Recently winning a lawsuit at a “huge” project, Novaland is forced to buy back billions of bonds early

Novaland (NVL) is required to repurchase bond NVLH2123010 early by March 17, 2025, due to insufficient collateral. This bond, valued at VND 1 trillion with an annual interest rate of 10.5%, was issued on September 17, 2021, and matures on March 17, 2025. According to regulations, Novaland must maintain a collateral ratio of at least 100% of the total bond value. However, this ratio fell below 100% starting January 10, 2025, leading MBS to demand additional collateral. Failing to remedy the situation by the deadline, MBS required Novaland to fulfill their payment obligations within 10 working days. Meanwhile, Novaland recently won a lawsuit against Saigon Co.op. This victory caused NVL’s stock to surge to VND 11,100 per share, with a market capitalization of nearly VND 22 trillion. The Saigon Co.op An Phú project has a total investment of nearly 450 million USD.