We estimate around VND24tn (USD1.04bn) of G-bonds and G-backed bonds came due in November, which led to higher demand for bonds during the month. The Vietnam State Treasury (VST) successfully issued VND10.2tn (USD443mn) of G-bonds in November, nearly double the amount raised last month. Winning rate also reached 52.1%, up significantly from 24.6% recorded in October. Rising demand for bonds caused yield of five- and less-than-five-year bonds to decline 15 bps-25 bps on secondary market.