Vietnam

Vietnamese conglomerate Vingroup Joint Stock Company has closed an oversubscribed $400m five year loan to support its automobile business.

The Vietnamese government has approved the equitisation of a stake in Vietnam National Shipping Lines (Vinalines), according to a statement on the company’s website.

VPBank Finance, the consumer finance arm of state-owned Vietnam Prosperity Bank, has closed its loan at $185m with 13 participants joining during syndication.

Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) is making a quick return to the loan market for an up to $300m fundraising.

Vinpearl blazed a trail for the Asian equity-linked market this week as Vietnam’s first issuer of exchangeable bonds, printing a hugely successful $325m trade. But the execution was not all plain sailing, coming amid a backdrop of emerging markets angst and the disappointing IPO of a high-profile Vietnamese bank. John Loh reports.

Vinpearl has hit screens with the year’s first exchangeable bond in Vietnam to raise $275m, as southeast Asia’s equity-linked market heats up.

Vietnamese telecommunications company Viettel Group has returned to the syndications market after two years for an up to $150m term loan, according to a source close to the situation.

Vingroup spun off its real estate arm, Vinhomes, in a D30.7tr ($1.35bn) equity offering this week, stunning the market with the largest listing in Vietnam’s history and in Asia this year. The spotlight has turned to the company’s use of a novel private placement-style structure that is fast becoming popular in the country. Jonathan Breen reports.

Vietnamese conglomerate Vingroup is on course for a second spin-off using a novel private placement-style structure, after pricing Vinhomes’ D30.7tr ($1.35bn) listing this week. The structure offers a tempting route for potential issuers in the country’s unpredictable equity market.

Real estate developer Vinhomes priced its D30.7tr ($1.35bn) listing at the top of guidance on Monday in Vietnam’s largest equity offering to date, according to a banker on the transaction.

Hyosung Vina Chemicals, which launched a $1bn loan last month for capital expenditure related to chemical plants in Vietnam, has cancelled the fundraising. Its new Vietnamese unit is still pending the government’s approval for incorporation, according to a South Korea-based banker close to the deal.

Real estate developer Vinhomes has launched bookbuilding for its D31.8tr ($1.4bn) listing, set to be Vietnam’s largest equity offering to date.