Yuanta Securities (Cambodia) Plc. acts as Lead Manager on a landmark issuance that draws participation from Cambodia’s major financial institutions
LOLC (Cambodia) Plc. (“LOLC” or the “Company”) announced the successful completion of its KHR 80 billion (equivalent to 20 million) bond issuance, the first corporate bond in Cambodia to carry a guarantee from the Credit Guarantee Corporation of Cambodia (CGCC).
The offering was oversubscribed. Major local financial institutions participated in the transaction, reflecting a strong domestic institutional appetite for a listed instrument carrying the guarantee of Cambodia’s khAAA-rated national guarantor.
Yuanta Securities (Cambodia) Plc. (“YSC”) acted as the Lead Manager and Underwriter for the bonds, which will be listed on the Cambodia Securities Exchange (CSX).
Transaction Summary
| Item | Detail |
| Issuer | LOLC (Cambodia) Plc. |
| Issue size | KHR 80 billion / USD 20 million |
| Instrument | Guaranteed Sustainability bond |
| Guarantor | Credit Guarantee Corporation of Cambodia (CGCC) |
| Guarantee coverage | 100% of principal and interest |
| Tenor | 5 years with five equal amortizations starting from the end of year 3 |
| Coupon | 5.75% per annum, payable semi-annually |
| Bond rating | khAAA by the Rating Agency of Cambodia |
| Listing | Cambodia Securities Exchange (CSX) |
| Lead Manager & Underwriter | Yuanta Securities (Cambodia) Plc. |
A first for the market
The transaction is the first to draw on CGCC’s bond guarantee framework since the corporation was accredited by the Securities and Exchange Regulator of Cambodia (SERC) as the country’s bond guarantor in January 2024, backed by a khAAA rating on the local scale.
The structure substitutes the guarantor’s credit standing for that of the issuer, lifting the bond’s rating and allowing institutional investors that face internal credit thresholds to participate the credit-enhanced debt instrument. For issuers, it opens a route to long-term local-currency funding alongside conventional bank borrowing.
For LOLC, the issuance diversifies a funding base that has historically drawn on wholesale borrowing and customer deposits, and follows the Company’s earlier issuances on the CSX.
For Yuanta Securities (Cambodia), the deal marks another milestone in a run of firsts on the exchange, adding a domestically guaranteed structure to a mandate list that spans corporate, project and sustainability bonds.
Investors reflects confidence in LOLC
Sok Voeun, Chief Executive Officer, LOLC (Cambodia) Plc.:
“The response from investors reflects confidence in LOLC’s balance sheet and in the strength of the guarantee structure. The proceeds will support our provision of loans to eligible social and green projects, and the transaction gives us a durable local capital market funding channel alongside our existing financing sources.”
No Lida, Chief Executive Officer, Credit Guarantee Corporation of Cambodia:
“This first CGCC-guaranteed bond demonstrates what the CGCC Bond Guarantee Framework was built to do — widen the range of issuers that can access the bond market and give domestic institutional investors the credit comfort they need to participate. CGCC looks forward to supporting more businesses in raising capital through Cambodia’s bond market and contributing to its continued development.”
Han Kyung Tae, Managing Director, Yuanta Securities (Cambodia) Plc.:
“Bringing the first CGCC-guaranteed bond to the market required a close and dedicated coordination among relevant stakeholders including the regulator, the market operator, the guarantor, the issuer, and investors over an extended period. The oversubscription tells us there is real institutional appetite in Cambodia when the credit structure is right, and we expect this to become a repeatable template for issuers here.”
About LOLC (Cambodia) Plc.
LOLC (Cambodia) Plc. is a leading microfinance deposit-taking institution licensed by the National Bank of Cambodia. With a nationwide a network of [83] branches, LOLC serves over 316,000 active borrowers, and 805,000 depositors across the country. As of the end of 2025, the institution managed USD1.59 billion in total assets, USD1.37 billion in gross loans, and USD1.02 billion in customer deposits. LOLC is owned 97% by LOLC Asia Private Limited, a subsidiary of LOLC Holding based in Singapore and 3.0% by TPC-ESOP, an employee-owned private limited company.
About the Credit Guarantee Corporation of Cambodia (CGCC)
CGCC is a state-owned enterprise established in 2020 under the technical and financial guidance of the Ministry of Economy and Finance, with a mandate to improve access to finance and support the growth of small and medium enterprises in Cambodia. Accredited by SERC as the country’s bond guarantor and rated khAAA on the local scale by the Rating Agency of Cambodia, CGCC launched as Cambodia’s first bond guarantor in January 2024.
About Yuanta Securities (Cambodia) Plc.
Yuanta Securities (Cambodia) Plc. is a licensed securities firm in Cambodia and part of the Yuanta Financial Holdings group. It provides underwriting, bond arranging and structuring, brokerage and M&A advisory services, and has led a majority of the corporate and project bond issuances listed on the CSX
