- Vingroup’s $200 million
USD-denominated high-yield bond offering marked the
company’s debut in the international bond
markets. It was also the first Vietnamese issuer in the
high-yield market this year;
- But its covenant package was structured around a
$200 million Warburg Pincus investment into
Vingroup’s retail subsidiary;
- Carve-outs to its covenant package also had to
take the quirks of Vietnam’s business
environment into account.
Vietnam real estate conglomerate
Vingroup’s debut in the international dollar bond
markets was only the second-ever corporate high-yield bond out
of Vietnam. But its covenant package required adjustment due to
a private equity investment earlier this year.
Vietnam’s macroeconomic issues made headlines
this year, but private equity firms have looked to its real
estate and consumer sectors. In January, Kohlberg Kravis...