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Developer makes overseas bond issue
VinGroup (VIC), one of the nation's leading real estate developers, late on Wednesday completed the sale of US$115 million worth of convertible bonds on international markets, accomplishing its plan for this year to issue $300 million international bonds.
According to VIC, the deal is the second largest international bond issue in Asia this year, and can be viewed as a particular success in the face of the difficulties currently being faced by both Vietnamese and global financial markets.
"We're really happy with this success because it not only helps the group raise a large amount of low-cost capital for our projects, but also demonstrates great confidence by international investors in a Vietnamese enterprise," VIC's newly-named general director Le Thi Thu Thuy said in a press release yesterday.
VIC said the conversion price for the bonds would be VND88,000 ($4.20) per share.
The bonds carry a five-year maturity and a coupon rate of 5 per cent per year. They will shortly be listed on the Singapre Stock Exchange. Back in March, VIC also successfully sold convertible bonds worth $185 million and those bonds have traded on the Singapore exchange since early April.
About 150 million new VIC shares were officially traded for the first time yesterday on the HCM City Stock Exchange. These shares were issued earlier as dividends existing shareholders. VIC shares closed yesterday at VND84,500 ($4) a share, a decline of about 0.6 per cent from the previous day's level.
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