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Vietnam Bond Yields at Two-Month High on Inflation; Dong Steady

Vietnam’s bonds fell, driving the five-year yield to the highest level in more than two months, as a government report showed inflation quickened for the first time in more than a year.

Consumer prices climbed 6.48 percent in September from a year earlier, after rising 5.04 percent in August, the General Statistics Office said in Hanoi today. The median estimate of six economists in a Bloomberg News survey was for a 5.15 percent increase. Prices gained 2.2 percent from last month, the most since May 2011. Faster inflation erodes returns from fixed-income securities.

The yield on the five-year notes climbed five basis points, or 0.05 percentage point, to 10.03 percent, the highest level since July 19, according to a daily fixing from banks compiled by Bloomberg. The three-year yield rose six basis points to 9.79 percent.

“Increases in the inflation rate prompted investors to seek higher bond yields and will probably keep yields in an uptrend for a while,” said Tran Kieu Hung, a Hanoi-based bond trader at Bank for Investment & Development of Vietnam. “There isn’t much trading in the market these days though.”

The dong traded at 20,868 per dollar as of 3:20 p.m. in Hanoi, from 20,870 at the end of last week, according to data compiled by Bloomberg. The central bank set the daily reference rate at 20,828, unchanged since Dec. 26, its website showed. The currency is allowed to trade up to 1 percent on either side of the rate.

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