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Fixed Income May 2012 - G-bonds in favour, yields likely to drop

Fixed Income
16/05/2012
Fixed Income Summary High probability of further policy rate cuts by the SBV could drive demand higher for fixed income instruments especially from small and mid-size banks. Steepening of the yield curve will see traders favour short-term maturities. We recommend buying the 1-year, 2-year, and 3-year notes at yields of 9-9.2%. The VND remains stable and gold prices after falling sharply to around VND41mn/tael still looks unattractive as banks stop mobilizing gold.