MWG raises $50m in first bond issuance
MWG raises $50m in first bond issuance
Top Vietnamese mobile phone retailer Mobile World Group (MWG) completed its first corporate bond issuance, worth a total of VND1.1 trillion (US$50 million), on November 21.
The notes, due in 2022, will bear interest at a fixed rate of 6.55 per cent yearly. They are guaranteed by the Credit Guarantee and Investment Facility (CGIF), a trust fund founded by ASEAN 3, grouping 10 ASEAN nations, China, Japan and the Republic of Korea.
“We are excited to collaborate with CGIF on our first bond issue. This transaction demonstrates the positive development of the local bond market, with participation from reputable and well-recognised investors at an attractive fixed interest rate. This enables us to finance our merger and acquisition activities,” MWG Chairman Nguyen Duc Tai said.
It represents the third Viet Nam dong-denominated corporate bond issuance guaranteed by the CGIF and was placed by Standard Chartered Bank, acting as the placement agent.
MWG has three major brands – The Gioi Di Dong, Dien May Xanh and Bach Hoa Xanh – with more than 1,520 retail stores nationwide. Last year, it earned some $2 billion in net revenue, a year-on-year surge of 76.7 per cent.
