HDBank to issue $500m in convertible bonds to international investors
Proceeds will be used for the bank’s medium and long term capital.
Vietnam’s HDBank is seeking to increase the foreign ownership of its issued convertible bonds from 18% to 20%, according to a press release.
The bank is also seeking shareholders’ approval to issue convertible bonds worth $500m to international investors.
Proceeds from the issuance will be used to supplement the bank’s medium- and long-term capital, as well as power its growth plans, the bank said.
At the same time, the proceeds will reportedly enhance the lender's asset quality indicators, capital adequacy ratio, and get it ready to adopt Basel III standards.
Bondholders may choose to convert their bonds into common shares of the bank.