Viet Nam Joint Stock Commercial Bank for Industry and Trade (VietinBank) is issuing 20,000 bonds in phase 1 of its public offering from October 25 to November 13, 2017.

The bonds are issued at par value of VND10 million (US$440) per bond, equivalent to a total value of VND2 trillion. This is a non-convertible, unsecured by property bond and has a term of 10 years.

The interest rate is equal to the reference interest rate plus 1.2 per cent per annum. The minimum number of registered bonds is 10 bonds, equivalent to VND100 million. The interest rate applicable to the whole 10-year period is a floating rate (periodically adjusted interest rate).

The interest is paid annually, exactly one year from the date of issue. Only the interest for the 10th interest payment period of the bond is paid together with the bond principal on the maturity date.

One can register to purchase bonds in the first phase from October 25 to November 13. The second phase is expected to take place from the end of November to December 2017. Customers can register to buy bonds at branches or transaction offices of VietinBank.

VietinBank can repurchase all bonds at the repurchase price that is prevailing five years from the issue date. Customers are free to transfer, donate, inherit and use bonds as collateral or engage in other civil and commercial transactions in accordance with the provisions of law. — VNS