Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) has announced the successful mobilization of US$250 million through issuing international bonds on a five-year term, with a yield of 8 percent.
This is Vietnam’s first financial institution that has issued international bonds.
Vietinbank’s bonds are expected to be rated “B1” by Moody’s and “B+” by S&P.
A Vietinbank official said investors from Hong Kong, Singapore, the UK, Germany, France, and the US have purchased the bonds.
In the context of the difficult world economy, the successful transaction reflects foreign investor’s confidence in Vietnam’s prestigious banks and is expected to open up opportunities for other businesses, he said.
On the sideline of the bank’s 2012 annual shareholders’ meeting, Vietinbank CEO Pham Huy Hung said it plans to issue US$500 million worth of international bonds this year.