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Vietnam Bond Yields Fall to 17-Month Low as Money Rates Decline

Vietnam’s five-year bonds rose for a fourth day, sending yields to a 17-month low, on speculation a decline in money-market rates will bolster demand for debt. The dong fell.

Yields on debt due in 2017 fell the most since February today. The benchmark overnight rate in the nation’s interbank money market dropped 1.13 percentage points this week to 5.82 percent, according to data compiled by Bloomberg, signaling an increase in funds in the financial system. That’s the lowest level since October 2009. The measure was at 11.8 percent at the end of 2011.

“Interbank rates have dropped sharply, so banks have surplus cash to invest in bonds, making the debt more attractive,” said Nguyen Duy Phong, a Ho Chi Minh City-based analyst at Viet Capital Securities Co.

The yield on five-year bonds fell 14 basis points, or 0.14 percentage point, to 10.93 percent, according to a daily fixing from banks compiled by Bloomberg. That was the lowest level since November, 2010.

The dong weakened 0.1 percent to 20,838 per dollar as of 3:36 p.m. in Hanoi, according to data compiled by Bloomberg. The central bank set the currency’s 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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