The Vietnam State Treasury (VST) issued VND12.2tn (USD530mn) of G-bonds in March — 3.5x the amount issued in February. As of the end of March, the VST issued a total of VND39.2tn (USD1.7bn) of G-bonds — completing 39.2% of the Q1 2021 plan but only 11.2% of the FY 2021 plan. In the secondary market, total trading value rebounded 38.5% MoM to VND239.5tn (USD10.4bn) in March mainly because there were 23 working days vs only 15 working days in February. Of the total trading value
Total G-bond issuance in the primary market plummeted 85% MoM to VND3.5tn (USD153mn) in February. Similarly, total trading value in the secondary market dropped 43% MoM to VND173tn (USD7.5bn) with outright transactions plunging 47.3% MoM to VND106.5tn (USD4.6bn). The declines in both issuance and trading value in both the primary and secondary markets were partly attributed to the long Tet holiday that cut the number of working days in February to 15 vs 20 in January.
In January, total G-bond issuance in the primary market dropped 46% MoM to VND23.5tn (USD1.0bn), completing 23.5% of Q1’s issuance target of VND100tn (USD4.3bn). Total trading value in the secondary market reached VND303tn (USD13.2bn) with the proportion of outright transactions remaining stable at 66.6% of the total. Average daily trading volume (ADTV) of outright transactions rose to a fresh high of VND10.1tn (USD440mn; +8.8% MoM & +75% YoY). Yields in the primary market fell
December saw active trading activities in both the primary and secondary markets. The Vietnam State Treasury (VST) successfully issued VND44tn (USD1.9bn) in December — more than twice the amount issued in November — lifting Q4’s G-bond issuance to VND95.3tn (USD4.1bn).
The VST revised up its 2020 issuance plan to VND300tn (USD12.2bn). A total of VND36.9tn (USD1.6bn) of G-bonds and G-backed bonds were issued in November. Of the total issuance in the primary market, the Vietnam State Treasury (VST) issued VND20tn (USD734.8mn) of G-bonds (or 54.2% of the total issuance) — a decline of 36.8% from October. After 10 months of absence, the Vietnam Bank of Social Policy (VBSP) and the Vietnam Development Bank (VDB) came back to the primary market to issue
The Vietnam State Treasury (VST) issued VND31.6tn (USD1.4bn) of G-bonds in October, a plunge of almost 50% from a near five-year high recorded in September. However, total issuance in 10M 2020 reached VND260.3tn (USD11.2bn), which slightly exceeded the FY2020 target of VND260tn (USD11.2bn). In October, outright transactions jumped 24.8% MoM to VND178.7tn (USD7.7bn) while the average daily trading value (ADTV) of outrights increased 15.9% to VND10.9tn (USD470mn) — both of which were the highest
G-bond issuance jumped from only VND22.85tn (USD985mn) in August to VND60.14tn (USD2.59bn) in September — the highest monthly amount since December 2015 — with the winning ratio rising to 98.2%. In September, the Vietnam State Treasury (VST) doubled its offering amount to VND61.35tn; however, the bid volume surged even more, leading to a higher bid-to-offer coverage ratio of 3.5x vs only 2x in August. Abundant liquidity in the banking system continued to drag down yields in both the primary
VST reduced G-bond offering in the primary market after issuance hit a four-and-a-half year high in JulyIn the primary market, G-bond issuance plummeted to VND22.85tn (USD990mn) in August from a four-and-a-half-year high of VND58.67tn (USD2.5bn) recorded in July, which was partly due to the Vietnam State Treasury (VST) reducing its offered amount to VND30tn (USD1.3bn) in August from VND74.5tn (USD3.2bn) in July. At the end of August, the VST successfully issued VND168.6tn (USD7.3bn) of G-bond
The Vietnam State Treasury (VST) successfully issued VND58.7tn (USD2.5bn; +80% MoM) of G-bonds in July with the wining ratio reaching 79%. In 7M 2020, the VST issued VND145.7tn (USD6.3bn; +6.2% YoY) of G-bonds, achieving 56% of the FY2020 plan. Despite the high bond supply, abundant liquidity in the banking system further depressed bond yields on both the primary and secondary markets. As of July 31, 1Y, 5Y and 10Y secondary bond yields quoted at 0.51% (-9 bps MoM), 1.86% (-16 bps) and 3.0
Strong supply and demand pushed June’s issuance to 17-month high. Total G-bond issuance surged to VND32.6tn/USD1.4bn in June — the highest level in 17 months. However, the VST issued VND87tn/USD3.8bn of G-bonds (-17.2% YoY) in H1 2020, achieving only 33.5% of the FY2020 plan. On the secondary market, the average daily trading value (ADTV) of outright and reverse repo transactions fell 11.5% MoM to VND8.2tn (USD353mn) in June, following a strong rebound of 32% MoM in May.