First offshore CB from a Vietnamese issuer raises $100 million

On the back of a strong rally in its share price, property developer Vincom issues bonds that are convertible into equity at a 5% premium.

In a clear sign of the renewed confidence that international investors have in the Vietnamese economy, property developer Vincom late Monday was able to raise $100 million from the first ever offshore convertible bond by a Vietnamese company. The bonds have a five-year maturity, but can be put back to the company in November 2011 at par. They are convertible into Vincom's Ho Chi Minh-listed shares from April 30 next year.

The money will be put to work in two...

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