Fixed Income October 2022 - Yields surge following policy rate hikes

Bond yields rose on policy rate hikes and tighter system liquidity

- In October, the Vietnam State Treasury (VST) issued VND24.7tn (USD1.0bn) of G-bonds (2.4x vs September’s issuance) with a winning rate of 67.5% vs only 37.1% in September. In 10M 2022, the VST issued VND139.4tn (USD5.6bn) of G-bonds, fulfilling 34.9% of its annual plan. 

- In the primary market, 10Y and 15Y jumped 100 bps MoM and 80 bps MoM to 4.0% and 4.1%, respectively, at end-October.  

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