vinashin-dong-bond-announces-price-guidance

Vinashin dong bond announces price guidance

Bookrunner Deutsche Bank will market the offshore-targeted dong deal on the basis of strong government support for the shipping firm. Initial price guidance is set at 9.25%-9.50%.
The Vietnam Shipbuilding Industrial Group's Vinashin VND3 trillion $192 million 10-year offshore-targeted dong bond could price as early as Friday and will be issued four weeks after pricing.

Sources have confirmed that the Vietnamese Ministry of Finance MOF will not explicitly guarantee the bond. Bookrunner Deutsche Bank will therefore be marketing the deal on the basis of an implied sovereign rating, thanks to a change-of-control clause allowing investors to redeem the bond in the event of government ownership falling below 51%.

Vinashin, an SOE controlling over 70% of VietnamÆs shipbuilding industry, has helped Vietnam earn its place as the eighth largest shipbuilder in the world. The entire proceeds of the sovereignÆs 2005 $750 million...
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