Citi provides complete financing solution for Viettel Peru

Citi was recently the Sole Lead Arranger and Lender on a $200-million, six-year, fixed-rate dual tranche-secured amortizing loan for the Peruvian-domiciled Viettel Peru S.A.C (Bitel), a subsidiary of local giant the Viettel Group.

The timing for the execution of the deal was perfect, capturing an ideal market window, with competitive terms offered to Bitel in line with its management guidance and development strategy.

Citi is recognized as having unique capabilities to execute the deal, including a local presence and full banking capabilities across Peru, the US, and Vietnam.

It leveraged its extensive syndication experience across different investor groups, including asset managers, insurers, regional banks, and local banks, to tailor and optimize demand, thereby increasing price tension as well as ensuring the breadth and quality of investors. In addition, it provided a solution to hedge part of the loan’s USD exposure, thereby mitigating FX risk and optimizing credit facilities to meet the needs of the client.

Mr. Ramachandran A.S., Vietnam Citi Country Officer, said this landmark transaction marks the first truly syndicated loan to an offshore subsidiary of a top local corporate client of Citi Vietnam. “It shows the breadth of Citi’s capabilities,” he added. “The successful closing of this long tenor loan facility amid highly challenging credit market conditions, both locally and internationally, underlines the strong fundamentals and outlook for the Viettel Group as well as Viettel Peru. Citi is honored to be selected to play the roles of Arranger, Lender, Admin Agent, and Hedge Provider for the transaction. This also demonstrates our continued commitment to our clients in Vietnam.”

Citi was established in Vietnam in 1994 and has two branches, in Hanoi and Ho Chi Minh City. Over the past 28 years, it has been expanding its institutional businesses across the full suite of products, including corporate and investment banking, capital markets, and transactional banking services. The bank’s unmatched credentials, global network, and partnership with the largest local banks and fintechs have made Citi the main bank of choice for top tier local corporates, financial institutions, and the largest multinational companies operating in Vietnam.

The bank serves the largest FDI client portfolio of Fortune 500 companies and facilitates annual international trade flows exceeding $90 billion in Vietnam. It also actively develops digital innovation technologies and provides digital platforms to help clients facilitate global transactions anytime, anywhere. Citi’s mission is to serve as a trusted partner to its clients by responsibly providing financial services that enable growth and economic progress.

After a record year supporting clients across Asia-Pacific, Citi Asia Pacific was named Asia’s best bank, best corporate and institutional advisor, best equity advisor, best equity-linked advisor, and best bond advisor by the Asset Magazine.