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Vietnam Bonds Slide for a Fourth Day as Inflation Accelerates

Vietnam’s government bonds fell, pushing the three-year yield to a five-week high, after inflation accelerated for the first time in five months. The dong was steady.

Consumer prices rose 6.69 percent in June from a year earlier, compared with 6.36 percent in May, according to figures released today from the Hanoi-based General Statistics Office.

The yield on the three-year notes climbed for a fourth day, rising 22 basis points to 7.47 percent, the highest since May 17, according to a daily fixing from banks compiled by Bloomberg. The five-year yield jumped 14 basis points to 8.01 percent.

“The recent upward momentum of bond yields has discouraged investors to increase their bond holdings,” Pham Luu Hung, associate director of institutional research and investment advisory at Saigon Securities Inc. in Hanoi, wrote in a note released today. Demand has “significantly” eased, he wrote.

The dong traded at 21,036 per dollar as of 4:38 p.m. in Hanoi, the same as the close on June 21, according to prices from banks compiled by Bloomberg. The State Bank of Vietnam fixed its daily reference rate at 20,828, unchanged since Dec. 26, 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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