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Vietnam highway builder fails to sell dong bonds
State-run Vietnam Expressway Corporation has failed for the third time this month to raise VND500 billion (US$28 million) via corporate bonds because bidders sought yields above the ceiling the firm could accept.
The Hanoi stock market said two bidders sought to buy VND150 billion ($8.4 million) worth of three-year bonds at 10 percent as part of the VND300 billion ($16.86 million) bond on offer at the auction on Tuesday, but the issuer would only accept bids of 9.3 percent or less.
At the bidding for VND200 billion ($11.2 million) of two-year debt, one bidder sought to buy VND100 billion ($5.6 million) at 11.5 percent, also higher than the ceiling for that maturity of 9.4 percent, the exchange said in a statement.
The state-run highway builder had planned to raise the money to fund the construction of a highway linking Hanoi and the northern province of Lao Cai bordering China .
It failed to sell similar bonds on June 9 and June 17 for the same reason.
In a separate statement, the Hanoi exchange said it would auction two-year and three-year bonds for the same company to raise VND500 billion ($28 million) on June 30.
vietnews, Reuters
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