Vietnam's Vincom board OKs 1 trillion dongs issue of five-year bonds

By Lisa Kerner

Charlotte, N.C., May 13 - Vincom JSC announced that its board of directors passed the issuance of 1 trillion Vietnam dongs worth of five-year secured bonds.

The bonds will bear interest at 16% for the first year and at a floating rate from the second year, adjusted every six months.

The face value of each bond is 1 billion dongs.

Vietnam Joint Stock Commercial Bank for Industry and Trade is the underwriter. The co-arrangers are VietinBank and VietinBank Securities JSC, and VietinBankSc is the depositary.

Proceeds will be used to construct the Hanoi, Vietnam-based company's hotel and office complex in Ho Chi Minh City. The bonds will be guaranteed by the land title for the project.

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