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ANZ Vietnam and local oil transporter swap interest
PetroVietnam Transportation Corporation inked a five-and-a-half-year interest rate swap deal with ANZ Vietnam Monday.
Interest rate swaps allow companies to exchange sets of cash flows.
In this case, fixed interest rate payments are swapped for floating rate payments.
Interest rate swaps are often used by corporate and institutional customers with medium to long term assets or liabilities to stabilize their interest revenue and expenses stream.
ANZ Vietnam said it has previously undertaken interest rate swaps with Vinataxi, the Vietnam Technological and Commercial Join-Stock Bank (Techcombank) and the Bank for Investment and Development of Vietnam (BIDV).
Established in 2002, PetroVietnam Transportation Corporation, PV Trans, was partially-privatized and listed on the HCM Stock Exchange last year.
PV Trans expects to gain 30 percent of Vietnam’s crude oil transportation market share while investing US$2.25 billion in 20 more crude oil tankers until 2015.
ANZ Bank Vietnam is one of the leading providers of capital market products in Vietnam.
Thanhnien
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