CII Bond Buyback October 2026: VND 34.7B Repurchase and PC1 Stake at 13.01%

Overview

Ho Chi Minh City Infrastructure Investment JSC (HOSE: CII) has approved early repurchases of part of two bond lots, with settlement dates of 19 October and 26 October 2026 and a combined value of VND 34.7B. The same disclosure set notes that the CII group lifted its stake in PC1 Group (HOSE: PC1) to 13.01% after purchases on 8 September 2026. The buyback reduces near-term bond principal outstanding, while the PC1 accumulation extends CII’s position in power and construction materials.

Key Facts

• CII will repurchase 302 bonds of lot CII12402, equal to 30% of the issued lot, at a face value of VND 100M per bond, for VND 30.2B.
• The CII12402 redemption date is 19 October 2026; the lot was issued 17 October 2024, carries a 3-year tenor and matures 17 October 2027.
• CII will repurchase 45 bonds of lot CII12403, also 30% of the issued lot, for VND 4.5B.
• The CII12403 redemption date is 26 October 2026; the lot was issued 25 October 2024, sized at VND 100B, with a 3-year tenor maturing 25 October 2027.
• CII said both repurchases will be funded from lawful business operating sources.
• On 8 September 2026 CII bought 360,000 PC1 shares, raising its direct holding from 5.62% to 5.71%.
• Subsidiary CII Invest bought 190,000 PC1 shares the same day, lifting its stake from 7.25% to 7.30%; the group total is now 53.51 million shares, or 13.01% of PC1.

What Happened

The board of CII approved two separate early redemption plans, each covering 30% of the outstanding volume of a bond lot issued in October 2024. For CII12402, a VND 200B three-year lot, CII will buy back 302 bonds at VND 100M face value each, a VND 30.2B transaction scheduled for 19 October 2026. For CII12403, a VND 100B three-year lot, the company will repurchase 45 bonds for VND 4.5B on 26 October 2026. In both cases the company stated it will use lawful funds generated from business operations rather than new borrowings.

Separately, the disclosure details continued accumulation in PC1 Group. In the 8 September 2026 session, CII purchased 360,000 PC1 shares for investment purposes, moving its direct stake from 23.13 million shares (5.62%) to 23.49 million shares (5.71%). On the same day, CII Invest, a CII subsidiary, bought 190,000 PC1 shares, raising its holding from 29.83 million to 30.02 million shares, or 7.25% to 7.30%. Combined, the CII group now holds 53.51 million PC1 shares, equal to 13.01% of the company. The figures come from the company’s published transaction disclosures.

Market Context

CII trades on HOSE and closed at 12,900 on 18 September 2026, while PC1 closed at 20,050 the same day. CII sits in the infrastructure and real estate segment, where balance-sheet deleveraging and bond maturity management have been a recurring theme for Vietnamese issuers since the 2022-2023 credit tightening. PC1, a power construction and industrial group, gives CII exposure to electricity transmission and renewable project pipelines. The buyback is small in absolute terms against CII’s broader debt stack, but it lands ahead of the October 2027 maturities of both lots.

Strategic Significance

For long-term holders, the two redemptions signal that CII is prioritising liability reduction from internal cash flow rather than rolling maturities forward, a stance that matters for a company whose infrastructure concessions are long-dated and capital-intensive. Retiring 30% of each lot early lowers the principal that must be refinanced in October 2027 and reduces interest carry in the interim. The PC1 position is the offsetting growth leg: at 13.01%, the CII group is a substantial minority holder in a listed power contractor, and incremental purchases at the margin suggest a strategic rather than trading intent. The two moves together frame CII as a cash-generating infrastructure operator recycling capital into adjacent energy and construction assets.

What to Watch

• Confirmation of actual redemption results for CII12402 after 19 October 2026 and CII12403 after 26 October 2026.
• Further CII or CII Invest purchases of PC1 shares, and any disclosure crossing a 14% group threshold.
• CII’s Q3 2026 earnings release for operating cash flow and debt balance trends.
• Remaining outstanding volume of the CII12402 and CII12403 lots ahead of the October 2027 maturities.
• Any new bond issuance or refinancing plan from CII covering the 2027 maturity wall.