Price discovery in focus on VPBank’s dollar debut

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By Addison Gong
11 Jul 2019

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.

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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