Royal Group Securities combined underwriting scale, innovative deal structures and investment in secondary liquidity to strengthen Cambodia’s corporate bond market during the review period.
The firm underwrote $230 million of bonds in 2025. Its mandates included Cellcard’s $180 million private bond, a $40 million guaranteed bond for Koh Kong Zhejiang Special Economic Zone and a $10 million guaranteed bond for CIA First International School. It also built an active distribution pipeline exceeding $700 million across infrastructure, telecommunications, industry and energy.
The Cellcard transaction was the largest corporate bond completed in Cambodia’s capital market.
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