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Vietnam’s Bonds Gain a 2nd Week on Stock Losses, Cash Surplus

Vietnam’s government bonds rose for a second week on speculation a decline in stocks and surplus funds at banks boosted demand. The dong was little changed.

The yield on five-year notes dropped one basis point to 10.09 percent, the least since Sept. 26, according to a daily fixing from banks compiled by Bloomberg. The rate declined 12 basis points, or 0.12 percentage point, this week. The VN Index of shares fell 3.3 percent to the lowest level in nine months. The gauge has fallen 23 percent from this year peak reached May 8 as slowing economic growth hurt corporate earnings.

“Demand for bonds has increased due to declines in other investment channels such as stocks and interbank lending rates,” said Nguyen Tan Thang, fixed-income investment director at Ho Chi Minh City Securities Joint-Stock Co. “Some banks have surplus cash as well.”

Fund supply in the banking system has improved after lenders bought 60 metric tons of gold from the public since May and converted into cash, central bank Governor Nguyen Van Binh told lawmakers in Hanoi Oct. 31.

The dong traded at 20,850 per dollar, compared with 20,848 yesterday and 20,840 at the end of last week, according to data from banks compiled by Bloomberg. The State Bank of Vietnam set the currency’s reference rate at 20,828, unchanged since Dec. 26, according to its website. The dong is allowed to trade as much as 1 percent on either side of the rate.

The overnight interbank deposit rate fell eight basis points to 2.42 percent. It has dropped from this year’s high of 12.74 percent touched on Jan. 30.

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