In March 2022, the State Treasury of Vietnam called for 18 auctions of government bonds with the total offering value of VND 28,500 billion, the winning rate was 30.9%

The State Treasury of Vietnam called for 18 auctions of government bonds with the offering of VND 28,500 billion, the bidding value was VND 59,082 billion. In which, the winning value was VND 8,820 billion, the winning rate was 30.9%. 10-year and 15-year bonds had the highest offering value (VND 4,500 billion and VND 3,000 billion respectively), the winning rate was 45% for 10-year tenor and 28.6%% for 15-year tenor. 5-year, 7-year and 20-year bonds were not successfully issued. Compared to last month, the average winning yields of 10-year tenor increased by 6 points, 15-year tenor up 5 points and 30-year tenor increased by 1 point.

Since the beginning of the year, STV has issued VND 41,282 billion of government bonds, equivalent to 10% of 2022 plan (VND 400,000 billion). Specifically, the total issuing value of 10- year tenor was VND 18,642 billion (reached 13% of 2022 plan), 15-year tenor was VND 12,950 billion (reached 9% of 2022 plan), 20-year tenor was VND 1,685 billion (reached 6% of 2022 plan) and 30-year tenor was VND 8,005 billion (reached 23% of 2022 plan). 5-year and 7-year bonds were not successfully issued. Compared to the same period last year, the issuing value of 10-year tenor increased by VND 3,742 billion, 15-year tenor increased by VND 369 billion, 20- year decreased by VND 455 billion, 30-year tenor increased by VND 4,552 billion.

In April 2022, there will be about VND 6,543 billion of government bonds reaching maturity, accounting for about 12.86% of bonds matured in the year

The value of Outright reached VND 180,021 billion (increased by 31.4% compared to last month) and Repo transactions reached VND 95,247 billion (increased by 8.4% compared to last month)

On the secondary market, the value of Outright reached VND 180,021 billion (increased by 31.4% compared to last month) and Repo transactions reached VND 95,427 billion (increased by 8.4% compared to last month). The average daily Outright transaction value decreased by 8.6% to VND 7,827 billion per day, and the average daily Repo transaction value also decreased to VND 4,149 billion per day, 24.6% lower than the last month. Compared to the same period in 2021, March 2022 outright volume increased by 7.79% and repo volume increased by 31.6%. 10-year and 15-year tenors were traded the most.

Foreign investors net bought a total of VND 465 billion in March 2022, therefore, they have net sold VND 485 billion since the begining of the year.

Government bond yields (according to VBMA outright trading room) increased at all tenors

Government bond yields were up about 6.3 to 70.5 points in all tenors compared to the previous month's average. Compared to last year's yields, the figures for tenors of 1-year tenor increased by 120 points, 2-year tenor increased by 109 points, 3-year tenor increased by 96 points, 4-year tenor increased by 76 points, 5- year tenor incraesed by 56 points, 7-year tenor increased by 36 points, 10 year decreased by 4 points, 15- year tenor increased by 6 points, 20-year tenor down 10 points and 30-year tenor decreased by 9 points. In recent months, the yield curve tended to flatten as bond yields from 1 to 7 years moved relatively higher while remained stable at longer tenors. In March, 3-year and 7-year government bonds were traded the most with trading volume of VND 3,700 billion (accounting for 32.03%) and VND 2,400 billion (accounting for 20.77%), respectively. 

Vietnam government bond yields remained low in the ASEAN region, reached 2.399% at 10-year tenor by the end of the month, 4.35% lower than Indonesia's yield, 1.48% lower than Malaysia's and 0.01% lower than Thailand's. The yield spread between Vietnam and the US since the beginning of March until now has tended to extend at short term tenors while narrow at long term tenors as the US yields was increasing faster than VN yields. According to S&P, Fitch and Moody's, the US currently has the rating of AA+ stable, AAA negative, and Aaa stable, respectively while the rating of Vietnam from these institutions is BB positive, BB positive and Ba3 positive.

In March 2022, there were 2 corporate bond issuances through public offering and 10 issuances under private placement with a total value of VND 3,621 billion.

According to data consolidated by VBMA, as of March 04, 2022, there was 2 issuances through public offerings of VNDirect Securities JSC (VND 1,000 billion) and TNS Holdings Trading Service JSC (VND 490.8 billion) along with 10 issuances under private placement with a total value of VND 2,130 billion in March.

Real Estate and Securities were the 2 leading sectors in terms of total issuing value with VND 1,691 billion and VND 1,000 billion, respectively, accounting for 46.7% and 27.6% of the total issuing value. In the Real Estate sector, Hano-vid was the biggest issuer with 2 issuances under private placement of VND 1,000 billion of 7-year bonds. In the Securities sector, VNDirect Securities JSC issued 3 bond codes at tenors of 1 year, 2 years and 3 years, coupon rate of 8%/year, 8.2%/year and 8.4%/year, respectively with a total value of VND 1,000 billion.

In Q1/2022, there were 48 issuances under private placements with a total value of VND 30,998 trillion (accounting for 78.09% of total issuing value) and 9 issuances under public offering with a value of VND 8,696 trillion (accounting for 21.91% of total issuing value). Since the begining of the year, the total issuing value under public offering increased by VND 13.78% compared to last year and the total issuing value under private placement was VND 30,998 billion, decreased by 24.17%. The Real Estate ranked first in term of issuing value in 2022 with VND 17,211 billion, accounting for 43.36% of total issuing value. 1-3 years accounted for the majority of the issuing tenors in this group with VND 10,004 billion (accounted for 58.12%). Construction sector ranked second with VND 8,280 billion, accounting for 20.86% of total issuing value. In which, Tuong Khai Construction Invesment JSC (VND 2,990 billion) and Minh Truong Phu Construction JSC (VND 2,950 billion) were the most notable issuers.