Fixed Income October 2021 - VST lifts 2021 G-bond issuance target

The VST raised its annual G-bond issuance target

- The Vietnam State Treasury (VST) raised its 2021 issuance target by VND23.0tn (USD1.0bn) to VND373.0tn (USD16.2bn) with an issuance target of VND135.0tn (USD5.9bn) in Q4 2021 — 1.4x higher than the issued amount in Q3 2021. We estimate around VND165tn (USD7.2bn) of G-bonds will come due in 2021. If the VST completes the revised plan, then the net issuance amount is estimated at VND208tn (USD9.1bn) vs 2020’s net issuance amount of VND227tn (USD10.0bn)