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Vietnam Bond Yields at Lowest Since August as Auction Rates Fall

Vietnam’s government bonds gained, with the five-year yield sliding to the lowest level since August, after borrowing costs fell at auctions. The dong was little changed.

The State Treasury sold 2 trillion dong ($96 million) of two-year notes at 9 percent and 2 trillion dong of three-year securities at 9.25 percent yesterday, the Hanoi Stock Exchange said in a statement on its website. The rates compare with 9.15 percent and 9.29 percent, respectively, for similar-maturity debt at a Nov. 29 auction, and 9.35 percent and 9.55 percent for the same maturities on Nov. 13.

“Traders have been speculating about a cut in the key interest rate by the central bank and given the uncertainty of the macro-economic outlook, government bonds are a relatively-safe channel in which to invest,” said Hoang Thanh Tam, head of the fixed-income department at Vietnam Maritime Commercial Joint-Stock Bank in Hanoi.

The benchmark five-year yield fell three basis points, or 0.03 percentage point, to 9.77 percent, the lowest level since Aug. 27, according to a daily fixing from banks compiled by Bloomberg. The yield dropped seven basis points this week.

The dong traded at 20,843 per dollar as of 4:30 p.m. in Hanoi, compared with 20,847 yesterday, according to data compiled by Bloomberg. The central bank 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 fixing.

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