November 2025
Deutsche Bank and Standard Chartered sign US$184m satellite equipment export credit facility for Thaicom
Deutsche Bank’s Structured Trade and Export Finance (STEF) France team has signed a US$184m export credit facility together with Standard Chartered for Thaicom's subsidiary, Space Tech Innovation to build the Thaicom 10 satellite with Airbus, the French aerospace corporation. Each bank has a 50% stake in the financing (US$92m) participation.
The deal was signed on 20 August and the first disbursement made on 7 November 2025.
Delivering broadband to remote areas
A new generation of satellite from Airbus’s Defence and Space division, this Software Defined High Throughput Satellite will provide many services, including bringing civilian communication infrastructure improvements in the form of high-speed internet connectivity in remote areas in Asia Pacific. The equipment will also support maritime connectivity and national security ramp-ups. The OneSat satellite represents an important innovation as its software can be reconfigured in orbit, adjusting coverage area, capacity, and frequency. It will expand the company’s capacity to deliver broadband internet in remote areas, maritime connectivity, distance learning, telemedicine, and security. Space Tech Innovation has plans to launch it on SpaceX’s Falcon 9 rocket in early 2028 and an in-orbit start of operations by Q3 2028.
Established in 1991, Thaicom is a leading Thai satellite operator and offers data, telecommunications, and video services throughout Asia, Africa, and Oceania.
Airbus Defence and Space is the division of Airbus SE responsible for the development and manufacturing of the corporation’s defence and space products and providing related services. Its space division is a key actor in the telecommunications industry, with more than 110 geostationary delivered and over 60 currently in operation. On the day of the contract announcement, Jean-Marc Nasr, then Head of Airbus Space Systems, said, “This significant contract with leading satellite operator Thaicom is the ninth order for our pioneering OneSat product line which is fully reconfigurable in orbit and provides unrivalled flexibility. This collaboration with Thaicom is a first, and we look forward to further building our relationship in the future.”1
Patompob (Nile) Suwansiri, Thaicom's Chief Executive Officer, responded, "I am delighted that we have selected Airbus to build our new generation of software-defined high throughput satellite. As the world’s leading satellite technology provider, we trust that Airbus will be our best choice for building our new satellite at the strategic location of 119.5 degrees East. It will allow flexibility and instant reconfiguration to adapt dynamically to the service areas and will provide a significant confidence boost for Thaicom’s valued customers and partners throughout Asia Pacific. This is a significant milestone for Thaicom as we forge ahead to further grow our broadband satellite business in the region.”
Figure 1: structure of the financing
Export finance in action
Deutsche Bank acted as co-mandated lead arranger and lender. It also acted as facility, intercreditor and security agent in this 95% covered 14-year facility backed by the French export credit agency (ECA) Bpifrance Assurance Export. The financing structure includes various credit enhancements such as debt service reserve account, insurance assignments and financial covenants as well as FX hedging due to mismatch between commercial contract currency (EUR) and loan currency (USD).
“This collaboration reflects the confidence of leading financial institutions and is a significant step in upgrading Thailand’s digital infrastructure, supporting internet, security, and communication services in remote areas, both domestically and regionally,” said Thaicom in its 2024 annual report to shareholders.2
Pimolpa Simaroj, Deutsche Bank’s Chief Country Officer for Thailand reflected, “We are delighted to support Thaicom and its groundbreaking satellite project which will be a major milestone in the space technology sector. We hope to pave the way for future transactions that help our homegrown companies advance their local and global growth ambitions.”
Sirikarn Tintermsap, Assistant Relationship Manager, Deutsche Bank (third from left) and Panthip Sankamkrue, Head of Large Local Corporate Coverage for Thailand, Deutsche Bank (fourth from left) with Thaicom CEO Patompob Suwansiri (fifth from left) and Thaicom team