Business

BIM Land raises $200 million via offshore bond

By Hoai An May 18, 2021 | 01:29 PM GMT+7

This is BIM Land's first offshore bond issue after it borrowed about $140 million from IFC and Credit Suisse in 2019.

Vietnamese property developer BIM Land Joint Stock Company (BIM Land), a member of BIM Group, recently raised an additional $200 million via debut issuance of 5-year bonds at 7.375% coupon in the Singapore market.

Fitch Ratings rated BIM Land's bond at B, in line with its issuer ratings, and Moody's rated it at B2.

The debut marks BIM Land's first offshore bond and the first time non-public enterprise in Vietnam successfully priced its USD bond. In the past, Vietnam saw some offshore deals by Vingroup, NovaLand and VPBank.

In 2019, BIM Land raised nearly $140 million from IFC and Credit Suisse. It also promoted bond capital mobilization in domestic market. For example, the enterprise successfully mobilized VND1,000 billion (about $44 million) in last March, secured by its right to use land plots in Hung Thang ward, Ha Long.

BIM Land is a property developer in several high-growth, tourism-led regions in Vietnam, counterbalanced by the cyclical demand for its tourism-led investment products, such as condotels and rental villas, compared with residential property.

Fitch said that BIM Land has smaller residential contracted sales than those of higher-rated peers, but these risks are mitigated by the company's healthy balance sheet.

It expects attributable contracted sales (excluding minorities' share) of Vietnamese property developer to recover to VND7.5 trillion (about $330 million) in 2021 on improving demand and a solid project launch pipeline.

BIM Land's contracted sales originate in the city of Ha Long in the north-eastern province of Quang Ninh, and on Phu Quoc island. Its new project in Vinh Phuc should contribute to contracted sales from 2022, improving diversification.

BIM Land gets $50 million from foreign lenders

BIM Land gets $50 million from foreign lenders

Business -  5 year
BIM Land now get up to $137 million in financing from IFC and Credit Suisse.
BIM Land gets $50 million from foreign lenders

BIM Land gets $50 million from foreign lenders

Business -  5 year
BIM Land now get up to $137 million in financing from IFC and Credit Suisse.
Menas set to launch four supermarkets

Menas set to launch four supermarkets

Business -  6 day

Menas has officially opened Mena Gourmet Market, a premium integrated supermarket located on the B1 floor of Menas Mall Saigon Airport, near Tan Son Nhat International Airport in Ho Chi Minh City.

T&T Group becomes strategic shareholder of Vietravel Airlines

T&T Group becomes strategic shareholder of Vietravel Airlines

Business -  1 week

T&T Airlines, T&T SuperPort, and BVIM Fund have acquired stakes in the tourism airline, marking a significant milestone in the company’s expansion.

V-GREEN and Prime Group to build 100,000 VinFast EV charging stations in Indonesia

V-GREEN and Prime Group to build 100,000 VinFast EV charging stations in Indonesia

Business -  1 week

V-GREEN and Prime Group have signed a memorandum of understanding to develop a network of charging stations for VinFast electric vehicles across Indonesia.

SVD-Group partners with Menas to bring Russian products to Vietnam

SVD-Group partners with Menas to bring Russian products to Vietnam

Business -  2 week

Menas Vietnam has signed a strategic memorandum of understanding with SVD-Group, marking a significant milestone in introducing premium Russian products to Vietnamese consumers.

Menas brings Da Lat agricultural products to Mena Gourmet Market

Menas brings Da Lat agricultural products to Mena Gourmet Market

Business -  3 week

Menas has recently signed a strategic partnership agreement with Ngoc Duy Group and Da Dream Farm to introduce high-quality agricultural products from Lam Dong province to the nationwide distribution network of Mena Gourmet Market.

MISS EDE debuts in US market with high-quality Vietnamese robusta

MISS EDE debuts in US market with high-quality Vietnamese robusta

Business -  3 week

MISS EDE's recent shipment of 18,000 packages of roasted coffee to the US marks a pivotal step for Dak Lak’s coffee industry toward global recognition.