Analyst Pin-board Update Decree 65/2022 for offering and transaction individual corporate bonds
- Stricter regulations on the definition of professional investors are likely to significantly limit the number of individual investors that can participate in the corporate bond market in coming time. Besides, it is expected to weigh on the credit demand of the banking system in 2023, when the value of matured bond hike.
- Transparency of information and better protection of investors' interests through stricter regulations on issuance. Compared with Decree 153/2020, Decree 65/2022 requires businesses to be more transparent about the information on issuance and use of capital and control the time of issuance and information disclosure. Additionally, we also see that the position of investors is strengthened through the right to force issuers to buy back in certain cases.
- Decree 65/2022 does unlimited issuance purposes, which clarifies that enterprises can still issue bonds for debt restructuring.
- Enterprises offering individual bonds must register and deposit centrally at the Vietnam Securities Depository and Clearing Corporation (VSD). Compared with Decree 153/2020, corporate bonds can be deposited at VSD’s member companies. It supports authorities' control better compared to the previous period. In addition, in the long term, this will be a premise for developing a centralized corporate bond trading market when all issued corporate bonds are centralized and managed by VSD. As a result, investors' access to information and transactions will be more fluent.
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