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Highway builder to sell $31 million worth of bonds
State-run Vietnam Expressway Corporation will sell VND500 billion (US$31 million) worth of 15-year bonds next week, the Hanoi stock market said.
The unlisted corporation would auction the bonds on August 20 in its first corporate debt sales guaranteed by the government and issue them on August 22, with maturity on August 22, 2023, the over-the-counter exchange said in a statement seen on Saturday.
It did not name any specific projects which would use proceeds from the bond sales, but said the corporation would use revenues from toll collected on the Noi Bai-Lao Cai highway to repay the debt.
In the latest auction of the 15-year bonds on July 31, state-run Vietnam Development Bank sold VND129 billion (US$7.7 million) worth of the debt at a yield of 15 percent via an auction at the Hanoi exchange.
Vietnam Expressway Corporation was established in 2004 to diversify funding sources, including the Asian Development Bank and Japan Bank for International Cooperation, to invest in building and maintaining highways across Vietnam.
In February, it teamed up with partly private Global Petroleum Bank, nearly 10 percent of which is owned by state oil monopoly PetroVietnam, to establish a joint stock firm to build, operate and transfer highways.
Thanhnien
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