Vincom bond issue fulfils hopes

10/05/2008 -- 10:15 PM

Hanoi (VNA) – Vincom has reached its target of 2 trillion VND (125 million USD) with its first tranche of bond issuance on May 6. The winners of the bid will receive an interest rate of 16 percent per annum in the initial year. The money raised through this tranche will be used for a Ho Chi Minh City commercial complex project including trade centres, restaurants and high-rise buildings. “We successfully raised 1 trillion VND (62.5 million USD) through bond issuance last year and realized that the bond issue was an effective channel for capital mobilization,” an official from Vincom’s planning division said. He added that the company would continue issuing bonds as a safe, reliable method to mobilise capital for its future project. “We also want to diversify the channel of money mobilization. Then our projects will be ensured of being implemented on time,” the official said. In October 2007, Vincom raised 1 trillion VND (62.5 million USD) for this complex, also through bond issuance. The underwriter for this issuance was the Bank for Investment and Development of Vietnam (BIDV) and ANZ. The average winning interest rate in this issuance was 10.3 percent per annum.-Enditem
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