Fixed Income March 2022 - Uptrend in yields continues

Bond yields continued to rise in March

- In March 2022, the Vietnam State Treasury (VST) issued VND8.82tn (USD387mn) of G-bonds with a low winning rate of 30.9%. In Q1 2022, the VST issued VND41.3tn (USD1.8bn) of G-bonds, which only fulfilled 39.3% of its Q1 2022 issuance target and 10.3% of the annual plan. Meanwhile, VND16.5tn (USD723mn) of G-bonds expired during the quarter, leading to a net issuance of VND24.8tn (USD1.1mn) vs -VND12.5tn (-USD547mn) in Q1 2021.