Ho Chi Minh City To Sell VND500B 5-Yr Bonds Monday

VNStockNews.com - Ho Chi Minh City will auction VND500 billion ($28 million) of five-year municipal bonds Monday via the Hanoi Stock Exchange, the city government said.

The bonds are expected to trade on the stock market from next month, the statement released Tuesday said.

This will be the first auction of the city's municipal bonds this year.

Ho Chi Minh City is selling the bonds to fund infrastructure development projects.

Last week state-run Vietnam Expressway Co. sold only VND3.3 billion of an offered VND500 billion of five-year government-guaranteed bonds at a yield of 10.5%.

Vietnam's local currency bonds aren't rated by any major ratings agency.