VietinBank issues bonds worth $43 million

Created 10 October 2019
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Vietinbank, Vietnam’s fourth largest listed bank by market capitalization, has issued bonds worth VND1 trillion ($43 million) to the public.
VietinBank issues bonds worth $43 million

Of the 100,000 bonds (worth VND10 million ($430) each) issued, 50,000 bonds will have a residual maturity date of seven years, expiring in 2026. The remaining bonds will expire in 2029.

Interest rates will be calculated by referenced interest plus 1 percent per year for bonds expiring in 2027, and a referenced interest rate plus 1.2 percent per year for those expiring in 2029.

The referenced rate is the average interest on individuals savings, deposited in dong, postpaid for 12-month term deposits by Vietcombank, VietinBank, BIDV and Agribank.

The banks offers interest of around 6.8-7 percent on individuals savings, deposited in dong, postpaid for 12-month term deposits

According to VietinBank, the money generated from the issue will be used to increase the bank’s working capital, and to expand credit, while ensuring prudential ratios are in accordance with regulations.

The bonds are currently available to the public and sales will remain open until October 29.

In a September 30 statement, VietinBank had announced it had successfully distributed VND4 trillion ($171.67 million) worth of bonds to a total of 14,000 individual and institutional investors between August 15 and September 27.

Source: VNE

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