Vinashin loan-to-bond looks like a hit

Vietnamese state-owned shipbuilder Vinashin’s latest fix for its default on a $600m syndicated loan looks likely to gain the approval of its creditors, according to a banker familiar with the deal.

  • 07 Feb 2013

The restructuring involves swapping the $600m loan, plus unpaid interest of $22m, for $622m of bonds, said the banker. The Ministry of Finance in Vietnam is guaranteeing the company’s bond issue, giving lenders some certainty that they will get their money back.

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1 Bank of America Merrill Lynch (BAML) 3,136 9 12.62
2 Citi 2,562 6 10.31
3 Goldman Sachs 2,150 3 8.65
4 Credit Suisse 1,822 6 7.33
5 Societe Generale 1,814 4 7.30

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