The investment-grade rating broadens SHB’s access to international investors and marks a further step in its strategy to diversify funding sources and strengthen its position in the regional financial market.
Hanoi, October 12, 2026 – S&P Global Ratings has assigned a long-term issue credit rating of “AA” to the unsecured Singapore dollar (SGD)-denominated bonds that Saigon – Hanoi Commercial Joint Stock Bank (SHB) plans to issue. The bonds will be guaranteed by the Credit Guarantee and Investment Facility (CGIF).
CGIF is a trust fund of the Asian Development Bank (ADB) established to promote the development of local currency bond markets in the ASEAN+3 region. Through its credit guarantee mechanism, CGIF supports eligible businesses in accessing regional capital markets, broadening their investor base, and diversifying their medium- and long-term funding sources.
According to S&P Global Ratings, the bond’s rating is equivalent to CGIF’s long-term foreign currency issuer credit rating of AA , with a Stable outlook, reflecting CGIF’s unconditional, timely, and irrevocable guarantee.
S&P Global Ratings assigns an “AA” rating to SHB bonds guaranteed by the ADB Trust Fund.
Expanding Access To International Capital Markets
Under S&P Global Ratings’ long-term rating scale, “AA” is an investment-grade rating indicating a very strong capacity to meet financial commitments. This rating enhances the creditworthiness of the bonds, helping SHB access a broader pool of international institutional investors with stringent credit requirements.
The planned issuance of SGD-denominated bonds forms part of SHB’s strategy to diversify its funding sources, expand medium- and long-term funding channels, access developed capital markets in the region, and gradually strengthen the Bank’s presence in international markets.
SHB stated that it plans to launch an international bond offering and raise funds through international syndicated loans in October 2026. The State Securities Commission of Vietnam (SSC) issued Document No. 9903/UBCK-QLCB approving SHB’s application for the international bond offering. On October 12, SHB received in-principle approval from the Singapore Exchange for the listing of its bonds offered in the international market.
The completion of the necessary procedures lays the groundwork for SHB to mobilize funding from international markets and diversify its funding currency mix and investor base. These efforts will enhance our bank’s flexibility and proactiveness in capital management, support its business development needs, and underpin sustainable growth in the next phase.
A representative from SHB stated: “ S&P Global Ratings’ ‘AA’ rating of SHB’s planned bond issuance, based on CGIF’s guarantee, marks a significant milestone in our Bank’s efforts to expand its presence in the regional capital market. This transaction demonstrates SHB’s capacity to structure financing arrangements that meet international standards while broadening its access to medium- and long-term funding to support its strategy of safe, efficient, and sustainable growth.”
Demonstrating the Capacity to Execute Transactions to International Standards
The transaction, backed by CGIF, demonstrates SHB’s capacity to work with multilateral institutions, financial advisers, and international partners to meet the stringent requirements of regional capital markets.
In addition to enhancing the bonds’ creditworthiness, CGIF’s guarantee helps strengthen SHB’s standing among international investors, laying a solid foundation for the Bank to explore and implement a wider range of capital-raising instruments in the future.
In 2025, the Bank successfully secured two medium-term USD-denominated syndicated loans totaling US$600 million that met environmental, social, and governance (ESG) criteria, with the participation of 26 international financial institutions.
These transactions not only provided additional medium- and long-term funding but also helped SHB expand its network of international partners, strengthen its transaction execution capabilities, and enhance its presence in global financial markets.
Alongside diversifying its international funding sources, SHB has developed a Sustainable Finance Framework that sets out principles for the use of proceeds, project evaluation and selection processes, fund management mechanisms, and reporting on fund allocation and impact.
Strengthening our position in the new phase of development
Positioning itself as a “New Generation National Bank“, SHB identifies international integration, sustainable development, and enhanced financial capacity as key pillars of its development strategy.
The Bank continues to strengthen its capabilities, diversify its funding sources, expand its network of partners, and accelerate digital transformation, while enhancing corporate governance, risk management, and transparency in line with international standards and practices.
Through transactions and partnerships with multilateral financial institutions and reputable international partners, SHB aims to strengthen its funding capacity, support customers in their transformation for a new era, and contribute positively to the development of a green and modern economy in Vietnam.