SHB gets Singapore Stock Exchange’s approval to list $300m international bond

Khanh Minh Wednesday | 10/06/2021 15:10

Photo: internet

Saigon Hanoi Commercial Joint Stock Bank got approval from the Singapore Stock Exchange for its first-tranche issuance of international bonds of no more than $300 million, Vietnamese lender said in a statement.

The bonds to be listed are comprised of international senior bonds (non-convertible, unsecured and without warrants) and tier-2 bonds (non-convertible, unsecured, without warrants and open for buy-back after five years and one day).

The issue is expected to be made in several phases. In the first tranche issue, the bank will issue senior bonds worth $300 million with a maturity of 3-5 years. The coupon rate will be set later based on the State Bank of Việt Nam’s regulations and market conditions at the time of the issue.

The lender hopes the bond issue will enhance its position and brand in the international market, diversify capital mobilisation channels and help ensure the capital adequacy ratio.

Proceeds raised through the issue will be used to finance medium- and long-term foreign currency loans.\

Earlier in April, at the 2021 annual shareholders’ meeting, SHB’s shareholders approved the plan of issuing at most $500 million worth of bonds on the Singapore Exchange under the EMTN programme.

Source: Viet Nam News, SHB

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