Hoang Anh bond

Hoang Anh closes rare Vietnamese corporate bond

High-yield borrower Hoang Anh Gia Lai raises $90 million from a small handful of investors, making it the first private-sector company in Vietnam to sell a dollar bond.
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The entrance to Hoang Anh's rubber plantation
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<div style="text-align: left;"> The entrance to Hoang Anh's rubber plantation </div>

Hoang Anh Gia Lai became Vietnam’s first fully private-sector borrower to issue in the dollar bond market on Wednesday night when it priced a $90 million high-yield deal.

The company, which is headquartered in Pleiku City, has interests in a hodgepodge of businesses including residential property development, hydropower generation, iron ore mining and rubber plantations in Vietnam, Cambodia and Laos.

The coupon for the five-year non-call-three was fixed at 9.875% and the notes were reoffered at 96.181 to yield 11%. Credit Suisse was a sole bookrunner.

While small in size by the standards of the international bond market, Hoang Anh’s issue stands out from...

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