In January, total G-bond issuance in the primary market dropped 46% MoM to VND23.5tn (USD1.0bn), completing 23.5% of Q1’s issuance target of VND100tn (USD4.3bn). Total trading value in the secondary market reached VND303tn (USD13.2bn) with the proportion of outright transactions remaining stable at 66.6% of the total. Average daily trading volume (ADTV) of outright transactions rose to a fresh high of VND10.1tn (USD440mn; +8.8% MoM & +75% YoY). Yields in the primary market fell