YKVN Receives IFRL’s “Debt and Equity-Linked of the Year” and Asian Counsel’s “Deal of the Year” for Our Role in Vincom Convertible Bonds
Hanoi/Ho Chi Minh City (May 4, 2010) – Vincom’s US$100 million convertible bond issuance was recognized as International Finance Law Review (IFLR)’s “Debt and Equity-linked Deal of the Year” for 2010. The deal was selected among 6 top deals closed in the region this year. IFLR is a leading legal benchmark publication in Asia. The IFLR’s Deal of the Year awards celebrate innovation, novelty and complexity. The IFLR Asia Awards are the most reputable awards in the market that recognize law firms and transactions in the region.
Asia Counsel has also recognized the Vincom deal as one of its 30 “Deals of the Year” in 2009. Asia Counsel selected the Vincom deal and other Deals of the Year from among more than 800 submissions, believing that the deal more than satisfied the criteria of innovation, complexity, size, and uniqueness. Asia Counsel is a leading publication for corporate counsel in the Asia-Pacific and Middle East regions. Asia Counsel had previously recognized deals in which YKVN was on the legal advisory team as one of its Deals of the Year in 2006, 2007 and 2008.
The Vincom convertible bond issue stands out because it is the first overseas convertible bond issuance, and was at the time of issue only the second Vietnamese issue of international bonds since the Vietnamese Government’s issue in 2005. The deal, being the first of its kind, presented many challenges including: the absence of a legal and financial structure to register and approve an issuance of overseas bonds, conversion of the bonds into shares or cash in light of Vietnam’s foreign ownership restrictions and foreign exchange risks, and managing the liability of the issuer and the underwriter in respect of such issues. The deal was a success and has been recognized by several prominent publications as one of the top deals within the region for 2010.
Working on the YKVN’s team advising the underwriter Credit Suisse were partners Truong Nhat Quang and Vu Dzung and a team of associates based in Hanoi.
Truong Nhat Quang said “The IFLR and Asia Counsel awards for the Vincom deal are significant as they recognize sound and innovative legal advice and structuring. We feel privileged to have participated in this path breaking deal.”