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Corporate bond market cools in September after policy changes

Private corporate bonds raised in September dived from the previous month after a decree took effect to tighten the issuance on the corporate bond market.
Corporate bond market cools in September after policy changes ảnh 1A VIB office. The bank topped the corporate bond market in September as the biggest issuer. (Photo vib.com.vn)

Hanoi (VNS/VNA) - Private corporate bonds raised in September dived fromthe previous month after a decree took effect to tighten the issuance on thecorporate bond market.

Datafrom the Hanoi Stock Exchange (HNX) showed the total value of corporate bondssold in September was 16.25 trillion VND (nearly 700 million USD), news site ndh.vn reported.

September’svalue nosedived 80 percent from August's record of 83.8 trillion VND and wasstill modest compared to the March-July period.

BetweenMarch and July, local companies issued an average of 30.3 trillion VND worth ofbonds, ndh.vn reported.

InSeptember, banks’ issuance accounted for 80 percent of the total sold value,which was 13.17 trillion VND.

TheVietnam International Joint Stock Commercial Bank (VIB) topped the market as itsold 3.5 trillionVND worth of bonds in September.

OrientJoint Stock Commercial Bank (OCB), the Vietnam Bank for Agriculture and RuralDevelopment (Agribank), and Sai Gon-Hanoi Joint Stock Commercial Bank(SHB) issued 2 trillion VND each.

Amongnon-banking companies, SAM Holdings was the biggest bond issuer, raising total 300billion VND worth of bonds.

Thebonds were due in 24 months at an 11 percent annual interest rate. Bonds were backedby 24 million shares of Binh Duong Production and Trading Goods Corporation(UPCoM: PRT) and 20 million shares of Phu Tho Tourist Service JSC (UPCoM: DSP).

OnSeptember 1, Decree 81/2020/NĐ-CP took effect to restrict risky purchases ofcorporate bonds to make the bond market stronger and more sustainable.

Banks face tighter rules

TheState Bank of Vietnam (SBV) published a draft circular regulatingfinancial-banking firms’ buying of corporate bonds to make sure banks controlbad debts and credit risks.

Underthe draft circular, a financial-banking institution can only purchase corporatebonds if its bad-debt ratio is below 3 percent of the total assets, recorded inthe previous year’s audited financial report.

Theinstitution is forbidden from buying bonds from the issuer that logs bad debtsin other banks and financial firms in the last 12 months prior to the purchasedate.

Inaddition, the institution is not allowed to buy bonds to help the issuerrestructure its debts or raise ownership in the issuer or any third-partycompany.

TheSBV is waiting to collect feedback on the draft circular./.
VNA
#Private corporate bonds #Hanoi Stock Exchange (HNX) 🅰#Vietnam International Joint Stock Commercial Bank (VIB) #Vietnam #Vietnam news #Vietnam News Agency

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