Net G-bond issuance jumped 2.6x YoY in 8M 2023

- The Vietnam State Treasury (VST) issued VND21.8tn (USD0.9bn; -24.5% MoM) of G-bonds in August, with a winning rate of 92.7% (vs 94.5% in July). 

- As of end-August, the VST had issued VND50.6tn (USD2.1bn) of G-bonds quarter-to-date, fulfilling 46.0% of its Q3 plan. In 8M 2023, the VST issued VND230.5tn (USD9.6bn) of G-bonds, completing 57.6% of its full-year target. We estimate that VND52.2tn (USD2.2bn) expired in 8M 2023, resulting in a net issuance of VND178.3tn (USD7.4bn) — 2.6x the net issuance recorded in 8M 2022.

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