Vietnam plans $1 billion bond sale

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K1CAN19AJCVietnam plans to raise $1 billion by selling dollar-denominated bonds in international markets later this year, a government official familiar with the matter said on September 3.

“We are planning to conduct a roadshow soon so that the bond sale can take place at the end of the third quarter or early in the fourth quarter,” the official, who didn’t want to be named because he is not authorised to speak to the media, told The Wall Street Journal.

Chief of the Government Office Nguyen Van Nen told local media the week before that the government is considering issuing dollar-denominated bonds but didn’t provide further details.

Vietnam last raised $1 billion through a 10-year bond sale in January 2010, offering a yield of 6.95 per cent. The money raised was for state-owned companies’ refinery, ship purchasing and power plant projects.

“The conditions are now good for Vietnam to raise funds from the international market at a lower cost,” the official said, adding that most of the money raised this year would be used to repay the government’s due debt.

He said the recent move by Moody’s Investors Service to upgrade Vietnam’s ratings may help this year’s bond sale.

Moody’s in July raised Vietnam’s senior unsecured and issuer bond ratings by one notch, to B1 from B2, with a stable outlook, citing the country’s emerging track record of macroeconomic stability.

 

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Reading Time: 1 minute

Vietnam plans to raise $1 billion by selling dollar-denominated bonds in international markets later this year, a government official familiar with the matter said on September 3.

Reading Time: 1 minute

K1CAN19AJCVietnam plans to raise $1 billion by selling dollar-denominated bonds in international markets later this year, a government official familiar with the matter said on September 3.

“We are planning to conduct a roadshow soon so that the bond sale can take place at the end of the third quarter or early in the fourth quarter,” the official, who didn’t want to be named because he is not authorised to speak to the media, told The Wall Street Journal.

Chief of the Government Office Nguyen Van Nen told local media the week before that the government is considering issuing dollar-denominated bonds but didn’t provide further details.

Vietnam last raised $1 billion through a 10-year bond sale in January 2010, offering a yield of 6.95 per cent. The money raised was for state-owned companies’ refinery, ship purchasing and power plant projects.

“The conditions are now good for Vietnam to raise funds from the international market at a lower cost,” the official said, adding that most of the money raised this year would be used to repay the government’s due debt.

He said the recent move by Moody’s Investors Service to upgrade Vietnam’s ratings may help this year’s bond sale.

Moody’s in July raised Vietnam’s senior unsecured and issuer bond ratings by one notch, to B1 from B2, with a stable outlook, citing the country’s emerging track record of macroeconomic stability.

 

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