|
Sacombank finalises year’s top bond issue
Sacombank has sold VND2 trillion (US$112.4 million) in bonds, the largest bank bond issue in 2009 and the second-largest ever for a Vietnamese Commercial Bank, according to a press release from ANZ.
ANZ, Citibank and Sacombank Securities jointly handled the book for the bond issue.
The bond issue split into two tranches, VND100 billion ($5.6 million) worth of two-year bonds with a coupon fixed at 10.45 per cent a year, and a second of VND1.9 trillion ($106.7 million) with a floating interest rate priced on a spread of 275 basis points over the 12-month average deposit interest rate by four major State-owned banks in Viet Nam.
The deal, closed with an oversubscribed book from domestic banks, asset managers and finance companies, enabled Sacombank to double the size of the issue from VND1 trillion ($56.2 million) to VND2 trillion.
Being Sacombank’s debut issue, its success would play an important role in enabling the bank to raise funds from the local bond market, as well as to establish a credible and transparent local bond pricing reference point for dong-denominated bonds, said ANZ.
Sacombank posted a profit of over VND1 trillion ($58.5 million) in the first seven months of 2009, even after capital was set aside for the bank’s provisional risk management fund. The bank’s total assets reached VND86.4 trillion ($4.9 billion) by the end of July, while the bank maintained a bad debt ratio of just 0.69 per cent.
vietnamnews
|
