In September 2021, the State Treasury of Vietnam called for 20 auctions of government bonds with the total offering value of VND 48,000 billion, the winning rate was 80.1%.

In September, the State Treasury of Vietnam called for 20 auctions of government bonds with a total value of VND 48,000 billion, the total winning value was VND 38,458 billion, the winning rate was 80.1%. The two tenors with the highest offering value were 10-year tenor and 15-year tenor (VND 14,500 billion and VND 18,500 billion respectively), and the winning rate was 84% (10-year tenor) and 84.5% (15-year tenor). Winning bond yields at all tenors decreased compared to the previous month.

In Q3/2021, STV planned to issue VND 120,000 billion of government bonds, including tenors of 5 years (VND 10,000 billion), 7 years (VND 8,000 billion), 10 years (VND 40,000 billion) and 15 years (VND 50,000 billion), 20 years (5,000 billion VND) and 30 years (7,000 billion VND). By the end of Sep 2021, the STV has issued a total of VND 96,221 billion of government bonds in the quarter, equivalent to 80.2% of the 3rd quarter plan. Since the beginning of the year, the total government bond issued value has reached VND 237,714 billion, equivalent to 68% of the 2021 annual
plan. In Oct 2021, there will be about VND 1.2 trillion of G-bonds matured, accounting for 1% of total bond value matured this year.

The value of Outright and Repo transactions reached VND 175,232 billion and VND 67,241 billion.

On the secondary market, the average daily Outright transaction value increased to VND 8,762 billion per day (+45% MoM), and the average daily Repo transaction value also rose to VND 3,362 billion per day (+52% MoM). Compared to the same period last year, September Outright and Repo trading volume increased by 22.4% and 24.2%.

During the month, the 5-year, 10-year and 15-year tenors were traded the most. The range of trading yields increased by 27 and 5 bpbs at 5-year and 10-year tenors. In September 2021, foreign investors net sold a total of VND 629 billion, thus, accumulated from the beginning of 2021, foreign investors have net bought VND 10,764 billion.

Compared to the previous month, VBMA Government bond yields remained relatively stable.

Government bond yields fluctuated within the margin of 5 bps compared to previous month's average yields at all tenors. Compared to last year, the current yields at tenors from 5 years to 30 years were 52 - 79 bps lower. Government bond yields in Vietnam are relatively low in the region. The gap between Vietnam G-bond yield and the US T-bond from the beginning of September until now tended to narrow by 0.77%-0.65% at all tenors (from 1Y-30Y)

In the first 9 months of 2021, there were a total of 596 domestic corporate bond issuances with a total value of VND 362 trillion.

In the first nine months of 2021, there were 582 were private placements with a total value of VND 350 trillion (accounting for 91% of total issuing value), 14 issuances under public offering with a value of VND 12 trillion (accounting for 3% of total issuing value), and 3 issuances of bonds on the
international markets with a total value of USD 1 billion.

In the first 9 months of the year, the group of commercial banks continued to rank first with a total issuing value of VND 132.3 trillion. In which, there were VND 31.7 trillion of Tier 2-capital raising bonds (accounting for 23.9%). 75% of bonds issued with short tenors of 2-4 years. Real estate sector ranked second with a total issuing value of VND 126.7 trillion. In which, about 11% of bonds issued were unsecured or secured by common shares. Issuing interest rates ranged from 8- 13%/year.

Since the beginning of 2021, there were 3 issuances of bonds on the international market, including: Vingroup (USD 500 million), green bonds of BIM Real Estate Joint Stock Company (USD 200 million) and convertible bonds of Novaland (USD 300 million).