Vinpearl bags $325m in maiden Vietnam EB

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By John Loh
06 Jun 2018

Vinpearl blazed a trail for the Asian equity-linked market this week as Vietnam’s first issuer of exchangeable bonds, printing a hugely successful $325m trade. But the execution was not all plain sailing, coming amid a backdrop of emerging markets angst and the disappointing IPO of a high-profile Vietnamese bank. John Loh reports.

Bookrunners Credit Suisse and Deutsche Bank launched Vinpearl’s five year put three transaction on Tuesday evening at an initial size of $275m, using shares of conglomerate Vingroup as the underlying.

Vinpearl is a hotels and resorts operator, while Vingroup’s businesses span education, agriculture, healthcare, consumer retail and industrial operations.

The EB ...

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