vietnams-bond-market-records-milestones

Vietnam's bond market records milestones

The country celebrates its first private enterprise bond and its first dong-denominated CD issued by a foreign bank.
Last week, one of Vietnam's largest joint-stock banks, Techcombank Vietnam Technological and Commercial Joint-Stock Bank, priced the countryÆs first private enterprise offering with a VND1.75 trillion $108 million bond. Such issuance has formerly been limited to large state-owned enterprises such as Vinashin, EVN, Lilama and Song Da Corp.

ôStrong demand and a tight spread really reflect that onshore investors are craving exposure to the domestic economy. Hopefully, this seminal private-sector opening will pave the path for more,ö says one source close to the deal.

ôAlso, despite the volatility in rates and currencies onshore and the absence of offshore-led distribution characteristics of previous deals, this transaction shows that the market can still fund...
¬ Haymarket Media Limited. All rights reserved.

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