The year 2020 has seen a 'bond issuance movement'. Businesses have rushed to issue shares to mobilize capital as loose requirements made it easier than ever to do this. According to the Saigon Securities Incorporated (SSI), the total amount of corporate bonds issued from the beginning of the year to September 2020 was VND341 trillion, an increase of 79 percent compared with the same period last year. The total value of bonds issued with no mortgaged assets reached VND43 trillion, which included VND20.5 trillion worth of bonds issued by real estate firms and VND22.6 trillion by other businesses. There was also VND29.1 trillion worth of bonds guaranteed by shares of issuers or third parties, including VND22.9 trillion worth of bonds of real estate firms. The volume of successfully sold bonds with no mortgaged assets, or mortgaged assets with low credibility, was up to 95 percent. In the first three quarters of 2020, many businesses issued bonds in large quantities and at high interest rates. Some businesses issued shares at high frequency, two campaigns a day, and the bond value was 10-100 times higher than their stockholder equity. Most of them were issued privately. In late August, a hairdresser business in… Read full this story
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