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Fixed Income June 2022 - SBV issues T-bills to absorb excess liquidity

Fixed Income

Winning rate improved as yields inched up

- G-bond issuance in June doubled to VND15.3tn (USD658mn) with a winning rate of 67.9% vs only 42.8% in May. In H1 2022, the total G-bond issuance was VND69.1tn (USD2.97bn), fulfilling only 17.3% of the full-year target. 

- The high issuance target required the Vietnam State Treasury (VST) to raise yields to boost G-bond issuance, with yields of 10Y and 15Y bonds in the latest auctions in June rising 14 bps MoM to 2.48% and 2.78%, respectively. 

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