The Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) has successfully issued its debut international bond issuance of USD250 million 8.000% notes due 2017. This is the first international offering by a Vietnamese bank. VietinBank is majority-owned by the Government of the Socialist Republic of Vietnam and is a leading financial and banking group in Vietnam in terms of total assets and branch network. Barclays Bank PLC and the Hong Kong and Shanghai Banking Corporation Limited acted as joint lead managers and joint bookrunners.
David Johnson, lead partner, commented, "Despite the uncertainties in the global market, the successful closing of this transaction is a reflection of investor confidence in Vietnam. This bond issuance is a great milestone for VietinBank as well as Vietnam economy and will go great strides towards ensuring it remains one of the region’s most attractive destinations for foreign investors.
The Allen & Overy team advising the issuer comprised partner David Johnson, counsel Desirée Sumilang, and associates Garrick Merlo and Emily Dong. Partner Jack Heinberg and associate Brian Schultz provided US tax advice. The team are based out of the Hong Kong and New York offices. Allen & Overy also acted for the Government on its last international bond issuance in 2010. This offering marks the third international offering by an Asia-based bank that the Allen & Overy capital markets team in Hong Kong has advised on during the second quarter of 2012.