G-bond issuance hits highest level since May 2021 

- November’s G-bond issuance surged 73.6% MoM to VND42.8tn (USD1.75bn) as the Vietnam State Treasury (VST) raised the wining yield to boost G-bond issuance with yields of 10Y and 15Y bonds in the latest auctions both increasing 80 bps MoM to 4.8% and 4.9%, respectively. 

- Meanwhile, trading volume in the secondary market continued to weaken as average daily trading value (ADTV) of outright transactions dropped nearly 40% MoM to VND1.4tn (USD55.1mn). Additionally, G-bond yields in the secondary market were little changed MoM. As of end-November, 5Y and 10Y yields were 4.81% (-2 bps MoM) and 4.92% (-3 bps MoM), respectively.

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