Fixed Income August 2022 - USD purchases place upward pressure on VND interbank interest rates

G-bond issuance nearly tripled in August with higher winning yields

- G-bond issuance roughly tripled to VND26.2tn (USD1.12bn) with a winning rate of 80.5% (vs 44.5% in July). By the end of August, the VST had issued VND35.5tn (USD1.5bn) or 41.8% of its Q3 plan and VND104.6tn (USD4.5bn) or 26.1% of the annual plan. 

- Yields on primary issuance continued to increase with 10Y and 15Y G-bond yields rising to 2.85% (+27 bps MoM) and 3.15% (+32 bps MoM), respectively.  

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