Techcombank raises record US$1 billion loan facility
The financing deal marks the largest mid- to long-term syndicated term loan facility ever raised by a commercial bank in Vietnam.
HSBC Vietnam in cooperation with some international banks has provided Vietnam Technological and Commercial Joint Stock Bank (Techcombank), the fourth largest capitalized joint stock commercial bank in the local market, with a US$700 million senior unsecured syndicated term loan facility and a US$300 million greenshoe.
|A Techcombank's branch in Ho Chi Minh City. File photo|
The facility comprised different tranches with tenors of three, four, and five years. The financing deal marks the largest mid- to long-term syndicated term loan facility ever raised by a commercial bank in Vietnam.
HSBC acted as Joint Mandated Lead Arranger, Underwriter, and Bookrunner in the deal, successfully enticing an overwhelming response from the market. The loan was concluded with the participation of 26 banks in total, and the amount was upsized to US$1 billion from the initial target of US$700 million.
“This is a fantastic result for our customer and for Vietnam which continues to attract investors in an uncertain global macro environment", said Stephanie Betant - Head of Wholesale Banking, HSBC Vietnam, noting the deal helps support one of HSBC’s strategic financial partners in Vietnam’s market.
Alex Macaire, Group Chief Financial Officer of Techcombank, expressed his delight to have successfully accessed the international syndicated loan market with new records for the third year in a row.
“Achieving this milestone in the current challenging environment is a testament to the confidence and trust of international investors in Techcombank and the Vietnamese economy after conducting thorough due diligence,” he said.
This US$1 billion financing is Techcombank’s third syndicated facility in a short span of two years. Also, it showcases the rich potential of Vietnam’s capital market and the on-track economic recovery, sounding and affirming its appeal to the global market. Earlier in 2022, HSBC successfully arranged several syndicated loans for Vietnamese big names in the market, particularly the first green syndicated loan of US$500 million for Vingroup and its subsidiary Vinfast.
- Vietnam's positive outlook lures foreign investors back to stock market
- Banking industry urged to complete digital transformation legal framework
- VND remains most stable currency in region: Report
- Big techs pay Vietnam US$20 million in taxes in three-month period
- Vietnam’s consumer demand for gold surges 11%
- Vietnam’s Q3 GDP growth at 10.8%: Standard Chartered
- Hanoi's budget revenue up 25% in January-July period
- Vietnam's corporate bond market estimated at US$11 billion in H1
- Credit demand set to grow in the final half of 2022
- About 60% of Vietnamese adults have bank account: Napas
Vietnam, UN accelerate Sustainable Development Goals in 5-year cooperation
Hanoi selected to support sustainable product value chains
Vietnam is stunning in South Korean artist’s MV
Hanoi verifies promoting Covid-19 vaccination as key task
Hanoi focuses on supporting business recovery: Mayor
Construction of Hanoi’s Ring-road No.4 set to begin next June
Dolphin shows fascinate audiences in Hanoi
Vietnam's investment in education accounts 18% of total state expenditure
People and businesses urged to take part in the digitalization: PM