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Jipyong Advises KIS Vietnam Securities Corporation on the Management of Issuance as Book Runner of the Exchangeable Bonds Issued by An Phat Holdings Joint Stock Company, a Vietnamese Corporation, and the Subscription of the Exchangeable Bonds

2020.07.03

Jipyong advised Kis Vietnam Securities Corporation on the management of issuance as book runner of the exchangeable bonds issued by An Phat holdings Joint Stock Company, a Vietnamese corporation, and the subscription of the exchangeable bonds. 
 
The deal was about issuing convertible bonds by An Phat Holdings, the biggest plastic products manufacturer in the South East Asia. KIS Vietnam Securities Corporation was appointed as a book runner, and the underwriters were Korean institutional investors. The bonds were issued under the condition that they can be converted into the stocks in An Phat Plastic (AAA), the subsidiary of An Phat Holdings, and Hanoi Plastic, which are listed on the Ho Chi Minh Stock Exchange from the date one year after the issuance date, and the issuance volume was approximately KRW 13 billion. 
 
The Vietnamese Securities Law expressly provides for convertible bonds and bonds with warrants, but does not expressly provide for exchangeable bonds. Because of this, there are not so many deals related to exchangeable bonds. In this light, the deal is highly meaningful as Jipyong successfully completed this rare deal. 
 
The success is attributed to Jipyong’s Ho Chi Minch City Office, which has had close consultation with supervisory institutions such as the State Securities Commission of Vietnam, etc. on the possibility and conditions of the issuance of exchangeable bonds, and to Jipyong’s Finance Group in the HQ, which has provided legal advice and representation to the client including preparation of the subscription agreement reflecting the detailed conditions. 
 
Recently, numerous IB teams from Korean securities companies and banks which entered Vietnam have been focusing on managing the issuance of corporate bonds by Vietnamese companies and subscribing such bonds. Based on its broad experience in working with Korean financial institutions and expertise, Jipyong will provide expert legal services and representation in IB businesses.

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