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Vietnam highway builder fails to sell bonds again
State-run Vietnam Expressway Corporation failed to sell any of the VND1 trillion (US$56 million) in government-backed bonds it offered on Wednesday due to the low prices bidders put in, the Hanoi Stock Exchange said.
One bidder sought to buy VND50 billion of three-year bonds at an annual yield of 11 percent, but that was way above the ceiling of 10 percent, the exchange said in a statement. Some VND500 billion of this maturity was on offer.
One bidder also sought to buy VND2.3 billion of five-year bonds at an annual yield of 11 percent, whereas the builder had offered VND500 billion of the bonds at an annual yield no higher than 10.5 percent, the exchange said.
It wanted to raise the funds to build a highway connecting Hanoi and Lao Cai province on the border with China.
At the previous auction on July 28, the company also failed to sell any of the VND1 trillion of three-year and five-year bonds because bidders sought to buy the debt at yields above the ceiling rates.
In a separate statement, the exchange said state-run Vietnam Bank for Social Policies would auction government-guaranteed two-year bonds to raise VND3 trillion on August 11.
vietnews, Reuters
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