Clifford Chance Advises on Landmark High Yield Vietnam Bond

Leading international law firm Clifford Chance has advised Vingroup Joint Stock Company on the United States and New York law aspects of its US$200 million 144a Reg S 11.625% notes due 2018. This was the largest, and only the second US dollar high yield bond issued by a Vietnamese corporate.

Credit Suisse was the sole global coordinator for the notes, which were offered under Rule 144A and Regulation S. Credit Suisse, Deutsche Bank and ING were the joint bookrunners.

Crawford Brickley, Head of Capital Markets, Asia Pacific, said “The US dollar bond market is an attractive option for ASEAN firms looking to diversify their sources of funding. It is also seen as a strategic step in helping these companies establish their names with foreign investors with a view to potential future expansion or investments.”

Crawford was supported by partner Jon Zonis, counsel Richard Lee, senior associates Naveen Pogula and Andrew Kelly, and associates Hosea Chang and Bertrand Law.

Vingroup is the largest listed real estate and tourism, hospitality development and management company in Vietnam.

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