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Vietnam Bonds Complete Worst Week Since October as Cash Declines

Vietnam’s five-year government bonds had their worst week since October on speculation a drop in cash at banks will cut demand for debt. The dong was steady.

The overnight interbank deposit rate, a gauge of funding availability, rose 185 basis points this week to 4.35 percent, according to daily fixings by banks compiled by Bloomberg. The government sold 2.45 trillion dong ($118 billion) of notes due 2018 at an auction yesterday, missing its target to raise 3 trillion dong. The securities were issued at a yield of 9.30 percent, same as at the previous offering on Jan. 11.

“Debt supply is high and that, combined with a little bit of a squeeze in liquidity, is making the yields rise,” said Nguyen Tan Thang, fixed-income investment director at Ho Chi Minh City Securities Joint-Stock Co.

The yield on five-year bonds climbed 11 basis points, or 0.11 percentage point, today and this week to 9.18 percent, according to a daily fixing rate from banks compiled by Bloomberg. That’s the biggest five-day increase since the period ended Oct. 12.

The dong traded at 20,845 per dollar as of 2:01 p.m. in Hanoi, little changed in the week, according to data compiled by Bloomberg. The currency weakened 0.1 percent from yesterday.

The State Bank of Vietnam set its reference rate at 20,828, unchanged since December 2011, according to its website. The currency is allowed to trade as much as 1 percent on either side of the rate.

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