The Government of the Socialist Republic of Vietnam stepped onto the international debt market stage last night October 27 with an upsized debut $750 million offering. The transaction has been in the works for a number of years, but the long wait clearly paid off as country executed one of the most successful emerging market bonds in recent years.
The 10-year deal gathered a huge order book, allowing lead manager Credit Suisse First Boston to price well inside of initial price guidance. The notes were initially marketed at a size of $500 million and yield around the 7.25% level.
However, as the deal built up momentum, the...
