Vietnam: once, twice, three times a bond issuer

Vietnam returns to the G3 bond markets for the third time in its history with a well-received deal, which also highlights the work it still has to do to live up to its promise.

The Socialist Republic of Vietnam returned to the international bond markets for the third time in its history on Thursday with a $1 billion 10-year issue accompanied by a switch and tender offering.

Under the lead management of Deutsche Bank, HSBC and Standard Chartered, the B1BB-BB- rated sovereign priced its new benchmark bond at par on a semi-annual coupon of 4.8% to yield about 243bp over Treasuries. This represented 32.5bp through initial guidance around the 5.125% level, which was tightened to 5bp either side of 4.85% after the leads had built up an order book of $7.5 billion.

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