Yields continued easing

- September’s G-bond issuance dropped 26.3% MoM to VND33.4tn (USD1.4bn) after surging 24% MoM in August.

- The VST issued VND115.2tn (USD4.7bn) in Q3 – 76.8% of its Q3 plan – and VND271.7tn (USD11.0bn) in 9M 2024 – 67.9% of its annual plan. Additionally, VND63.5tn (USD2.6bn) of G-bonds expired in 9M 2024, leading to a net issuance of VND208.2tn (USD8.4bn; +9.2% YoY).

- In the secondary market, the average daily trading value (ADTV) surged 23.0% MoM to VND13.6tn (USD551.1mn) after declining in August and July.

- In the primary market, G-bond yields continued easing with 10Y and 15Y yields easing to 2.66% (-5 bps MoM) and 2.86% (-4 bps MoM), respectively. In the secondary markets, yields declined gradually in all tenors with the 5Y at 1.90% (-5 bps MoM), 10Y at 2.66% (-5 bps MoM), and 15Y at 2.86% (-4 bps MoM).

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