越南经济重返国际债券市场

Vietnam is returning to the international bond market for the first time in almost five years.

越南在近5年后首次重返国际债券市场。

The Vietnamese government has today opened the books for a new 10-year bond sale, with an initial price guidance for a yield of around 5.125 per cent. The joint bookrunners are Deutsche Bank, HSBC and StanChart, with BNP Paribas, Daiwa and Mizuho as co-managers.

越南政府周四开始发行一种新的10年期债券，先期价格指引将其收益率定为约5.125%。联席簿记行为德意志银行(Deutsche Bank)、汇丰(HSBC)和渣打(StanChart)，副承销商为法国巴黎银行(BNP Paribas)、大和(Daiwa)和瑞穗(Mizuho)。

Vietnam is currently rated B1 by Moody's and BB- by Standard & Poor's, both comfortably in the "junk" range of credit ratings.

目前，穆迪(Moody's)对越南的主权债务评级为B1，标准普尔(Standard & Poor's)则为BB-，均为信用评级的“垃圾级”范畴。

Vietnam has not issued an international bond since January 2010, a $1bn 10-year deal that now yields just 3.88 per cent, underscoring the ravenous appetite for more exotic debt at a time when more mainstream bond markets offer precious little returns (see second chart).

越南自2010年1月以来从未在国际市场发行债券。该国于2010年1月发行的10亿美元10年期债券，如今收益率仅为3.88%。这突出表明，在更主流的债券市场提供的回报甚微（见图表）之际，投资者对更另类债务的需求有多么强烈。