BANGKOK, Jan 24 (Reuters) - The Thai unit ofMotors Corp is set to sell 2 billion baht ($51 million) of 3-year bonds next month to boost working capital, a fund manager close to the deal said on Tuesday.
The secured bonds, issued byMotors (Thailand) Co., would be sold to institutional investors, the fund manager told Reuters.
"The bond coupon is expected to offer a spread similar to the previous issues," said the fund manager, who declined to be named.
Last November, the company sold 5 billion baht of 3-year bonds with a coupon rate of 6.02 percent, a 70 basis points spread over comparable government bonds.
At 0338 GMT, three-year government bonds yielded 5.07 percent in the secondary market.
Siam Commercial Bank , Bangkok Bank and Kasikornbank are the underwriters.
The issue, rated "AA+(tha)" by Thailand's Fitch Ratings, is guaranteed by Bank of Tokyo Mitsubishi UFJ of Japan.
Mitsubishi Motors (Thailand), Thailand's third-largest pickup distributor, makes car and pick-up trucks for export and the domestic market. ($1=39.09 Baht)