The Ministry of Finance's June report shows that of the total VND110,200 billion of corporate bonds issued privately since the beginning of the year, credit institutions accounted for 63.2% with VND69,600 billion. Real estate enterprises accounted for 28.6% with VND31,500 billion.
Regarding investor structure, organizations buying corporate bonds in the primary market accounted for 94.8% of the issuance volume, focusing on credit institutions (53.5%) and securities companies (21.9%). The remaining individual investors bought about 5.2%.
According to the report, the issuances have an average interest rate of 7.41% per year, with an average maturity of 3.78 years. In addition, 14.5% of the issued bonds are currently secured.
However, the situation of enterprises paying financial obligations to bondholders is still not optimistic. According to a report by the Ministry of Finance, issuing organizations bought back about 59,800 trillion VND of bonds in the first half of the year, down 39% compared to the same period in 2023.
Previously, a report by credit rating company VIS Ratings also showed that the rate of late payment in the whole market by the end of May was 16.1%, an increase of 1% compared to the end of 2023. This unit estimated that about 30% of the bonds maturing in June were likely to default on the principal debt due. Of which, most of the bonds had previously been late in paying interest.
With the pressure to pay still high, many businesses are actively negotiating with bondholders to ask for debt deferral. VNDirect estimates that as of May 29, the market has recorded more than 90 issuers reaching agreements to extend bond terms, with a total extended value of more than VND144,000 billion.
In addition, some choose to swap bonds for other assets, commonly with real estate companies paying with real estate. Companies also negotiate with bondholders to reduce interest rates and extend interest payment periods.
Not only for businesses that have been late in paying, payment pressure is still present for businesses. According to statistics from the Vietnam Bond Market Association (VBMA), in the second half of 2024, it is estimated that there will be nearly VND 140,000 billion of bonds maturing, mostly real estate with nearly VND 59,000 billion, accounting for 42%.
In the coming time, the Ministry of Finance said it will continue to monitor the situation of the corporate bond market, especially macroeconomic management policies and real estate market recovery.
According to this agency, along with appropriate credit growth, measures to ensure transparency and improve the quality of corporate bonds will support the market to self-regulate, prevent cases of policy abuse, and develop more safely and sustainably.
At the same time, the authorities will complete legal regulations, study policies to encourage credit ratings, a roadmap to upgrade the stock market, and develop a system of institutional investors. They also plan to increase resources and personnel for the inspection and examination agencies of the State Securities Commission and the State Bank.
TB (according to VnExpress)Source: https://baohaiduong.vn/phat-hanh-trai-phieu-doanh-nghiep-tang-vot-386667.html
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