Leading Shrimp Exporter Delays Issue of VND300 Bln Bonds
Vietnamese biggest shrimp exporter Minh Phu Seafood Corporation (MPC) has delayed the issue of VND300 billion (US$18.8 million) worth of non-convertible corporate bonds, the Vietnam Economic Times reported.
This is the second tranche of Minh Phu's issuance of total VND500 billion (US$31.3 million) in corporate bonds so far this year, which was planned prior to the second quarter of this year. In the first tranch as of January, MPC issued VND200 billion bonds.
The firm said the central bank had applied the tightened monetary policy in order to tame inflation since the beginning of this year, which had made bank deposit interest rates much higher than the bond coupon of 9.98 per cent per annum offered by MPC.
So far, many commercial banks offering deposit rates of up to 18 per cent per annum after the central bank's decision to raise the base interest rate to 14 per cent have hindered the firm's issue of corporate bond.
The issue underwriter and MPC have agreed to select more proper time to issue the remaining VND300 billion bonds of the second tranche. (Vneconomy)
Vietnamese
