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Businesses rush to buy back bonds before maturity

After cancellation of bonds issued by Tan Hoang Minh and the issuance of a new decree on bond market management, businesses have been rushing to buy back bonds before they become mature.

OCB on September 27 wrapped up the buyback of the entire lot of privately issued bonds OCBL2124007 worth VND1 trillion. The issuance date was September 27, 2021 and the due date is September 27, 2024.

The next day, the bank bought back all 3-year bonds of the OCBL2124008 lot, worth VND1 trillion, two years before they became mature. The issuance date was September 28, 2021.

Earlier, OCB bought two lots of bonds worth VND2.5 trillion in June 2022. These included OCB.BOND02.2020 (3-year term), VND1 trillion, issued on June 1, 2020, and OCBL2124002, VND1.5 trillion, issued on June 2, 2021.

In May 2022, OCB bought back OCB.BOND01.2020 (3-year term), issued on May 12, 2020, worth VND200 billion.

As such, OCB has bought back five lots of bonds issued in 2020 and 2021, totaling VND4.7 trillion.

The 17 lots of bonds issued in 2017-2018 were bought back by Yamagata JSC on September 16, with total value of VND4.5 trillion. Prior to that, three lots of bonds were bought back by the company, worth VND300 billion.

Azura on September 6 announced the buyback of VND7.3 trillion worth of bonds, issued in 2018 and 2019.

Many businesses have been rushing to buy back bonds prematurely after MOF announced the release of Decree 65 which amends and supplements several articles of Decree 153/2020 related to corporate bonds, taking effect on September 16. 

The decree says that issuers have to buy back bonds prematurely when they violate regulations on bond issuance (including their capital use plan), or violate the law.

Hoang Anh Gia Lai (HAG) on September 29 announced that it had bought back a part of the lot of corporate bonds, HAGLBOND16.26, worth VND605 billion. The remaining balance of bonds is VND5.271 trillion.

On September 26, HAG approved a plan to spend VND500 billion to additionally buy back the bonds of the HAGLBOND16.26 lot. The money was part of a plan to collect VND1.7 trillion from the private issuance of 162 million shares to professional securities investors for VND10,500 per share.

On September 9, VIX Securities’ board of directors approved a plan to buy back VND200 billion worth of 3-year bonds issued October 4, 2021 with the fixed interest rate of 8 percent per annum.

On April 3, 2022, SSC released a decision on canceling nine bond offerings from July 2021 to March 2022, worth VND10.03 trillion, of the subsidiaries of Tan Hoang Minh.

Duy Anh

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