Vietnamese engineering and construction firm Lilama will sell 500 billion dong (31mio US$) of dong-denominated bonds to raise funds to expand the business, underwriter Habubank Securities said on Thursday.
State-run Lilama's maiden 5-year bond issue would be sold on book-building basis on March 5 with annual coupons ranging from 9.5% to 9.8%, Habubank Securities Deputy Director Nguyen Lam Dung told Reuters.
"The bonds are available to both domestic and foreign investors," Dung said.
Lilama, Vietnam's largest engineering and construction firm, planned to issue more bonds worth trillions of dong this year, Dung said without giving further details.
Many Vietnamese companies, including Petrovietnam and Electricity of Vietnam, have switched gradually from bank loans which normally charge annual interest around 12% to bonds to raise funds for expansion to cut borrowing costs.
Source: Reuters
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