Vietinbank prepares overseas bond issue

The Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) on Mar. 19 started a series of road shows in major foreign markets to prepare for issuing overseas bonds.

The road shows, which will run until Mar. 28, will introduce this investment opportunity to Singapore, Hong Kong and London, as well as Boston, New York, Los Angeles and San Francisco in the US.

Deputy Director of Vietinbank Le Duc Tho said the bank will meet potential investors through the road shows, then fix the price of the bonds and issue an appropriate volume.

The overseas bonds aim to attract medium and long-term capital resources to meet the demand for business capital in Vietnam, develop new projects and enhance Vietinbank’s status in global financial markets.

The bonds will be offered in phases to raise 2 billion USD this year.

Initially, the bank will sell 500 million USD worth of bonds to raise its financial capacity and fund national projects, including the Nghi Son Oil refinery.

By the end of 2011, VietinBank had capital valued at 460,604 billion VND (about 23 billion USD), including 20,230 billion VND as charter capital.

In 2012, the bank aims to raise its charter capital to over 30,000 billion VND.

Source: Tuoi Tre Online 

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