G-bond issuance volume surged to VND26tn (USD1.1bn) in April — twice the amount issued in March and the highest level in four months. We believe this was driven partly by issuance target pressure. In contrast, trading value in the secondary market fell 18.2% MoM to VND195.8tn (USD8.5bn) partly due to a lower number of working days in April (20 days in April vs 23 days in March). In the primary market, yields of 5Y, 10Y and 15Y bonds inched up 6 bps to 1.60%, 2.36% and 2.56%, respectively.