G-bond issuance dropped from 11 month-high

- The Vietnam State Treasury (VST) announced plans to issue VND120tn (USD4.7bn) of G-bonds in Q2 2024 (+50% QoQ). At end-April, the VST had fulfilled 19.0% of its Q2 2024 plan and 25.7% of its full-year 2024 plan.

- In April, G-bonds issuance in the primary market was VND 22.7tn (USD895.5mn), a drop of 30.1% from 11-month high level recorded in March, which mainly attributed to declining in demand (bid/offered ratio dropped to only 0.7 in April vs 1.3 in March). In 4M 2024, the VST issued VND103.0tn (USD4.1bn) of G-bonds (-26.3% YoY).

- In the secondary market, average daily trading value (ADTV) retreated 21.0% MoM to VND8.7tn (USD343.6mn) after surging 24.1% MoM in March.

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