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Vietnam Two-Year Bond Yield at Five-Week Low as Money Rates Fall

Vietnam’s bonds rose, pushing the two-year yield to a five-week low, on speculation investors have more cash to buy debt as money-market rates fell.

The yield dropped four basis points, or 0.04 percentage point, to 7.05 percent as of 3 p.m. in Hanoi, the lowest level since July 3, according to a daily fixing from banks compiled by Bloomberg. The rate fell 54 basis points last week, the most in almost seven months. The overnight interbank rate declined 10 basis points to 3.5 percent, down from the year’s peak of 4.76 percent on July 24, data compiled by Bloomberg show.

“Several big commercial banks began buying bonds, expecting that the government bond market rally might return after the stabilization in the money market,” Pham Luu Hung, associate director of institutional research and investment advisory at Saigon Securities Inc. in Hanoi, wrote in a research note today.

The State Treasury sold 1 trillion dong ($47 million) of two-year notes to yield 7 percent last week, compared with 7.28 percent at the previous sale.

The dong was little changed at 21,103 per dollar in Hanoi, compared with 21,100 at the end of last week, data compiled by Bloomberg show. The State Bank of Vietnam set its reference rate at 21,036, unchanged since June 28, 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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