Becamex raises $46.7M in bonds to refinance bank debt
What's the deal? Vietnam's Becamex Group (HOSE: BCM) has raised VND1,200 billion (about $46.7 million) through a post-IPO debt issue, selling 12,000 three-year bonds between October 21 and November 3. All proceeds will restructure some of the industrial developer's bank debt, with disbursement expected in the fourth quarter of 2026.
The terms: The unconvertible, unsecured bonds carry a combined fixed and floating rate, with a fixed coupon of 12.5% for the first four periods. They are set to mature on October 21, 2029.
Why now? This is Becamex's second private placement of 2026. In late August, it raised VND710 billion through a three-year bond at an 11% coupon, also to refinance bank loans. In September, the group repaid VND2,500 billion in maturing bonds plus nearly VND69 billion in interest.
What could go wrong? Becamex is leaning on costly debt. By the end of the second quarter of 2026, its short- and long-term borrowings had risen 10% to VND26,333.9 billion—roughly 117% of equity. First-half revenue fell 65% to VND1,661.8 billion and net profit dropped 82.6% to VND320.5 billion, leaving it at just 8.3% of its full-year plan.
The signal: The 12.5% coupon sits at the top of the recent 11–12.5% range for Vietnamese property-sector bonds, with sector issuance slowing. For Becamex, the raise is less about new projects than about managing a heavy, expensive debt load during a weak earnings year.
Read more: stockbiz.vn
Image credit: Generated with Gemini
