SSI is to sell two-year bonds worth $23.5 million. – Photo Baomoi.com

HCM CITY (Biz Hub) – The Saigon Securities Incorporation's (SSI) managerial board has decided to issue bonds worth VND500 billion (US$23.5million).

Between January and February, SSI will issue a maximum of 1,000 two-year bonds with par value of VND500 million ($23,500) each. The interest, to be paid once a year, will be 8.2 per cent in the first year. In the second year, it will be the average of interests of one-year deposits of four banks – Vietcombank, Vietinbank, BIDV and Agribank – plus 2.2 per cent per year.

Named SSIBOND012015, the bonds will be unsecured and inconvertible. They will be sold at face value.

SSI is willing to buy back the bonds every six months, but will not pay the tax on such transactions. The price of the bond resold to SSI will be its face value plus accumulated interest.

SSI also plans to set up a new transaction office on Pham Ngoc Thach Street in HCM City that will operate as a broker and stock investment consultancy, and provide security depository services. – VNS