Fixed Income July 2023 - Interbank interest rates fall further on excess liquidity

G-bond issuance surged in July

- In July, G-bond issuance surged 70.2% MoM to VND28.8tn (USD1.2bn) — equivalent to 94.5% of the offered amount (vs 85.8% in June). July’s G-bond issuance fulfilled 26.2% the Q3 2023 plan. 

- In 7M 2023, the Vietnam State Treasury (VST) issued VND208.7tn (USD8.9bn) of G-bonds, fulfilling 52.2% of the full-year target (vs 19.6% in 7M 2022). Meanwhile, VND37.0tn (USD1.6bn) of G-bonds expired, leading to a net issuance of VND171.8tn (USD7.3bn) in 7M 2023 — nearly 4x the amount recorded in 7M 2022.

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