Ho Chi Minh City Development Joint Stock Commercial Bank announced a private placement of convertible Tier 2 bonds for gross proceeds of $165 million on December 24, 2021. The bonds have a maturity date in 5 years and 1 day from the date of bond issuance. The transaction has been approved by the board of directors of the company.

The transaction will include participation from International Finance Corporation for $95 million, DEG-Deutsche Investitions- und Entwicklungsgesellschaft mbH for $10 million, LeapFrog Investments for $60 million. Investors may convert the bonds into common shares subject to the terms and conditions of the bonds and relevant regulations.