Vietnam Cathay Life Acquires Subordinated Financial Bonds of Vietcombank

Cathay Financial Holding announced today on behalf of Vietnam Cathay Life that it has acquired 10-year subordinated financial bonds issued by the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank). The transaction involved 400 units, with a face value of 1 billion Vietnamese Dong per unit, totaling 400 billion Vietnamese Dong. Cathay Financial stated that the purpose of the acquisition is to manage life insurance funds in accordance with Vietnamese insurance laws, with the source of funds being investable capital from the insurance business. The bonds are paid in full according to their face value from the issue date, and the bank has a one-time option to redeem them at face value after five years. The company added that there have been no bond transactions with this bank in the past year, and there are currently no plans for transactions in the coming year. According to Cathay Life's official website, its overseas locations include Lujiazui Cathay Life and Vietnam Cathay Life.