HAG's Singapore Note Issue
商品編號：9B13N004
出版日期：2013/09/09
再版日期：2013/08/19
商品來源：
商品主題：Finance; International Business
商品類型：Case (Pub Mat)
涵蓋議題：International finance;emerging markets;cost of capital;Vietnam
難易度：5 - MBA/Postgraduate
內容長度：13 頁
地域：Vietnam
產業：Real Estate and Rental and Leasing
事件年度：2011
In May 2011, Hoang Anh Gia Lai (HAG), a leading real estate company in Vietnam, was going to issue US$90 million of 9.875 senior notes (a debt instrument) in Singapore, due 2016. The company estimated the net proceeds from this offering, after deducting underwriting discounts, commissions and other estimated expenses, to be approximately US$80.7 million. From the perspective of an analyst at a brokerage firm who was monitoring HAG, there were many questions of interest arising from the note issue. These included the cost of the debt and the reasons why HAG chose to raise the money in Singapore, and not in Vietnam. What was the cost at which HAG was borrowing through the Singapore note issue? Was HAG’s level of borrowing, after the note issue, exceeding the optimal level? What was the likelihood that HAG would be downgraded within a year from its B rating from Standard and Poor’s? How would the risk to HAG’s equity be affected as a result of the issue? Would HAG’s stock price decline? The brokerage firm analyst needed to decide whether her firm should offload its equity holding in the company.
教學手冊：HAG's Singapore Note Issue - Teaching Note
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