Mayer Brown represented Vietnam Prosperity Joint Stock Commercial Bank (VPBank) in the establishment of its US$1 billion Euro Medium Term Note (EMTN) program and its subsequent drawdown of US$300 million 6.25 percent notes due 2022.
The offering is the first of its kind in Vietnam and the first corporate U.S. dollar denominated bond out of Vietnam in the last seven years.
VPBank, a commercial bank headquartered in Hanoi, will use the proceeds to improve its financial capacity, enhance operational safety, and supplement its funding to meet its medium- and long-term loans.
"The bond offering of VPBank is record breaking in many aspects," said Hong Kong-based Corporate & Securities partner Thomas Kollar, who is the co-leader of the team that advised VPBank.
“The transaction is significant as it marks the first-ever USD EMTN drawdown in Vietnam and will serve as a model for future issuers in Vietnam looking to efficiently tap the international bond markets,” he added.
"We are delighted that clients continue to entrust us with their most important deals, a testament to their strong confidence in our capability to work on complex transactions," said Mr. Kollar.
The Mayer Brown team included: Corporate finance officer Sean Su (Hong Kong); Banking & Finance partner James Taylor, counsel Gary Silverman and senior associate Lauren Theodoulou (all London).