Becamex Group (BCM) Issues VND 710 Billion Bond, Settles VND 2,500 Billion Lot

Overview

Becamex Group (ticker BCM, HOSE) raised VND 710 billion through a 3-year secured bond lot coded BCML12601 and, on the same settlement date, fully repaid a VND 2,500 billion bond lot. The transaction is a debt restructuring rather than new project funding: proceeds retire short-term bank loans at BIDV and Vietcombank. It lands against a weak Q2/2026 earnings print, with net revenue down 64.7% and net profit down 85.6% year-on-year.

Key Facts

• Becamex Group issued 7,100 bonds coded BCML12601 at a face value of VND 100 million each, for total proceeds of VND 710 billion (about USD 28.4 million).
• The issue window ran from 28 August to 15 September 2026; the lot matures on 28 August 2029.
• Coupon is 11% per annum for the first two interest periods, then a reference rate plus a 4.0% margin, paid semi-annually.
• The bonds are non-convertible, carry no warrants, are asset-backed, and were sold domestically.
• Collateral covers 80,959.9 sqm of urban residential land-use rights valued at more than VND 1,016 billion.
• Proceeds are earmarked for VND 110 billion of BIDV Binh Duong short-term principal and VND 600 billion of Vietcombank Dong Nai short-term principal.
• On 15 September 2026, BCM paid VND 2,500 billion of principal plus nearly VND 69 billion of interest to close lot BCMH2126005.
• Q2/2026 net revenue was nearly VND 890.9 billion (-64.7% year-on-year) and net profit was just over VND 211.1 billion (-85.6%).

What Happened

According to a disclosure filed on the Hà Nội Stock Exchange (HNX), Becamex Group - CTCP published information on bond principal and interest payments at maturity. Between 28 August and 15 September 2026 the company issued 7,100 bonds under code BCML12601 at VND 100 million face value each, equivalent to VND 710 billion. The lot has a 3-year tenor and is scheduled to mature on 28 August 2029. Under the previously announced issuance plan, the bonds are non-convertible, carry no warrants, are secured by assets, and were offered in the domestic market.

Interest is set through a combination of fixed and floating rates: 11% per annum for the first two payment periods, then a reference rate plus a 4.0% margin, with interest paid every six months. Collateral comprises urban residential land-use rights and all related rights and benefits over 80,959.9 sqm owned by the issuer, with total appraised collateral value of more than VND 1,016 billion. Proceeds will restructure the issuer’s debt: VND 110 billion for short-term loan principal at BIDV’s Binh Duong branch and VND 600 billion for short-term loan principal at Vietcombank’s Dong Nai branch. Separately, on 15 September 2026, Becamex Group paid VND 2,500 billion of principal and nearly VND 69 billion of interest, fully settling lot BCMH2126005, a 5-year, non-convertible, asset-backed lot of 2.5 million bonds at VND 1 million face value, collateralised by land in Hòa Phú ward, Thủ Dầu Một, Bình Dương (now part of Hồ Chí Minh City), appraised at more than VND 3,911 billion.

Market Context

BCM closed at VND 40,950 on 24 September 2026 on HOSE. The refinancing arrives as the company’s earnings base contracts sharply: first-half 2026 net revenue fell 65% year-on-year to more than VND 1,661.8 billion, and after-tax profit fell 82.6% to nearly VND 320.5 billion. Total assets rose 2.6% from the start of the year to nearly VND 62,605.9 billion as of 30 June 2026, while total liabilities increased 7.2% to nearly VND 40,152.3 billion. The bond market backdrop remains selective, with issuers favouring secured, non-convertible domestic placements and floating-rate structures.

Strategic Significance

For long-term holders, the transaction’s value is balance-sheet management rather than growth capital. Retiring short-term bank debt with a 3-year secured bond extends the maturity profile and reduces refinancing pressure on the bank lines, while the VND 2,500 billion repayment removes a large near-term obligation. The cost is visible: an 11% fixed coupon for the first year, stepping to a reference rate plus 4.0%, is expensive funding relative to the company’s historical bank pricing, and it is secured against roughly 81,000 sqm of land. The strategic question for BCM is whether industrial park and urban land revenue recovers fast enough to service this debt before the 2029 maturity, given the 85.6% profit decline in Q2/2026.

What to Watch

• Q3/2026 consolidated financial statements for any revenue recovery and interest-expense impact.
• Further HNX bond disclosures on BCML12601 coupon resets after the first two periods.
• Progress on land sales or industrial park leasing that would restore cash flow.
• Any additional bond issuance or bank refinancing as the 2029 maturity approaches.
• Movement in total liabilities, which rose 7.2% to nearly VND 40,152.3 billion as of 30 June 2026.