Vincom: First international convertible dissected

Author: | Published: 1 Dec 2009

The $100 million deal last week by Vincom, a property company, is the first international bond from Vietnam since its government tapped the markets with a sovereign bond in 2005 and could pave the way for further deals.

Matthew Bersani of Shearman & Sterling advised Credit Suisse, the sole bookrunner, on the deal: “This was a path breaking, deal of the decade for Vietnam, because it opened the convertibles market,” he said. “There’s long been a lot of excitement about Vietnam leading to few deals, but this is a real development.”

One factor in ensuring the success...