Recently Released Market Study: Vietnam Commercial Banking Report Q4 2012
BMI View: We believe that Vietinbank's successful debt issue could pave the way for more issuances by other Vietnamese commercial banks over the coming years. Our assessment suggests that a relatively high degree of leverage, which could amplify the risk of default, explains the 329 basis points premium on the bank's bonds over sovereign bonds. However, we believe that concerns over a future default by CTG are largely unjustified, presenting an attractive opportunity for investors. The Vietnam Commercial Bank for...
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