Thai Union Group PCL has announced the successful completion of its latest blue bond and sustainability-linked bond and loan offerings, marking a significant milestone in sustainable financing within Thailand. The company is the first in the country to combine use-of-proceeds blue bonds with sustainability-linked bonds in a single transaction. The offering drew strong interest from investors, reaching an oversubscription rate of 3.68 times.
With this recent transaction, Thai Union has surpassed its target of securing 75% of its long-term financing from sustainable sources by 2025 and is progressing toward achieving 100% by 2030.
Thiraphong Chansiri, President and CEO of Thai Union Group PCL, stated, “This remarkable achievement is a powerful endorsement of our vision and a clear signal that financial performance and sustainability leadership go hand-in-hand. It’s not just about securing capital; it’s about aligning our financial strategy directly with our SeaChange 2030 sustainability commitments. The immense trust placed in us by the investment community fuels our dedication to our mission of ‘Healthy Living, Healthy Oceans,’ as we work to create a more sustainable and equitable future for the global seafood industry.”
The transactions conducted in September totaled THB 19 billion. This included THB 10 billion in sustainability-linked loans provided by a syndicate of leading banks and a THB 9 billion bond issuance. Due to high demand, the bond issuance was increased from an initial THB 7 billion to THB 9 billion.
Thai Union was able to secure pricing at the lowest end across all tenors, resulting in historically low coupon rates for the company. This outcome reflects market confidence in both Thai Union’s financial stability and its commitment to sustainability goals.
The company’s credit rating remains strong, with TRIS Rating affirming both the company rating and senior unsecured debentures at “A+.”
Ludovic Garnier, Chief Financial Officer at Thai Union Group PCL, commented on the result: “The financial outcome of this issuance is exceptional. Achieving our historically lowest borrowing costs reflects the market’s deep confidence in Thai Union’s financial strength and strategic direction. The innovative hybrid structure and the overwhelming oversubscription demonstrate a growing appetite for sophisticated sustainable finance products. We are incredibly grateful for the immense support from our investor community.”
Participating banks included Bank of Ayudhya and Kasikornbank (for both bonds and loans); Kiatnakin Phatra Securities, Krung Thai Bank, Siam Commercial Bank (for bonds); as well as Bank of China Hong Kong and Thailand, Export-Import Bank of Thailand, Mizuho Bank, OCBC Singapore Branch, Sumitomo Mitsui Banking Corporation Bangkok Branch, HSBC Singapore and Thailand (for loans).
Earlier this year, Thai Union secured a landmark THB 5 billion blue loan from the Asian Development Bank (ADB) along with other participating banks—the first such loan in Thailand’s seafood sector—to support sustainable shrimp production and farmer certification efforts. In total for 2025, Thai Union’s sustainable refinancing activities reached THB 24 billion.
The newly raised funds are closely aligned with Thai Union’s SeaChange 2030 strategy. They will be used to support objectives such as reducing greenhouse gas emissions, advancing responsible aquaculture practices, and funding ocean-focused projects. Sustainability-linked instruments provide incentives through favorable financing terms when specific targets are met; Blue Bonds direct proceeds specifically toward ocean-related initiatives.