Tuesday, 11 Dec 2018
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ECONOMYBANKING & FINANCE

StanChart helps Vietnam’s private hospital chain raise US$100 million in bonds

Updated at Tuesday, 09 Oct 2018, 17:30
The Hanoitimes - This is the fifth time that SCB Vietnam has acted as the Bond Issuance Agent for a guaranteed VND-denominated corporate bond issue.
Privately-run hospital chain Hoan My Medical Corporation has raised VND2.33 trillion (US$100 million) in bonds through Standard Chartered Vietnam (SCB) with guarantee by Credit Guarantee and Investment Facility (CGIF), a trust fund of the Asian Development Bank.
 
A Hoan My hospital in Ca Mau province. Photo: Hoan My Hospital
A Hoan My hospital in Ca Mau province. Photo: Hoan My Hospital
The US$100 million dual-tranche fixed rate bonds were oversubscribed by about 2.5 times and are priced at an interest rate of 6.64% per annum for the five-year maturity term, and 6.74% for the seven-year maturity term, SCB Vietnam said in a press released Wednesday.

Hoan My now owns 14 hospitals and 6 clinics, serving more than three million patients annually, according to the release.

“We are honored to be able to play a part in the growth of the local capital market which offers an alternative avenue of funding for both listed and private companies in Vietnam.” said Nirukt Sapru, CEO Vietnam and ASEAN & South Asia Cluster Markets, Standard Chartered Bank.

“We are delighted to partner with CGIF on the first bond issuance out of the healthcare industry in Vietnam. This issuance enables us to tap the capital markets for fixed-rate long-term funding, which better suits the nature of our business,” said Huynh Le Duc, group chief executive officer of Hoan My.

This is the fifth time that SCB Vietnam has acted as the Bond Issuance Agent for a guaranteed VND-denominated corporate bond issue.

The rapid development of the VND corporate bond market since CGIF’s inaugural guaranteed bond in 2014 is extremely encouraging. This transaction marks CGIF’s 23rd guarantee issued. To date, CGIF has successfully issued guarantees to bonds in five of the six available local currencies in the ASEAN bond markets – Indonesian rupiah, Philippines peso, Singapore dollars, Thai baht and Vietnamese dong, said the release.
Minh Anh
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