During the last three months, VILAF has advised a row of several successfully closed international bond offerings, all for listing on the Singapore Stock Exchange (SGX-ST). These deals were the first international bond deals which have been closed under Vietnam’s new Securities Law and implementing regulations.
VILAF advised Credit Suisse (Singapore) Limited as the Sole Lead Manager in the US$300 million offering of convertible bonds due 2026 by Novaland Group. The deal also involves an exclusive equity swap arrangement between the Sole Lead Manager and the Issuer’s Vietnamese counterparty and was closed in July 2021.
Novaland Group is one of Vietnam’s leading real estate developers.
This offering follows an earlier tranche of offering of US$240 million convertible bond due 2023, closed in February 2021.
VILAF advised Vingroup Joint Stock Company in its offering of US$500 million 3.00% Exchangeable Bond due 2026 for listing on SGX-ST, which was closed in April 2021. The bonds are exchangeable into shares of Vinhomes.
Vingroup is the largest conglomerate in Vietnam, focusing on various industries including technology, real estate, retail, automobile, and services.
VILAF advised BIM Land Joint Stock Company (BIM Land) in its offering of US$200 million 7.375% high yield bonds due 2026 for listing on the SGX-ST, which was closed in May 2021.
This deal is one of the first Regulation S international bond offering by a non-public company in Vietnam and is also Vietnam’s first Green Bond.
BIM Land, a subsidiary of BIM Group, is one of the leading resort and hotel developers in the country, lending its expertise to major international resort players including Hyatt Group, InterContinental Hotels Group, and Frasers Property Group, to name a few. The capital raised from the bond issuance will be used to “develop the company’s real estate projects including many green and environmental protection projects.”
VILAF team advising the above bond deals include Founding Partner Phong Tran, Counsel Lam Nguyen and Senior Associate Anh Tu.