Vinpearl bags $325m in maiden Vietnam EB
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 ...