In December, the State Treasury of Vietnam called for 21 auctions of government bonds with the total offering value of VND 38,7500 billion, the winning rate was 78%.

In December, the State Treasury of Vietnam called for 21 auctions of government bonds with a total value of VND 38,750 billion, the total winning value was VND 30,220 billion, the winning rate was 78%. The two tenors with the highest offering value were 15-year tenor and 20-year tenor (VND 15,500 billion and VND 7,750 billion respectively), and the winning rate was 84.3% (15-year tenor) and 74.3% (20-year tenor). 5-year and 7-year bonds were not successfully issued. Average winning interest rates of almost all tenors decreased compared to last month, except for 20-year tenor.

In December, STV adjusted the government issuing plan's value to VND 86,000 billion from VND 135,000 billion, including tenors of 5 years (VND 1,500 billion), 7 years (VND 500 billion), 10 years (VND 28,000 billion), 15 years (VND 31,000 billion), 20 years (14,000 billion VND) and 30 years (11,000 billion VND). Since the beginning of Q4, STV has issued VND 80,499 billion of government bonds, equivalent to 94% issuing plan. Since the beginning of the year, STV has issued VND 318,213 billion, equivalent to 98% of the adjusted annual plan. In January 2022, there will be about VND 7,734 billion of government bonds reaching maturity, about 15% of bonds matured in the year.

In December, the Vietnam Development Bank called for 9 auctions of Government-Guaranteed bonds with the total value of VND 11,000 billion, of which the winning rate was 77.3%.

In December, the Vietnam Development Bank called for 9 auctions with total value of VND 11,000 billion, the bid/offer ratio reached 144.1%. In which, the winning volume reached VND 8,500 billion (equivalent to the winning rate of 77.2%) at 3 tenors of 5-year (VND 1,000 billion), 7-year (VND 700 billion) and 10-year (VND 6,800 billion). The winning rate for 5-year tenor was 50%, 7-year tenor was 35% and 10-year tenor was 97%. Winning yields for 5-year, 7-year and 10-year tenors were 1.12%, 1.5% and 2.39%, respectively, and were 28bps, 40bps and 31 bps higher than the winning yields of government bonds at the same tenors.

The value of Outright and Repo transactions reached VND 164,718 billion (-9.4% MoM) and VND 123,011 billion (+23% MoM).

On the secondary market, the average daily Outright transaction value increased to VND 7,162 billion per day (-13.3% MoM), and the average daily Repo transaction value also climbed to VND 5,348 billion per day (+17.6% MoM). Compared to the same period last year, December outright volume decreased by 22.9% and Repo volume increased by 12.9%. During the month, the 10-year and 15-year tenors were traded the most. 

In December 2021, foreign investors net sold a total of VND 605 billion, thus, accumulated from the beginning of 2021, foreign investors have net bought VND 10,866 billion.

Compared to the previous month, Government bond yields (according to VBMA outright trading room) increased slightly at almost all tenors.

Government bond yields were up modestly about 1-7 points in tenors from 1 year to 30 years compared to the previous month's average. Compared to last year's interest rate level, the yield for tenors from 5 years to 30 years was currently 15-28 bps lower, while the yields for tenors from 1-3 years was 29-35 bps higher. In recent months, the yield curve remained static at all tenors. In December, 5-year and 10-year government bonds were traded the most with trading volume of VND 3,750 billion (accounting for 64%) and VND 900 billion (accounting for 15%). 

Government bond yields in Vietnam are relatively low in the region. The yield spread between Vietnam and the US from the beginning of November until now has tended to narrow by 2-14 bps for tenors of 1 year, 3 years and 10 years to 30 years while widening slightly for tenors of 5 years and 7 years.

In 2021, there were a total of 964 domestic corporate bond issuances with a total value of VND 595 trillion, of which there were 937 issuances under private placement and 23 issuances under public offering, 4 bond issuances on international market with a total value of USD 1.425 billion.

In 2021, there were 964 private placements with a total value of VND 570 trillion (accounting for 95.8% of total issuing value), 23 issuances under public offering with a value of VND 26.34 trillion (accounting for 4.6% of total issuing value), and 4 issuances of bonds on the international markets with a total value of USD 1.425 billion. 

In the year, the group of Banking company ranked first with a total issuing value of VND 223.01 trillion, account for 37% of total issuing value. In which, there were VND 55.3 trillion of Tier 2-capital raising bonds (accounting for 25%), 73% of bonds issued with short tenors of 2-4 years. Vietnam Prosperity Joint Stock Commercial Bank was the most notable issuer in 2021 with total issuing value of VND 17,030 billion, Sai Gon - Hanoi Joint Stock Commercial Bank was also an outstanding issuer with VND 13,350 billion. In the banking sector, December was the month with the highest issuing value (VND 46,926 billion) (accounting for over 1/5 total issued value of 2021).

Real Estate sector ranked second with a total issuing value of VND 214.44 trillion, account for 36% of total issuing value.  In which, about 29% of bonds issued were unsecured or secured by common shares. Issuing interest rates ranged from 8-13%/year with some companies whose issuing interest rates were only around 5-6%/year. 1-3 years tenor accounted for the majority of the issuing value in 2021 with VND 142,389 billion (accounted for 67.33%).  

Since the beginning of 2021, there were 4 issuances of bonds on the international market, including: Vingroup (USD 500 million), green bonds of BIM Real Estate Joint Stock Company (USD 200 million), convertible bonds of Novaland (USD 300 million) and sustainable bonds issued by Vinpearl.