VPBank Securities (VPX) Plans VND 6,000B Bond Sale and 45% Bonus Shares

Overview

VPBank Securities (VPX), listed on HOSE, has approved a public offering of 60 million bonds worth VND 6,000 billion (about USD 240 million) to fund margin lending, alongside a shareholder poll on a 45% bonus share issuance. The twin moves would expand both the company’s debt-funded lending capacity and its equity base, with charter capital targeted to rise from VND 18,750 billion to VND 27,187.5 billion.

Key Facts

• Bond code VPXPO2627001: 60 million bonds, face value VND 100,000 each, total raise capped at VND 6,000 billion.
• Terms: 12-month tenor, fixed coupon of 9.5% per annum for the full term, interest paid semi-annually.
• Structure: non-convertible, no warrants attached, unsecured; offered in a single tranche.
• Offering window: expected from Q4 2026 through Q1 2027.
• Minimum subscriptions: 10 bonds (VND 1 million) for individuals; 50,000 bonds (VND 5 billion) for institutional investors.
• Bonus shares: 843.75 million shares, a 45% ratio (100:45), funded from share premium as of 31 December 2025 per audited 2025 financial statements.
• Shareholder vote: written ballots due by 16:00 on 2 November 2026, with the shareholder list closed on 14 October 2026.

What Happened

According to the company’s approved issuance plan, VPBank Securities will offer the entire VND 6,000 billion tranche in one placement, with all proceeds directed to supplementing margin lending activity. The bonds carry no conversion feature, no attached warrants and no collateral, and the 9.5% coupon is fixed for the full 12-month term. The company said the offering is scheduled to run from the fourth quarter of 2026 into the first quarter of 2027.

Separately, VPBank Securities is soliciting shareholder approval in writing for a bonus share issuance of 843.75 million shares, equal to 45% of shares outstanding, at a 100:45 exercise ratio. The shares would be paid from the share premium account as recorded in the audited 2025 financial statements, and would carry no transfer restrictions. If completed, charter capital would rise to VND 27,187.5 billion. The company is also asking shareholders to approve securities clearing and settlement services and registration as a clearing member at the Vietnam Securities Depository and Clearing Corporation (VSDC) once licensed.

Market Context

VPX on HOSE closed at VND 23,250 on 29 October 2026. The bond plan and bonus issue come as Vietnamese securities firms compete for margin lending capacity, a segment where funding costs and equity buffers determine market share. A 9.5% fixed coupon is a meaningful cost of carry against margin lending rates, so the economics depend on sustained retail trading turnover on HOSE and the pace of new account openings. The bonus issue, funded from share premium rather than retained earnings, increases share count without raising new cash.

Strategic Significance

The bond gives VPBank Securities debt-funded firepower for margin lending without diluting shareholders, while the bonus issue broadens the equity base that supports those borrowings and regulatory capital ratios. Together they signal a bet that margin demand will keep growing, and that VPX intends to defend share against larger securities houses with bank backing. The clearing-member application at VSDC points to a longer-term push into back-office infrastructure, which could lower settlement costs and deepen ties with the parent bank’s client base.

What to Watch

• Shareholder ballot results after the 2 November 2026 deadline, including the bonus share approval.
• Bond offering progress through Q4 2026 and Q1 2027, and any revision to the 9.5% coupon.
• Margin lending balances and interest income in the next quarterly disclosure.
• Licensing status for securities clearing and settlement, and VSDC clearing membership.
• HOSE trading turnover trends, which drive margin demand and the return on the new debt.