Fixed Income November 2021 - VND liquidity fueled by SBV’s FX purchases

Yields remained low on high demand and waning issuance pressure

- In November, the Vietnam State Treasury (VST) successfully issued VND34.1tn (USD1.5bn) of G-bonds in the primary market, double the amount issued in October. In 11M 2021, the VST issued VND288tn (US12.6bn), fulfilling 77.2% of 2021’s revised target. We estimate that VND165tn (USD7.2bn) of G-bonds expired in 11M 2021, resulting in a net issuance of around VND123tn (USD5.4bn) (vs VND185tn/USD8.1bn in 11M 2020). 

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