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Vietnam Bond Yields at 16-Month Low on Rate Outlook; Dong Steady

Vietnam’s five-year bonds rose, pushing yields to the lowest level in more than 16 months, on speculation the central bank will cut interest rates next month. The dong was steady.

The State Bank of Vietnam will lower the deposit rate cap to 12 percent from 13 percent, online newspaper Dan Tri reported last week, citing Do Thi Nhung, deputy head of the monetary-policy department at the central bank, without giving a specific timeframe.

“Investors are expecting the rate cap to be cut next month,” said Tran Thanh Thao, a fixed-income analyst at Thang Long Securities Joint-Stock Co. “I expect bond yields will continue with this downtrend in the short term.”

The yield on five-year notes fell three basis points, or 0.03 percentage point, to 11.31 percent, the lowest level since Nov. 23, 2010, according to a daily fixing from banks compiled by Bloomberg.

The dong was little changed at 20,833 per dollar, according to data compiled by Bloomberg. The central bank set the reference rate at 20,828, unchanged since Dec. 26, its website showed. The currency is allowed to trade as much as 1 percent on either side of the official fixing.

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