On June 25, 2025, TCO Real Estate Consulting and Trading JSC successfully issued 50,000 bonds, with a face value of VND 100 million/bond, bringing in a cash flow of VND 5,000 billion.
The bond has a term of 18 months, maturing on December 25, 2026. The bond has a coupon rate of 9%.
Previously, TCO Real Estate also successfully raised VND3,000 billion through private bonds in April 2025 and VND2,500 billion on the last day of 2024. Both issuances have a term of 12 months.
Thus, in the past 6 months, this real estate company has mobilized 10,500 billion VND through 3 short-term bond issuances (12 - 28 months).
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| 3 bond issuances of TCO Real Estate Consulting and Trading JSC. |
Operating in the real estate sector, TCO Real Estate Consulting and Trading JSC has a charter capital of VND 1,120 billion. This enterprise is rated by Saigon Phat Thinh Ratings JSC (Saigon Ratings) with the latest assessment result on May 12, 2025 at vnBB-, stable outlook.
According to the financial statement, by the end of 2024, TCO Real Estate had total liabilities of VND 11,984 billion, 9.9 times higher than its equity at that time (VND 1,209 billion).
In 2024, this enterprise recorded after-tax profit of 76.8 billion VND, a sharp increase of nearly 6 times compared to 2023.
According to FiinGroup statistics, individual bonds from the Banking and Real Estate groups are currently the main drivers of the corporate bond market.
The total value of corporate bonds outstanding as of the end of May 2025 exceeded VND1.3 trillion, up 2.9% month-on-month and 9.3% year-on-year, mainly due to new issuance activities continuing the recovery trend.
In terms of issuance form, individual corporate bonds continued to be the main driving force behind the growth of the entire market, with the outstanding value reaching nearly VND 1.15 million billion at the end of May 2025, up 3.3% over the previous month and accounting for about 88% of the total market value.
Although it has only returned since April, the Real Estate group has issued bonds equivalent to 80% of the same period in 2024 in the first 5 months of the year, reflecting efforts to raise capital before the pressure of maturity of nearly 69 trillion VND in the second half of the year, FiinGroup said.
However, maturity pressure on the real estate group is also rising.
In July 2025 alone, the total principal value of corporate bonds due for payment of the non-bank group is estimated at VND 19.2 trillion, a sharp increase of 67% compared to VND 11.5 trillion in June. Real estate continues to account for an overwhelming proportion (62.8%) with about VND 12 trillion of bonds due in July, double the maturity scale in June.
Source: https://baodautu.vn/dong-tien-hon-10000-ty-dong-do-ve-mot-doanh-nghiep-bat-dong-san-d315907.html
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