HCM City Infrastructure Investment JSC on November 24 signed a contract to sell US$40 million worth of convertible bonds to KEB Hana Banktrustee and Custodian Business, the first tranche in its plan of issuing $60 million bonds to raise funds for its projects, the HCM Stock Exchange-listed company announced. These non-guaranteed, five-year bonds yield 1 per cent per year with the face value of $100,000. Under the contract, the infrastructure developer is entitled to redeem bonds from the third year of the sale onwards but the buyback amount cannot exceed 50 per cent of the total bond issuance. The conversion price is set at $1.71 per share, equivalent to 130 per cent of the CII’s closing price on November 23. The exchange rate used for the conversion is the average value of buying and selling prices of US dollar by Vietinbank on the same day. Bondholders have the right to extend the bond’s maturity for another five years and the conversion price from the sixth year will increase by 10 per cent over the previous year.