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Vietnam Two-Year Bonds Fall Ahead of Debt Auction; Dong Steady

Vietnam’s two-year bonds fell on speculation yields may rise at a debt auction later this week. The dong was little changed.

The State Treasury will offer 1 trillion dong ($48 million) of two-year bonds and 2 trillion dong of five-year securities at a sale on July 19, according to a statement on the Hanoi Stock Exchange’s website. The Treasury sold 500 billion dong of five-year notes at 9.9 percent on July 12, according to the Hanoi Stock Exchange, compared with the 9.6 percent yield on similar-maturity bonds at the previous offer on July 5.

Last week’s auction “had a very negative affect on the secondary market,” said Tran Kieu Hung, a Hanoi-based fixed-income trader at Bank for Investment & Development of Vietnam. “That has made secondary-market liquidity very poor and caused yields to increase.”

Vietnam Bank for Social Policies will offer 1 trillion dong each of three- and five-year securities at an auction on July 20, according to the Hanoi Stock Exchange.

The yield on the two-year bonds rose five basis points, or 0.05 percentage point, to 9.80 percent, according to a daily fixing rate from banks compiled by Bloomberg.

The dong traded at 20,853 per dollar as of 3:57 p.m. in Hanoi, compared with 20,860 yesterday, according to data compiled by Bloomberg. The State Bank of Vietnam set its reference rate at 20,828, unchanged since Dec. 26, according to its website. The currency is allowed to trade as much as 1 percent on either side of the rate.

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