A real estate company in Ho Chi Minh City successfully raised 660 billion VND in "three no's" bonds

A real estate company in Ho Chi Minh City has successfully issued 660 billion VND worth of "three no's" bonds, with a two-year term and a fixed interest rate of 11% per year.

According to information from the Hanoi Stock Exchange (HNX), Residence Investment and Development Joint Stock Company has just completed the issuance of RESCH2426001 bonds, with a value of VND660 billion, a term of 2 years, and a fixed interest rate of 11%/year. 

Specifically, the RESCH2426001 bond lot was issued in the domestic market with a volume of 6,600 bonds, with a face value of VND100 million/bond, equivalent to an issuance value of VND660 billion. 

This bond lot was issued and completed on September 30, 2024. Thus, it will mature on September 30, 2026. 

Notably, this is a "3 no" bond lot: non-convertible, no warrants, and no collateral. 

The depository for this bond lot is Vietnam Securities Depository and Clearing Corporation, the related organization is MB Securities Joint Stock Company (MBS).

According to Saigon Phat Thinh Ratings Joint Stock Company (Saigon Ratings), Residence Investment and Development Company currently has a credit rating of vnB. This is the 4th highest rating on Saigon Ratings' scale. 

Specifically, an issuer with a short-term credit rating of vnB is vulnerable to bankruptcy risks and has clear speculative characteristics. Although the borrower is still able to pay the obligations arising from the loan, it faces many uncertainties in business operations that may lead to a lack of ability to meet financial commitments. 

Data from HNX shows that from May to July 2021, Residence Investment and Development Company issued 6 bond lots with a total value of 3,000 billion VND, with a term of 1 year. The bond lots were issued and settled in 2022.

It is known that Residence Investment and Development Joint Stock Company was established on October 16, 2017, operating in the real estate business sector, with an initial charter capital of 100 million VND. Of which, Nova Group Joint Stock Company contributed 98 million VND (98%), Ms. Ngo Thi To Nguyen contributed 1 million VND (1%) and Ms. Vo Thu Thao contributed 1 million VND (1%); with Ms. Vo Thu Thao as the legal representative. 

After many changes, the current charter capital of Residence Investment and Development Joint Stock Company is 500 billion VND, with its head office located at The Prince Residence, No. 17-19-21 Nguyen Van Troi Street, Ward 11, Phu Nhuan District, Ho Chi Minh City.

The legal representative of the enterprise is Mr. Le Thanh Liem (born in 1959, meaning Ho Chi Minh City). In addition, Mr. Le Thanh Liem is also the legal representative of many enterprises such as Saigon - Binh Chau Tourism Joint Stock Company, Binh Chau Sea Ecological Tourism Joint Stock Company, Khang An - Nhon Trach Real Estate Investment Company Limited, Summer Beach Investment Joint Stock Company, Nova Song Giang Investment and Development Company Limited, ...

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 22/06/2022