Margin Leverage 26,664 Billion: Why did VPBankS issue 1,000 billion bonds right after the record IPO?

VPBank Securities Joint Stock Company (VPBankS) is creating a new "rule of the game" in the Vietnamese stock market with an unprecedented capital mobilization strategy. In just a short time, the company has completed its IPO, arranged a huge international loan, and continuously increased domestic capital, turning financial resources into record profits and an overwhelming position in the margin lending market.

Recently, VPBank Securities (VPBankS) has had a plan to offer and issue the first batch of private bonds, code VPX32501, with a maximum total value of 1,000 billion VND.

The issuance is expected to take place in November 2025. These are non-convertible, non-warrant, unsecured bonds with a term of 12 months and a fixed interest rate of 7.5%/year, targeting professional investors.

VPBankS said the proceeds will be used to pay principal and interest on 7 loans due between November 2025 and June 2026 at BVBank,VIB and Mcredit finance company. Petroleum Securities (PSI) is the document consultant and issuance agent.

The domestic capital mobilization activity took place after VPBankS successfully appointed Sumitomo Mitsui Banking Corporation (SMBC) as the lead bank to arrange an international syndicated loan of up to USD 200 million. This is VPBankS' largest international capital mobilization deal, surpassing the USD 125 million loan also arranged by SMBC in May 2025. In total, this year, the company has raised USD 400 million from loans led by SMBC to boost its investment banking (IB) and margin lending segments.

The capital mobilization took place at the same time VPBankS carried out an IPO worth nearly VND12,713 billion. According to the latest announcement, the total number of registered shares reached nearly 390.5 million, exceeding the offering volume, corresponding to an allocation ratio of 96.036%.

Investors will pay for the shares between November 3 and November 7. VPBanks shares are expected to be listed on the Ho Chi Minh City Stock Exchange (HOSE) in December 2025. Continuously mobilizing large-scale capital has supported the business growth of this securities company. In the first 9 months of 2025, VPBanks recorded a record pre-tax profit of VND 3,260 billion, nearly 4 times higher than the same period last year.

This result helps the company achieve more than 73% of the adjusted profit plan for the whole year (VND 4,450 billion). As of the end of the third quarter of 2025, VPBank's total assets reached VND 62,127 billion, more than double that at the beginning of the year. Margin loans set a new milestone of VND 26,664 billion, an increase of VND 9,011 billion compared to the end of the second quarter and nearly three times higher than at the beginning of the year.

Source: https://daibieunhandan.vn/don-bay-margin-26-664-ty-vi-sao-vpbanks-phat-hanh-trai-phieu-1-000-ty-ngay-sau-ipo-ky-luc-10394608.html