Siam City Asset to launch bond fund
Siam City Asset Management has set July 3 for the initial public offering of its Bt1.4-billion SCI Australian Bond Fund.
The SCI AUS Bond Fund, with one-month and three-month maturities, features auto-redemptions to its holders when the return is 6.1 per cent per year, managing director Achara Suthisirikul said yesterday.
The fund's investment policy is to be at least 80 per cent in Australian government bonds rated AAA by international credit rating agencies, she said.
The SCI AUS Bond Fund will buy baht/US dollar currency swaps to prevent risk from baht appreciation but it will not buy Australian dollar/US dollar swaps as it could gain another windfall from the US dollar's depreciation against the Australian dollar.
The initial purchase price for the fund is Bt2,000. Individuals will get a capital-gains exemption.
The new fund comes after the success in the asset-management company's fund invested in New Zealand bonds, Achara added.
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