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VCB - BUY - USD govt bond purchase reminds us of VCB’s superior ability to attract USD customer deposits - Update

Market whispers of a USD denominated instrument was substantiated today with a newspaper article on pricing and the pricing makes enough sense for us to run some analysis. Committing to a USD denominated USD1bn govt bond is a vote of confidence in VCB’s ability to maintain their USD customer deposit franchise, currently circa 1.7x larger than next competitor.