EVF Plans USD 300M International Bond Issue, SGX Listing by Q4 2026

Overview

EVF (Power Finance Joint Stock Company, HOSE) announced a plan to issue up to USD 300 million in international bonds, with a tenor of at least 3 years, expected in Q4 2026 and listed on the Singapore Exchange (SGX). The proceeds will fund personal and corporate lending, supporting the company’s credit expansion. The move signals a push to diversify funding sources beyond the domestic market.

Key Facts

• Maximum issue size: USD 300 million in international bonds.
• Tenor: at least 3 years.
• Expected issuance window: Q4 2026, subject to approvals from the State Bank of Vietnam and the State Securities Commission.
• Listing venue: Singapore Exchange (SGX).
• Bond type: non-convertible, no warrants, unsecured, not subordinated debt.
• Use of proceeds: personal and corporate lending across sectors including manufacturing, construction, trade, transport, energy, technology, education, and healthcare.
• Board approval date: 02/10/2026.

What Happened

EVF’s Board of Directors approved a plan on 02/10/2026 to issue up to USD 300 million in international bonds. The bonds will be non-convertible, without warrants, unsecured, and not subordinated. The issuance is expected in Q4 2026, pending necessary approvals from the State Bank of Vietnam and the State Securities Commission. The bonds are intended to be offered and issued in Singapore and listed on SGX.

The exact issue size, tenor, offering price, interest rate, and trading terms will be determined at the time of offering based on market conditions and official transaction documents. EVF stated that the proceeds will be used for personal and corporate lending activities, in line with legal regulations and the company’s capital needs. The plan is part of EVF’s broader strategy to diversify funding sources and expand its presence in international financial markets.

Market Context

EVF trades on the HOSE under the ticker EVF. As of 06/10/2026, the stock closed at VND 11,450. The financial services sector in Vietnam has seen increased competition for funding, with several consumer finance and banking institutions exploring international bond issuances to meet capital adequacy and growth targets. The State Bank of Vietnam has maintained a cautious stance on foreign currency borrowing, requiring approvals for such issuances. EVF’s plan aligns with a trend of Vietnamese financial institutions accessing offshore markets to fund credit growth, though execution risks remain given global interest rate volatility.

Strategic Significance

For long-term investors, EVF’s international bond issuance represents a test of its ability to access foreign capital at competitive rates, which could lower its cost of funds and support loan book expansion. Success would reduce reliance on domestic deposits and interbank markets, potentially improving net interest margins. However, the unsecured nature of the bonds may require a higher yield to attract investors, and the timing depends on market conditions. The issuance also signals EVF’s ambition to scale up its lending franchise, particularly in retail and corporate segments, which are key drivers of profitability in Vietnam’s consumer finance sector.

What to Watch

• Approval from the State Bank of Vietnam and the State Securities Commission for the bond issuance.
• Announcement of final terms: issue size, coupon rate, and tenor.
• Market conditions in Q4 2026, including US dollar interest rate trends and investor appetite for Vietnamese corporate debt.
• EVF’s Q3 2026 earnings release for updates on loan growth and capital adequacy.
• Any subsequent disclosures on the use of proceeds and lending expansion.