Vietnam agri firm BaF postpones bond issuance to IFC over new rules
Vietnamese pork producer and feed mill operator BaF has put off its VND600 billion ($24.46 million) convertible bond issuance to the World Bank’s investment arm IFC due to new regulations on corporate bond issuance via private placements.
Decree 65, issued by the government on September 16, amends and supplements Decree 153 on private placements of corporate bonds. It requires transparency for bond issuance purposes, therefore enterprises must specifically state their bond issuance purposes in their published issuance plans. The amendments also aim to help enhance issuing enterprises’ responsibilities and duties regarding the proper use of proceeds from issuing bonds.
Under the new context, BaF said its board of directors was aware that its bond issuance plan for the IFC, approved this August, was no longer in line with the new rules. Therefore, they have decided to adjust the plan and will re-apply with the regulators later.

A BaF pork retail point in Vietnam. Photo courtesy of the company.
This May, IFC disclosed it had proposed a $39 million investment in BaF by buying convertible bonds for this VND600 billion and senior bonds for VND300 billion ($12.23 million). IFC said the goal was is to support BaF in growing its genetic breeding stock and breeding farms.
Under the IFC proposal, the sites for the new investments include two feed mills, one in the planning stage while the other is under construction; one slaughterhouse and meat processing facility in the planning stage; and expansion of pig farm production capacity with 13 sow farms and 18 hog farms, planned in the 2022-2023 period.
BaF currently operates two feed mills with a combined production capacity of 254,000 tons per year, with a third mill set for completion this year at an annual capacity of 200,000 tons. Its farming division owns a total of 13 pig farms, three commercial sow units, and eight finishing farms across 13 provinces in Vietnam.
According to the Vietnam Bond Market Association (VBMA), in the first nine months of the year, there were 20 corporate bond issuances to the public with a value of VND10,499 billion ($438.7 million), accounting for 4% of the total issuing value, and 389 issuances under private placements worth VND233,692 billion ($9.76 billion), accounting for 96%.
The total issuing value under public offerings decreased approximately by 9% compared to last year's same period, while the total issuing value under private placements decreased nearly by 45%.
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