ISSUANCE LIMIT FOR INTERNATIONAL BONDS MUST HAVE ASSESSMENT ON CREDIT RATING
This is the regulations of the State Bank of Vietnam (SBV) in the Circular No. 17/2013/TT-NHNN dated July 16, 2013 promulgating the guidance for the foreign exchange control regarding to enterprise’s international bond issuance not guaranteed by the Government.
At this Circular, the SBV guides the process for limit confirmation, plan appraisal, register for international bond issuance. A dossier for plan appraisal on international bond issuance includes written request for plan appraisal on international bond issuance by state bank; copy of plan on international bond issuance; copy of written approval for plan on international bond issuance by competent authorities; copy of audited financial statement of state commercial bank in three (03) last consecutive years adjacent to issuance year; report of state commercial bank about meeting rates of safety assurance and limits and so on.
For enterprises being state commercial banks, a dossier for confirming the issuance limit includes request for confirming the international bond issuance limit; copy of plan on
international bond issuance already approved by competent authorities and copy of written approval for plan on international bond issuance by competent authorities.
This Circular provides for appraisal of the international bonds issuance of commercial banks being state enterprises, confirmation of issuance limit for international bonds, confirmation of register, confirmation of register for change of the international bonds issuance of enterprises that are not guaranteed by the Government. Enterprises shall, directly or via post service, send one (01) set of dossier to the State Bank (Foreign Exchange Management Department). Written fifteen (15) working days, after receiving a sufficient and valid dossier of registration for change of enterprise, the state bank shall provide a written opinion on approving or declining to confirm the registration for issuance change. In case of declining, a document specifying the reason shall be provided by the State Bank.
This Circular takes effect on September 01, 2013 and replaces the Circular 19/2011/TT-NHNN dated August 24, 2011.
