Standard Chartered arranges REE’s bond issuance
Standard Chartered Bank Vietnam on January 29 announced its arrangement for the Refrigeration Electrical Engineering Corporation (REE) to issue 2.31 trillion VND (100 million USD) in fixed rate bonds.
Hanoi (VNA) – Standard Chartered Bank Vietnam on January 29 announced its
arrangement for the Refrigeration Electrical Engineering Corporation (REE) to
issue 2.31 trillion VND (100 million USD) in fixed rate bonds.
The issuance was guaranteed by Credit Guarantee and Investment Facility (CGIF), a trust fund of the Asian Development Bank that has been rated AA internationally by S&P Global.
REE, established in 1977, operates in the primary fields of mechanical and electrical engineering services (M&E), manufacturing and assembling and sales of Reetech air-conditioner systems, real estate development and management, and power and water utility infrastructures.
As one of the first companies to list its shares on the Ho Chi Minh Stock Exchange, REE is among the 30 largest companies in terms of market capitalisation (as of December 31, 2017, REE’s market value is 12.86 trillion VND).
According to Nirukt Sapru – a representative of Standard Chartered Bank Vietnam, ASEAN, and South Asia Cluster Markets – assisting REE in its first bond issuance helps Standard Chartered Vietnam develop its capital market.
The bank – with its deep understanding of the domestic market, large network, and considerable experience – commits to supporting its customers to concretise sustainable growth opportunities, he said.
Meanwhile, REE CFO Nguyen Ngoc Thai Binh said that the move helps his firm diversify capital mobilising measures to meet the demand of expanding its business.
The 100 million USD bonds are priced at an annual interest rate of 7 percent for the 10-year maturity term. –VNA
The issuance was guaranteed by Credit Guarantee and Investment Facility (CGIF), a trust fund of the Asian Development Bank that has been rated AA internationally by S&P Global.
REE, established in 1977, operates in the primary fields of mechanical and electrical engineering services (M&E), manufacturing and assembling and sales of Reetech air-conditioner systems, real estate development and management, and power and water utility infrastructures.
As one of the first companies to list its shares on the Ho Chi Minh Stock Exchange, REE is among the 30 largest companies in terms of market capitalisation (as of December 31, 2017, REE’s market value is 12.86 trillion VND).
According to Nirukt Sapru – a representative of Standard Chartered Bank Vietnam, ASEAN, and South Asia Cluster Markets – assisting REE in its first bond issuance helps Standard Chartered Vietnam develop its capital market.
The bank – with its deep understanding of the domestic market, large network, and considerable experience – commits to supporting its customers to concretise sustainable growth opportunities, he said.
Meanwhile, REE CFO Nguyen Ngoc Thai Binh said that the move helps his firm diversify capital mobilising measures to meet the demand of expanding its business.
The 100 million USD bonds are priced at an annual interest rate of 7 percent for the 10-year maturity term. –VNA
You should also see
Cam Lam - Vinh Hao Expressway to help drive south-central region's economy
The 78.5km Cam Lam - Vinh Hao Expressway, one of the three sub-projects of the North - South Expressway project’s eastern wing, officially opened to traffic on April 26.
See more
Business
Long An, Japan's Okayama city explore cooperation opportunities
Leaders of Vietnam’s southern Long An province and Japan’s Okayama city engaged in a dialogue on April 26 to discuss cooperation between the two localities.
Business
Investor confidence gains traction on improved business climate
Better investment climate, with simplified administrative producers and special incentives, has helped improve investor confidence, thus catalysing investments from a wider pook of both domestic and international investors for socio-economic development.
Business
Vietnam’s rice exports may exceed 2024 target
With positive results recorded so far, Vietnam can exceed its target of 7.6 million tonnes in rice export volume set for 2024, Nguyen Ngoc Nam, Chairman of the Vietnam Food Association, said at a conference in the Mekong Delta city of Can Tho on April 26.
Business
Ample room for Quang Ninh to attract FDI
The northeastern province of Quang Ninh has ample room to attract foreign direct investment (FDI) and realise the goal of attracting 3 billion USD in FDI this year and 10 billion USD in the 2020-2025 period.
Business
Long An, Dong Nai introduce strengths in RoK
The southern province of Long An and Dong Nai introduced their investment climate as well as socio-economic development orientations at an investment promotion conference held in the Republic of Korea (RoK) on April 26.
