Morito divergence is a part of NovaWorld Ho Tram (Ba Ria-Vung Tau) which is more than 1,000 hectares in size. NovaWorld Ho Tram is one of three key projects expected to record a profit of US$2 billion in the period of 2021 - 2023 of Novaland Group.

Novaland Investment Group Joint Stock Company (Novaland) has successfully issued US$300 million worth of international convertible bonds without warrants or collateral to foreign investors.

They would be listed on the Singapore Stock Exchange, the company said, and have a maturity of five years and fixed coupon rate of 5.25 per cent.

Subject to these terms, they are convertible into common shares of Novaland at a conversion price of VND135,700, 15 per cent higher than the closing price of the share on the issuance date, July 7.

The bonds have a face value of $200,000.

Credit Suisse (Singapore) Limited was the global coordinator and sole book runner for the issuance.

The bonds attracted enormous interest from reputed international investors, and the order book was subscribed multiple times over.

Novaland said the proceeds of the issuance would be used for land acquisition and project development to achieve three-year earnings target.

Besides, the success of the issuance would strengthen the company’s debt profile in which medium- and long-term borrowings predominate.

Given the complicated situation of the Covid-19 pandemic in Viet Nam and globally, Novaland's successful mobilisation of $300 million on the international capital market underscores the strong conviction international investors have in the company’s capability and outstanding prospects.

Novaland earlier made a $240 million international convertible bond issuance and listed it on the Singapore Stock Exchange in April and December 2018.