Vietnam’s first foray into the
international markets since 2010 included a rare switch tender.
It also included the International Capital Markets
Association’s new model collective action clause
The $1 billion ten-year bond had a coupon of 4.8% -
below the government’s target of 5.125%. The bonds
generated an order book of over $10 billion, according to a HSBC press release.
Ratings agencies notched up the
country’s credit rating this year; in July Moody’s upgraded it to B1, while Fitch upgraded it to BB- this month. That
prompted the sovereign to return to the market to swap its two
outstanding series of bonds due in 2016 and 2020.
The offering was notable both for its successful switch
tender as well as for its...