Fixed Income May 2023 - G-bond yields ease further

G-bond yields ease further in May

- In May, the Vietnam State Treasury (VST) issued VND23.3tn (USD990mn) of G-bonds (-33.2% from April), with a winning rate of 75.1% (vs 84.4% in April). In 5M 2023, the VST issued VND163tn (USD6.9bn) of G-bonds — 3x the amount issued in 5M 2022. At end-May, the VST had completed 48.4% of its Q2 2023 plan and 40.7% of its FY2023 plan.

- In the latest auctions of May, 5Y, 10Y and 15Y yields were quoted at 2.40% (-35 bps MoM), 2.95% (-27 bps MoM) and 3.05% (-28 bps MoM). In the secondary market, yields of 5Y and 10Y bonds were quoted at 2.52% (-9 bps MoM) and 3.14% (-7 bps MoM), respectively.

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