REE issues fixed-rate bonds Standard Chartered Bank Vietnam (SCB Vietnam) announced on January 29 it has successfully placed the Refrigeration Electrical Engineering Corporation (REE)’s inaugural $100-million (VND2.318 trillion) fixed-rate bonds. The issue was guaranteed by the Credit Guarantee and Investment Facility (CGIF), a trust fund of the Asian Development Bank rated AA internationally by S&P. The fixed-rate bonds bear an interest rate of 7 per cent per annum with a ten-year maturity. REE is a listed and diverse business group in Vietnam primarily operating in the fields of real estate development and management; mechanical and electrical engineering services; the manufacture, assembly, and sale of Reetech air conditioning systems; and power and water utility infrastructure. The company was one of the first to list on the Ho Chi Minh Stock Exchange and is among the 30 largest companies in terms of market cap. SCB Vietnam’s expertise and capabilities to execute and distribute the deal enabled REE to achieve long-term fixed-rate funding at a competitive yield. Despite market volatility, bidding interest, especially in the longer tranche, remains strong. In view of the favorable pricing, the issuance strategy was adjusted by shifting the seven-year demand into the ten-year tranche. This is the sixth… Read full this story
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