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Vietnam Prosperity JSB (VPBank) has successfully issued $300-million 3-year notes to Asian and European investors within the context of its $1-billion Euro medium term note (EMTN) programme.
The deal has been advised by BNP Paribas, JP Morgan and Standard Chartered Bank.
At a coupon of 6.25 per cent a year, the notes have been issued at a record-low rate compared to other international issuances initiated by private enterprises in Vietnam.
According to the bank, the notes issued under the EMTN programme are non-convertible, unsecured, and listed on the Singaporean Stock Exchange.
The proceeds from the issuance will be used to improve the lender’s financial capacity, enhance operational safety and supplement its funding mix to meet medium- to long-term borrowing demand from customers.
In 2018, VPBank ’s total operating income (TOI) rose 25 per cent on-year to VND31.061 trillion ($1.35 billion). Its pre-tax profit grew by 13 per cent on-year to almost VND9.2 trillion ($400 million). Credit growth was on record at 17 per cent for the whole year.
On July 10, Moody’s Investors Service has assigned a B1 long-term foreign currency senior unsecured rating to the proposed senior unsecured USD-denominated notes to be issued by the lender (VPBank, B1 stable, b1).
The notes are a drawdown from VPBank’s $1 billion medium term note program, which is rated at (P)B1. The rating is subject to receipt of final documentation, the terms and conditions of which are not expected to change in any material way from the draft documents that Moody’s has reviewed.
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