Vietnam's property giant Vingroup raises $300 mln via dollar bonds

TN News

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Vingroup JSC, Vietnam's largest listed real estate company in terms of market value, said it has issued US$300 million worth of convertible bonds, the second largest bond sale by an Asian company so far this year.

Vingroup already raised $185 million via bonds three months ago. Another $115 million worth of five-year dollar bonds, issued at an annual coupon of 5 percent, were sold to international investors on Wednesday night, the company said. The bonds are listed on the Singaporean stock exchange.

CEO Le Thi Thu Thuy said the sale has been successful, allowing the company to secure a large amount of capital at a cheap rate. It also reflected the confidence of international investors in a Vietnamese company, she said.

Thuy said the Hanoi-based company has a large asset base and has the potential to generate high earnings.

Vingroup's bond sale was the second highest in value this year in Asia. Malaysia's state investment arm Khazanah Nasional issued a seven-year sukuk, or Islamic bond, worth $357.8 million, last March. 

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