Price discovery in focus on VPBank’s dollar debut

Vietnam Prosperity Joint Stock Commercial Bank (VPBank), a private sector lender, raised $300m from its international bond debut this week. The deal was helped by the scarcity of supply from Vietnam, but finding the right price proved a challenge for those on and off the deal.

  • By Addison Gong
  • 11 Jul 2019

Bankers on the VPBank deal called the Wednesday transaction “very rare” — and for good reason. Vietnamese issuers have not tapped the public dollar bond market since November 2014, when the Ministry of Finance sold a $1bn 4.8% 10 year bond, according to Dealogic.

Global co-ordinators BNP Paribas, JP Morgan and Standard Chartered announced bookbuilding for a three year ...

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 Bank of China (BOC) 21.85
2 China Merchants Securities Co 14.67
3 Industrial and Commercial Bank of China (ICBC) 14.44
4 Agricultural Bank of China (ABC) 8.89
5 China Securities 7.41

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
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1 CITIC Securities 9,346.38 46 7.81%
2 Goldman Sachs 8,791.68 35 7.35%
3 Morgan Stanley 7,131.69 47 5.96%
4 China International Capital Corp Ltd 6,923.83 42 5.79%
5 UBS 6,281.96 46 5.25%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
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1 HSBC 21,140.46 182 8.46%
2 Citi 15,676.35 116 6.28%
3 JPMorgan 13,488.58 90 5.40%
4 Standard Chartered Bank 10,193.35 102 4.08%
5 Bank of America Merrill Lynch 9,668.56 74 3.87%

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