Vietnam's BIDV seeks adviser for planned $500 million bond sale

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Bank for Investment & Development of Vietnam is seeking an adviser to help it sell $500 million of dollar-denominated bonds in international markets.

"We will watch the global markets to see when we can sell the bonds, hopefully this year," Quach Hung Hiep, a deputy general director at the bank, known as BIDV, said when reached on Tuesday by phone at his office in Hanoi. "We plan to sell the bond in US dollars with the proceeds to be used for our development projects."

The lender will take bids for the adviser role from overseas and domestic companies until Aug. 30, according to a statement on its website dated Monday.

Standard & Poor's currently rates Hanoi-based BIDV at B+ with a stable outlook, four levels below investment grade. Moody's Investors Service gives the lender a B2 grade, five levels below investment quality.

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