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BIDV sells bonds worth $75.67 mln   2009-08-28 - Thanh Nien

 
 
   
The Bank for Investment and Development of Vietnam (BIDV) has successfully issued VND1,362 billion (US$75.67 million) in unsecured subordinated debt eligible as tier 2 capital.

 

This was the first tier 2 issue in Vietnam since 2006, and the largest issuance of bank capital notes in the domestic market.

Despite challenging market conditions, the transaction successfully harnessed domestic market liquidity with an order book from a broad spectrum of institutional investors, including banks, insurance companies and investment funds.

According to a regulation of the State Bank of Vietnam, the notes have a tenor of 10 years and 1 day and are callable in whole and at the option of BIDV after five years.

The notes carry a coupon rate of 10.50 percent per annum and were issued at 100 percent of face value.

The notes will be used to supplement BIDV’s tier 2 capital thereby further increasing and strengthening its overall capital base, ensuring that it has available capital for growth plans in the coming years.


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