BIDV seeks bond issue consultants

The Bank for Investment and Development of Viet Nam (BIDV) is inviting domestic and foreign consulting firms to participate in its issuance of international bonds this year. Bidding will be opened at 9am on August 30.

Last month, international credit rating agency Standard & Poor's lifted BIDV's outlook from negative to stable and its bonds continued to be rated B+.

Rival Vietinbank successfully issued US$250 million worth of international bonds in May with a coupon rate of 8 per cent per year. The five-year bonds are now listed on the Singapore Stock Exchange. HSBC and Barclays Capital were consultants for the issue.

Vietcombank also has a plan to sell $1 billion in international bonds this year, while Sacombank plans a $200 million issue. This moves are aimed at raising capital in the context of the central bank's move to impose a cap of US dollar deposit interest rate at 2 per cent per year. The State Bank of Viet Nam reported that by the end of last month, dong deposits at the nation's commercial banks had risen by 8.6 per cent over the previous year, but foreign currency deposits had fallen by 2.2 per cent.

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