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Vietnam’s Two-Year Bonds Gain on Speculation Inflation Will Slow

Vietnam’s two-year bonds rose for a third day, pushing the yield to the lowest level in almost three months, on speculation inflation will slow. The dong was steady.

Consumer prices in Ho Chi Minh City may rise 0.1 percent in November from the previous month, online newswire VnEconomy reported today, after increasing 0.4 percent in October. Annual inflation has averaged 5.97 percent in the second half of 2012, less than half the rate in the previous six months, official data show. Vietnam will cut interest rates in 2013 as price pressures decrease, Prime Minister Nguyen Tan Dung said Nov. 14.

Speculation about slower price increases “is sending positive signals and bond traders reacted to the news,” said Nguyen Duy Phong, an analyst at Viet Capital Securities in Ho Chi Minh City.

The yield on the two-year bonds fell five basis points, or 0.05 percentage point, to 9.36 percent, according to a daily fixing rate from banks compiled by Bloomberg. That’s the lowest since Aug. 27. The yield on benchmark five-year bonds was unchanged at 9.90 percent.

The dong traded at 20,855 per dollar as of 2:17 p.m. in Hanoi, compared with 20,853 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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