G-bond issuance jumped from only VND22.85tn (USD985mn) in August to VND60.14tn (USD2.59bn) in September — the highest monthly amount since December 2015 — with the winning ratio rising to 98.2%. In September, the Vietnam State Treasury (VST) doubled its offering amount to VND61.35tn; however, the bid volume surged even more, leading to a higher bid-to-offer coverage ratio of 3.5x vs only 2x in August. Abundant liquidity in the banking system continued to drag down yields in both the primary