Vincom raises $185 million from second convertible bond

Almost two-and-a-half years after its debut in the international capital markets, Vietnamese property developer Vincom has raised $185 million from its second ever convertible bond that was priced in the early hours yesterday morning.

The bonds traded down in the secondary market yesterday as the share price fell 4.9%, but the deal achieved better terms and was 85% bigger than the company’s first CB in November 2009, which from Vincom’s point of view at least, makes this a successful transaction. It also suggests that investors are now willing to look beyond the December 2010 default of state-owned shipbuilder Vinashin and put money to work in Vietnam again as the...