More businesses ask for bond debt deferral

Hung Thinh Land extended the payment date by 15 months for 6 bond lots with a total face value of VND 1,600 billion, moving the debt repayment pressure to November 2024.

Hung Thinh Land Joint Stock Company has just announced information about postponing the maturity date of 6 bond lots with a total face value of 1,600 billion VND. These are bond lots issued in 2020, of which 5 lots initially matured at the end of August and one lot at the end of October. After adjustment, all will mature at the end of November 2024.

Before the extension, Hung Thinh Corporation and other enterprises in the ecosystem repeatedly announced information about the delay in paying principal and interest on bonds. The common reason was that the financial market and real estate trading market were not developing favorably, leading to enterprises not being able to arrange funds in time to pay on time compared to the plan.

Recently, negotiations to extend the repayment period of bonds have been active in the context of businesses lacking capital and facing difficulties in business operations. According to the Vietnam Bond Market Association (VBMA), more than 60 issuers have successfully negotiated to extend the maturity of bonds and have reported to the Hanoi Stock Exchange (HNX) as of October 27. VNDirect estimates that the total value of the above-mentioned extended corporate bonds is about VND107,000 billion.

Correspondingly, the activity of buying back bonds before maturity has also slowed down. A recent report by MB Securities (MBS) showed that in November, the value of bonds bought back before maturity was estimated at more than VND2,000 billion, down 82% compared to the previous month.

However, bond extension agreements are not easy to implement. Therefore, the market still has many businesses that delay or postpone principal and interest payments. According to MBS, as of November 21, about 100 businesses have announced this. The analysis team estimates the total value of delayed payments at about VND192,000 billion, accounting for nearly 19% of outstanding corporate bonds in the entire market. Of which, the real estate industry continues to account for the largest proportion of about 70%.

Siddhartha

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