According to a report by financial data and analytics provider FiinGroup, approximately 102,000 billion VND worth of corporate bonds (excluding banks) are due for payment in the second half of this year. This figure is double that of the first half of the year, indicating existing payment pressures.

Real estate companies need 65,300 billion VND to cover maturing bonds in the latter half of the year. The maturity pressure peaks this month with about 17,500 billion VND due, then gradually decreases to 6,000-12,000 billion VND each month.

According to FiinGroup, some companies with large bond maturities include Quang Thuan Investment JSC (6,000 billion VND), Trung Nam Land (2,500 billion VND), and Setra (2,000 billion VND).

Non-bank enterprises are estimated to owe 6,600 billion VND in bond interest payments in August. Real estate continues to account for the majority, with about 4,200 billion VND, or 63% of the interest payment obligations.

Commenting on the bond market in the medium term, the analysis team of S&I Ratings believes that financial pressure on real estate businesses will persist for the next 12-18 months. This stems from the large maturity value in the second half of this year, plus nearly 143,000 billion VND of bonds maturing in 2026.

Despite the existing repayment pressure, S&I Ratings expects bond issuance value to increase significantly in the coming period. The government's efforts to remove legal obstacles for real estate projects, according to the analysis team, will create conditions for businesses to resume project implementation and improve cash flow.

"When projects are legally cleared and eligible for implementation, businesses can use the projects as collateral for bank loans. Permitted projects also make it easier for them to open sales soon and have financial plans to repay bondholders," an S&I expert said.

In the first half of the year, real estate businesses issued 43,000 billion VND worth of bonds, an 11% increase compared to the same period last year. The average interest rate was 10.5% per year. However, the issuance value is still much lower than the "golden age" with 77,500 billion VND of bonds mobilized in the first half of 2020 and 118,400 billion VND in the first 6 months of 2021.

According to statistics from MB Securities, Vingroup is the real estate company with the largest issuance volume, reaching 18,000 billion VND, followed by TCO Real Estate Consulting and Trading Company, with 8,000 billion VND.

Phuong Dong