High reinvestment demand continued to weigh on bond yields. In the primary market, G-bond issuance value fell 28% MoM to VND31.8tn (USD1.4bn) in June from an eight-month high set in May. In line with our expectation, VND28tn (USD1.2bn) of G-bonds came due in June, which boosted reinvestment demand and placed downward pressure on bond yields. However, the Q2 2021 issuance target limited the decline in bond yields.