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Vietnam Two-Year Bonds Advance Most Since July as Banks Buy Debt

Vietnam’s two-year bonds rose for a second day, pushing the yield down by the most since July, on speculation banks are investing spare funds in debt as lending slows. The dong strengthened.

Vietnamese lenders have surplus cash now, Do Thi Nhung, deputy head of the central bank’s monetary policy department, told a conference in Hanoi on Nov. 5. Loans at domestic banks have grown 3.3 percent this year, Thoi Bao Kinh Te Vietnam newspaper reported Nov. 6, citing information from the State Bank of Vietnam. That trailed a 14 percent jump in deposits this year through Oct. 19, according to official figures.

Given the “comfortable liquidity conditions at large banks and slower-than-expected credit growth, credit institutions are likely to increase investment in bonds,” Vietcombank Securities analysts Pham Thuy Linh and Trinh Quang Dung wrote in a research report today. Short-term yields may fall further, they wrote.

The yield on two-year bonds fell 11 basis points, or 0.11 percentage point, to 9.56 percent, according to a daily fixing rate from banks compiled by Bloomberg. That’s the lowest level since Sept. 14 and the biggest decline since July 30. The yield on benchmark five-year bonds was unchanged at 10.10 percent.

The dong traded at 20,843 per dollar as of 3:36 p.m. in Hanoi, compared with 20,848 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 up to 1 percent on either side of the rate.

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