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 new mixed-use development projects in Hanoi that Vincom will be breaking ground for in late December and early next year respectively, and which are expected to take five to six years to complete.
The offering...
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