越南經濟重返國際債券市場

Vietnam is returning to the international bond market for the first time in almost five years.

越南在近5年後首次重返國際債券市場。

The Vietnamese government has today opened the books for a new 10-year bond sale, with an initial price guidance for a yield of around 5.125 per cent. The joint bookrunners are Deutsche Bank, HSBC and StanChart, with BNP Paribas, Daiwa and Mizuho as co-managers.

越南政府週四開始發行一種新的10年期債券，先期價格指引將其收益率定爲約5.125%。聯席簿記行爲德意志銀行(Deutsche Bank)、匯豐(HSBC)和渣打(StanChart)，副承銷商爲法國巴黎銀行(BNP Paribas)、大和(Daiwa)和瑞穗(Mizuho)。

Vietnam is currently rated B1 by Moody's and BB- by Standard & Poor's, both comfortably in the "junk" range of credit ratings.

目前，穆迪(Moody's)對越南的主權債務評級爲B1，標準普爾(Standard & Poor's)則爲BB-，均爲信用評級的“垃圾級”範疇。

Vietnam has not issued an international bond since January 2010, a $1bn 10-year deal that now yields just 3.88 per cent, underscoring the ravenous appetite for more exotic debt at a time when more mainstream bond markets offer precious little returns (see second chart).

越南自2010年1月以來從未在國際市場發行債券。該國於2010年1月發行的10億美元10年期債券，如今收益率僅爲3.88%。這突出表明，在更主流的債券市場提供的回報甚微（見圖表）之際，投資者對更另類債務的需求有多麼強烈。