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Vietnam’s Bonds Rise Most in 2 Months After Auction: Hanoi Mover

Vietnam’s bonds rose, spurring the biggest decline in the five-year yield in almost two months, after the government sold debt at lower interest rates. The dong was little changed.

The State Treasury issued 3 trillion dong ($143 million) of five-year notes at 9.2 percent yesterday and 2 trillion dong of three-year securities at 8.45 percent, according to the Hanoi Stock Exchange website. Those rates compared with 9.3 percent and 8.53 percent, respectively, at previous auctions of the debt.

The five-year yield fell 12 basis points, or 0.12 percentage point, to 9.20 percent, the biggest decline since Jan. 18, according to a daily fixing from lenders compiled by Bloomberg. The rate on three-year securities dropped 10 basis points to 8.49 percent, the lowest level since Jan. 28.

“Slow credit growth continues to be an incentive for banks to add more bonds to their portfolio,” Pham Thuy Linh and Trinh Quang Dung, analysts at Hanoi-based Vietcombank Securities Co., wrote in a research note yesterday. Bond yields may continue to “slightly go further down,” they said.

Credit growth may be slow in the first few months of 2013, Prime Minister Nguyen Tan Dung said on Jan. 1. Vietnam’s property market is “frozen and faces many difficulties, with about 112 trillion dong of real-estate projects unsold,” according to a January posting on the website of the National Assembly’s Economic Committee.

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Vietnam will boost domestic debt sales to a record 150 trillion dong in 2013 as falling property prices and stagnant bank lending support demand for government notes, according to Tran Minh Hang, deputy head of the State Treasury.

The government will sell 120 trillion dong of bonds with maturities of between two and 15 years, and 30 trillion dong of Treasury bills, Hang said by telephone on March 11. It sold a record 141 trillion dong of securities last year, she said.

The dong traded at 20,945 per dollar as of 3:45 p.m. in Hanoi, unchanged from yesterday, data compiled by Bloomberg show. 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 daily fixing.

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