VietinBank plans Vietnam's first dollar bond in eight months

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Vietnam Joint Stock Commercial Bank for Industry and Trade, known as VietinBank, plans to meet with bond investors from March 19 about Vietnam's first dollar-bond since July.

VietinBank will sell its debut US dollar-denominated notes about five days after the meetings, Chairman Pham Huy Hung said by telephone today. Standard & Poor's gave the lender a B+/B issuer credit rating with negative outlook Friday, reflecting the credit rating company's view on Vietnam's sovereign rating.

The Hanoi-based lender plans a $500 million overseas bond sale this year that may offer a coupon of between 5 percent and 6 percent, Hung said in an interview in September.

The last dollar-note from a Vietnamese company was the $40 million of 6 percent convertible bonds for Vincom Joint-Stock Co., the country's largest listed real-estate company by market value, according to data compiled by Bloomberg.

The coupon will be determined based on market conditions, VietinBank's Deputy General Director Le Duc Tho said at a company conference in September.

HSBC Holdings Plc and Barclays Plc were appointed as advisers and will jointly arrange the sale, Tho told Bloomberg on Sept. 12.

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