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Vietnam bank sells VND50 bil. bonds, yield 15 pct
State-run Vietnam Development Bank has sold VND90 billion (US$5.4 million) worth of bonds, a fraction of its debt on offer after failing two auctions earlier this month, the Hanoi stock exchange said.
The bank sold VND40 billion of three-year bonds at an annual yield of 15 percent to two bidders at an auction on Friday while another bought VND50 billion worth of five-year bonds at similar yield, the exchange said in a statement.
It did not name any bidders but the funds raised were a tiny part of the bank's offer totaling VND600 billion.
Proceeds will go to construction of highways and bridges, and are used for various other state projects. The bank sells debt on behalf of the government.
Fixings for three-year government bond yields eased to 15.61 percent on Friday from 15.89 percent on Thursday and the yield on five-year bonds also eased to 15.32 percent from15.6 percent the previous day.
On October 17, the Vietnam Development Bank failed for the second time this month to sell any of its three-year and five-year bonds as no bidders sought the five-year debts while one bidder sought the three-year debt at yields above the bank's ceiling rate.
At the last successful auction on September 26, the bank raised VND85 billion from selling 15-year bonds at an annual yield of 15 percent to three bidders.
Thanhnien
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