Bonds abroad must total 200 million USD

30/08/2008 -- 9:21 PM

Hanoi (VNA) – A local enterprise must have bonds worth at least 200 million USD for each overseas issuance, according to the Government’s drafting decree on the overseas bond issuance. This draft has been released for public debate and is expected to be issued later this year. Under the draft, bonds can only be issued overseas for the purposes of feasible projects and key national projects: all must have adequate administrative confirmation. In addition, bond issuers will only be permitted to do so when the international capital market is advantageous and at reasonable expense. The total value of bonds offered overseas cannot exceed the limit of the overseas lending value set by the Government every year. “The bond issuer has to meet the standards on sovereign credit rates of bond issuance regulated by the international market,” stated the draft. For those issuers who are compelled to sell bonds overseas but are unable to do so by themselves, it is necessary for the Government to guarantee the bonds. Such firms needed to have a credit rate which is equivalent or one level lower than the national credit rate.-Enditem
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