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Vietinbank to raise 4 trillion dong via bond issue

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Vietinbank to raise 4 trillion dong via bond issue

Vietnam Joint Stock Commercial Bank for Industry & Trade, or Vietinbank, plans to raise 4 trillion dong by issuing unsecured nonconvertible bonds, Viet Nam News reported June 7.

The bank will issue 400,000 bonds worth 10 million dong each. The bonds will have a term of 10 years and will be issued June 28. The bank can exercise the right to buy back the bonds after five years, the publication noted.

The bonds have a floating interest rate, determined by the reference rate, which is the 12-month saving deposit rate of Vietnam's four biggest banks by assets, plus 0.8%.

Proceeds will be used to supplement Vietinbank's operational capital and improve its financial capacity.

As of June 7, US$1 was equivalent to 22,805.00 Vietnamese dong.