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Fixed Income December 2021 - Interbank interest rates rebound on tight system liquidity

Fixed Income

The VST failed to meet its annual issuance target 

- In December, the Vietnam State Treasury (VST) issued VND30.2tn (USD1.4bn) of G-bonds (-11.5% MoM) with a winning rate of 78%. For full-year 2021, the VST issued VND318tn (USD13.8bn) of Government bonds — only fulfilling 77.2% of the annual target. Meanwhile, VND165tn (USD7.2bn) of G-bonds expired, leading to a net issuance of VND153tn (USD6.7bn) — down 32.6% YoY. 

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