Vietnam's Biggest Developer Gives Jolt to Dormant Bond Market
- Vingroup sells 3 times much debt as whole market did year ago
- Asia Commercial, Kin Bac City lining up lining up note sales
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Vietnam’s biggest listed property developer is giving a jolt to a dormant bond market, selling three times as much in bonds last quarter as all the nation’s companies combined in the year-earlier period.
The 3 trillion dong ($134 million) raised by Vingroup Joint Stock Co. compared with less than 1 trillion dong of total issuance in the first three months of 2015, based on Bloomberg calculations of data supplied by state-owned Bank for Investment and Development of Vietnam. The corporate note market accounted for just 0.7 percent of gross domestic product in the last quarter of 2015, lagging the 6.1 percent in the Philippines and 19 percent in Thailand, according to the Asian Development Bank.