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Vinashin lines up three trillion dong bonds

Vinashin lines up three trillion dong bonds

Hanoi: Vietnamese state-run shipbuilder Vinashin plans to sell three trillion dong ($186 million) of bonds to fund Greenfield expansion, according to Reuters.
"This is the first issue by Vinashin this year and there will be more issues of similar size later this year too," an official told the news agency.
Unlisted Vinashin raised 300 billion dong ($18.6 million) from its last bond issue in November, which carried an annual coupon of 9.6 percent and a maturity of two years.
It also received all the proceeds from Vietnam's maiden, $750 million sovereign bond in October 2005.
The company also plans to issue bonds overseas to raise more than $2 billion to expand capacity by 2010 but the government has said Vinashin must use the proceeds of the sovereign bond before any new overseas issue. [21/03/07]

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