VietinBank gets approval to issue overseas bond
HANOI: Vietnam Joint Stock Commercial Bank for Industry and Trade, or VietinBank, has won government approval to issue bonds overseas, a stock exchange announcement said.
The country's biggest partly private lender by assets hopes to raise $500 million by issuing five- or 10-year bonds, the state-run Dau Tu Chung Khoan (Securities Investment) magazine quoted VietinBank Deputy Chief Executive Le Duc Tho as saying.
Tho did not say when or where the bond sales would take place, but the report said HSBC and Barclays were advising it.
The lender had received government approval for the bond issue, a report filed with the Ho Chi Minh Stock Exchange said late on Tuesday.
In August, VietinBank sent out requests for proposals for a $500 million bond, raising eyebrows as market players questioned whether an international bond of that size for a Vietnamese bank was overly ambitious given global economic conditions, Thomson Reuters' IFR reported.
Copyright Reuters, 2012
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