Fixed Income November 2023 - Expired T-bills fuel liquidity
  • 2023-12-12T00:00:00
  • Fixed Income

G-bond issuance surged in November, but hitting Q4’s issuance target looks unlikely

- G-bonds issuance rebounded 35.8% MoM to VND19.7tn (USD808.6mn) in November, after dropping 25.3% MoM in October. As of the end of November, the VST had completed only 26.3% of Q4 issuance plan. In 11M 2023, the VST issued VND284.0tn (USD11.7bn) of G-bonds, fulfilling 71.0% of its annual plan. Meanwhile, VND59.5tn (USD2.4bn) of G-bonds expired, leading to a net issuance of VND224.5tn (USD9.2bn; +55.5% YoY).

- In the secondary market, average daily trading value (ADTV) also jumped 20.0% MoM to VND6.1tn (USD251.3mn) after a drop of 31.6% MoM in October. 

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