Company Limited
Issuer submits to the non-exclusive jurisdiction of such courts.
Siam Wealth Securities Company Limited
5. The Government of Lao PDR and monetary authorities
Registrar in Lao PDR may impose exchange control. The Bondholders
Thailand Securities Depository Co., Ltd. could be adversely affected by a delay in, or a refusal to
Paying Agent grant, any required government approval for repatriation
Bank of Ayudhya Public Company Limited of principal or interest payment.
Issuer’s Key Financial Ratio 6. The Issuer established under the laws of the Lao PDR.
Consequently, the substance of such laws may differ from
No financial ratio of the Issuer is provided because the Issuer is
Thai law which Thai investors are more familiar with.
not a corporate entity and, therefore, its financial status cannot be
Moreover, it may be difficult for investors to effect service
measured by financial ratios. However, the financial status of the
of process upon the Issuer or such persons inside or
Issuer can be illustrated by other data regarding economic,
outside Lao PDR or to enforce against them judgments
monetary and fiscal conditions as disclosed in the prospectus.
obtained in courts outside Lao PDR.
Financial Covenant
Prospectus (filing) SCAN HERE
- None - 1
Summary of Financial Status and Operating Results for the Past 2 Years and the Last Quarter
or Operating Results Actually Performed

Remark: Total revenue includes tax revenues and non-tax revenues. Total expenditure includes current expenditure (current non-interest
expenditures, interest payments and external) and capital expenditure. P: Preliminary Data, R: Revised Data

Interest Bearing Debt of the Issuer Rank of Repayment

Rank of repayment in case of the Issuer’ s Bankruptcy
or Liquidation

Remark: Interest bearing debt of the Issuer as of 31 December 2020

Special Characteristics and Material Risks relating to the Bonds

1. The Bonds have not been established on a trading market when issued and one may never develop. If a market
does develop, it may not be liquid. Therefore, Bondholders may not be able to immediately sell the Bonds at the
desirable price in the secondary markets prior to the maturity date.
2. Investing in Bonds is not deposit, Bondholders shall hold the bonds until the maturity date.
3. Credit ratings may not reflect all risks. A credit rating is not a recommendation to buy, sell or hold the Bonds
and may be revised or withdrawn in the future.
4. The Issuer is not listed in the Stock Exchange of Thailand; Bondholders shall study carefully before making decision to invest.
5. The Bondholders are exposed to the risk of not receiving payments of interest or principal due to general
limitations on enforceability of agreements or documents in Lao PDR by Lao PDR courts and limitations
on enforcement of foreign court judgments in Lao PDR. Consequently, the Bondholders may not succeed
in bringing proceedings against the Issuer and its assets in case of the event of a default.
(More information in the registration statement (Form 69-II&HNW-BASE) and the prospectus, Part 2 “Risk Factors”)

Cautions and Other Information

• The approval from the Office of Securities and Exchange Commission of Thailand does not represent that it has
suggested the investment or assured the repayment, returns, principal or certified the accuracy of information.
• This factsheet constitutes an integral part of the registration statement and the prospectus for the Bonds. It contains
only summarised information on the offering, nature and material risks of the Bonds and the Issuer. Investors should
carefully review the information contained in the prospectus.
The Issuer does not have any default in interest or principal of instrument or default in loans from
commercial bank, finance company, credit foncier or financial institutional established under specific
law, by considering of historical data from the National Credit Bureau and audited financial statements
in 3 years.
• Each series of the Bonds may have different tenors and/or risk levels. Bonds with longer tenor will carry higher risk
level.
• No Bonds will be offered or sold outside of Thailand as specified in the prospectus. 2
 Factsheet
Factsheet
Ministry of Finance of the Lao People’s Democratic Republic
Acting on behalf of the Government of the Lao People’s Democratic Republic (the “Issuer”)
Status of listing on the Stock Exchange of Thailand (listed):  listed  non-listed
Characteristics of Business: The Issuer is a central state management organisation acting as a government secretariat for
the management of nationwide financial sector and state budget of the Lao People’s Democratic Republic (“Lao PDR”).
Offering of Name-Registered, Unsubordinated and Unsecured Bonds with a Bondholders’ Representative
“The Bonds of the Ministry of Finance of the Lao People’s Democratic Republic No. 1/2565 Series 2
Due B.E. 2569 (2026)” (the “Bond Series 2”) Subscription Period: 28-30 March 2022

Bond Type Risk Level

Currency Baht (Considering of tenor and credit rating of instrument )
Tenor 4 Years
Interest Rate Fixed rate 6.40% per annum
Interest Payment Quarterly Yield to Maturity
Early Redemption None
The yield on instruments with the similar tenor and credit
Offer Value
rating is 5.18% per annum as of 7 February 2022.
Up to Baht 3,000 million with an extra amount of up to Baht
Remark: The yield determined by the calculation of reference rates
2,000 million using linear interpolation.
Guarantee/Collateral None
Bondholders’ Representative Issuer’s Risks
Asia Plus Securities Company Limited 1. Currently, the ratings are “BBB-” with a “Negative” outlook
Use of Proceeds which indicates that the Issuer has an adequate capacity to pay
To repay debts incurred from redemption of the bonds that interest and repay principal on time, but is more vulnerable to
were matured in 2021 adverse changes in business, economic, or other external
Credit Rating conditions. There is no assurance that ratings will not be
continuously downgraded from the negative impacts of the
Issuer and Bonds credit rating “BBB-” with a “Negative” spread of COVID-19 and/or other adverse effects.
outlook on 17 February 2022. by TRIS Rating Co., Ltd. 2. The COVID-19 pandemic is continuing to spread
Other Significant Details worldwide. Consequently, the economy of Lao PDR may
not be achieved the sustained revival as desired and could
Issue Date 31 March 2022
continue to be adversely affected by the unpredictable
Maturity Date 31 March 2026
situation of the spread.
Offering Type
3. Although the economic indicators in Lao PDR in the past
Institutional Investors and/or High Net Worth Investors
decade before the spread of COVID-19 have shown strong
Joint Lead Arrangers
signs of growth, the future growth is subject to many
KTBST Securities Public Company Limited
factors beyond the Issuer’s control. In addition, there are
Finansia Syrus Securities Public Company Limited
certain shortcomings in the macroeconomic and financial
Kingsford Securities Public Company Limited
data that may significantly hamper surveillance.
Merchant Partners Securities Public Company Limited
4. Any legal action arising out of or relating to the Bonds or the
Phillip Securities (Thailand) Public Company Limited
Conditions may be brought in the courts of Thailand and the
UOB Kay Hian Securities (Thailand) Public Company Limited
Issuer submits to the non-exclusive jurisdiction of such courts.
Siam Wealth Securities Company Limited
5. The Government of Lao PDR and monetary authorities
Registrar in Lao PDR may impose exchange control. The Bondholders
Thailand Securities Depository Co., Ltd. could be adversely affected by a delay in, or a refusal to
Paying Agent grant, any required government approval for repatriation
Bank of Ayudhya Public Company Limited of principal or interest payment.
Issuer’s Key Financial Ratio 6. The Issuer established under the laws of the Lao PDR.
No financial ratio of the Issuer is provided because the Issuer is Consequently, the substance of such laws may differ from
not a corporate entity and, therefore, its financial status cannot be Thai law which Thai investors are more familiar with.
measured by financial ratios. However, the financial status of the Moreover, it may be difficult for investors to effect service
Issuer can be illustrated by other data regarding economic, of process upon the Issuer or such persons inside or
monetary and fiscal conditions as disclosed in the prospectus. outside Lao PDR or to enforce against them judgments
obtained in courts outside Lao PDR.
Financial Covenant
Prospectus (filing) SCAN HERE
- None -
1
Summary of Financial Status and Operating Results for the Past 2 Years and the Last Quarter
or Operating Results Actually Performed

Remark: Total revenue includes tax revenues and non-tax revenues. Total expenditure includes current expenditure (current non-interest
expenditures, interest payments and external) and capital expenditure. P: Preliminary Data, R: Revised Data

Interest Bearing Debt of the Issuer Rank of Repayment

Rank of repayment in case of the Issuer’ s Bankruptcy
or Liquidation

Remark: Interest bearing debt of the Issuer as of 31 December 2020

Special Characteristics and Material Risks relating to the Bonds

1. The Bonds have not been established on a trading market when issued and one may never develop. If a market
does develop, it may not be liquid. Therefore, Bondholders may not be able to immediately sell the Bonds at the
desirable price in the secondary markets prior to the maturity date.
2. Investing in Bonds is not deposit, Bondholders shall hold the bonds until the maturity date.
3. Credit ratings may not reflect all risks. A credit rating is not a recommendation to buy, sell or hold the Bonds
and may be revised or withdrawn in the future.
4. The Issuer is not listed in the Stock Exchange of Thailand; Bondholders shall study carefully before making decision to invest.
5. The Bondholders are exposed to the risk of not receiving payments of interest or principal due to
general limitations on enforceability of agreements or documents in Lao PDR by Lao PDR courts and
limitations on enforcement of foreign court judgments in Lao PDR. Consequently, the Bondholders may
not succeed in bringing proceedings against the Issuer and its assets in case of the event of a default.
(More information in the registration statement (Form 69-II&HNW-BASE) and the prospectus, Part 2 “Risk Factors”)

Cautions and Other Information

• The approval from the Office of Securities and Exchange Commission of Thailand does not represent that it has
suggested the investment or assured the repayment, returns, principal or certified the accuracy of information.
• This factsheet constitutes an integral part of the registration statement and the prospectus for the Bonds. It contains
only summarised information on the offering, nature and material risks of the Bonds and the Issuer. Investors should
carefully review the information contained in the prospectus.
The Issuer does not have any default in interest or principal of instrument or default in loans from
commercial bank, finance company, credit foncier or financial institutional established under specific
law, by considering of historical data from the National Credit Bureau and audited financial statements
in 3 years.
• Each series of the Bonds may have different tenors and/or risk levels. Bonds with longer tenor will carry higher risk
level.
• No Bonds will be offered or sold outside of Thailand as specified in the prospectus. 2