V
GOVERNMENT BOND - SECONDARY MARKET
CORPORATE BOND MARKET
1 2 3 4 5 6
This week, the State Treasury called for auction for
VND5,500 billion of Treasury bonds at tenors of 5 years, 10 years, 15 years, and 20 years. Winning rate was 36.4%. The bond yield increased slightly compared to the most recent session.
The total transaction value of the secondary market reached VND64.4 trillion (increased by 37% compared to the
previous week). Foreign investors net bought VND53 billion.
Government bond yield was stable.
As of March 26, 2021, according to information published on HNX and SSC, there were 15 successful corporate bond issues on the market (both private and public) with a total value of 6,995 billion VND.
This week, the interbank interest rates slightly increased at some tenors (1-month, 3-month, and 6-month), declined at 9-month tenor and went sideways at overnight, 1-week, and 2-week tenors.
Vi etn am Bo nd Ma rk et Associ atio n
MONEY MARKET
Weekly report
22/3 - 26/3/2021
GOVERNMENT BOND - PRIMARY MARKET FOREIGN EXCHANGE MARKET
The central rate was adjusted by the State Bank to increase slightly (by 36bps) and remained stable during the week.
The USD DXY index continued to rise to 92.77 points due to the positive signals from the US economy and the pandemic outbreak in Europe.
22,900 23,000 23,100 23,200 23,300 23,400 23,500 23,600 23,700 23,800 23,900
EXCHANGE RATE USD/VND
Central rate
Bid (commercial bank) Ask (commercial bank)
0 20 40 60 80 100
T1-20 T4-20 T7-20 T10-20 T1-21
OUTRIGHT AND REPO TRADING VOLUME
Outright Repo
0.26% 0.47% 0.65% 1.12% 1.53%
2.41% 2.62% 3.01%
3.15%
1.85% 1.91% 2.02% 2.16% 2.54% 3.03% 3.13% 3.15% 3.31%
0%
1%
2%
3%
4%
1Y 2Y 3Y 5Y 7Y 10Y 15Y 20Y 30Y
GOVERNMENT BOND TRADING RATE - VBMA BENCHMARK
26/03/2021 19/03/2021 26/03/2020
Source: SBV
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
ON 0.26 0.26 0.26 0
Unit: % Avg 5 days 3/26/2021 3/19/2021 % WoW
2W 0.52 0.47 0.47 0
1W 0.42 0.37 0.36 1
3M 1.34 1.38 1.13 25
1M 0.87 1.06 0.70 36
6M 9M
2.79 3.19 2.73
Weekly report
Money market
9
3.49 2.90 3.64 -74 -113
46
-80 -35 -16 -14 -8
% MoM
- 2.00 4.00 6.00
T1-20 T2-20 T3-20 T5-20 T6-20 T7-20 T9-20 T10-20 T12-20 T1-21 T3-21
AVERAGE INTERBANK RATE
ON 1W 1M 3M
-25 -15 -5 5 15 25
-150-125 -100-75 -50-25 025 5075 100125 150
T6 T8 T11 T2 T5 T8 T11 T3
T-bill & OMO AUCTION
T-bill Issuance (LHS) OMO Issuance (LHS)
Total T-bill Outstanding (RHS) Total OMO Outstanding (RHS)
-80 -60 -40 -20 0 20 40 60 80
T7 T9 T11 T1 T4 T6 T8 T11 T1 NET MONEY SUPPLY CHANGE
Interbank interest rates: This week, the interbank interest rates reversed and slightly increased at some tenors, but still in the momentum of reducing interest rates from the beginning of March, specifically, the interbank interest rates at Overnight, 1-week and 2-week tenor remained unchanged, increased at 1-month tenor (up 36bps), 3-month tenor (up 25bps), 6-month tenor (up 46bps). Only 9-month tenor decreased sharply (74bps). The movement of interbank interest rates from the beginning of March is relatively similar to the same period in 2020.
Trading volume: The total trading volume on the interbank market this week reached VND569.3 trillion, 14.3% higher than the previous week, of which, the transaction value for overnight and 1-week tenors reached VND497 thousand billion, 9.7% higher than the previous week, accounting for 87% of the total trading volume of the week. This week, the 2-week, 1-month and 3-month terms also made a sharp increase in trading volume.
Open market operations: During the week, there was no new transactions on the open market.
Central rate
Source: SBV
Sources: SBV, Vietcombank
Sources: investing.com
-0.07%
0.0000433
1.1903
0.1536
0.9183
-3.69%
-1.16%
-0.09%
-0.90%
-0.46%
-0.71%
-0.58%
-5.96%
1.61%
3.23%
91.9200
0.92%
1.3868 USD index
0.0000433
1.1796
0.1529 VND/USD
EUR/USD CNY/USD JPY/USD GBP/USD
0.9118
1.3787
92.7700
26/03/2021 19/03/2021 % WoW % YTD
23,200
23,204
0.017%
23,204
0.000%
23,204
0.000%
23,194 18/03/2021
19/03/2021 22/03/2021 23/03/2021
-0.043%
23,230 24/03/2021
Weekly report
Foreign exchange market
25/03/2021
% change Exch rate
15/03/2021 16/03/2021 17/03/2021
23,230
0.000%
0 23,230
0.000%
23,230
0.000%
26/03/2021 23,230 0.000%
22,900 23,000 23,100 23,200 23,300 23,400 23,500 23,600 23,700 23,800 23,900
Exchange rate USD/VND
Central rate
Bid (commercial bank) Ask (commercial bank)
USD / VND exchange rate: During the week, the central rate was adjusted slightly upward by SBV (36 bps) at the beginning of the week and kept stable during the week. The increase in USD/VND exchange rate was mainly due to the appreciation effect of the USD in the world. The SBV's foreign exchange reserve is still enough to ensure the target of exchange rate stability. According to GSO, the trade balance in March was estimated to be positive at 400 million USD, continuing to support the supply of foreign currencies in the country.
The USD/VND exchange rate at commercial banks was also adjusted to increase slightly, the USD exchange rate in the free market rose sharply to nearly 24,000 VND/USD.
International market: During the week, a new outbreak of epidemics in Europe cause a blockade in some countries such as Germany, France, ..., while the implementation of vaccination was quite slow (Percentage of population fully vaccinated against COVID-19 in Germany is about 4.6%, in France about 4%), while some positive signals from the US economy (the proportion of the population fully vaccinated reach 16%, Fed has signaled that keep its key short-term rate at a low record between zero and 0.25%
until at least 2023) cause the USD to appreciate among almost currency pairs. Therefore, the USD DXY index continued to rise to 92.77 points.
3
x 1 2
1 2 3 4 5 6 7 8 9 10 11 1 2 3 4 5 6 7 8 9 10
11 Source: HNX
Source: HNX Source: HNX Unit: %
1
Weekly report
Government bond - Primary market
0%
200%
400%
600%
0 20,000 40,000 60,000 80,000
T1-20 T2-20 T3-20 T4-20 T6-20 T7-20 T8-20 T9-20 T10-20 T11-20 T12-20 T2-21 T3-21
AUCTION VOLUME OF GOVERNMENT BOND 2020-2021 MAR
Amount Bidded Amount Offered Subscribe rate
0%
20%
40%
60%
80%
100%
120%
0 10 20 30
T1-20 T2-20 T4-20 T5-20 T7-20 T8-20 T9-20 T11-20 T12-20 T2-21
AUCTION RESULT 2020 - 2021 MAR
5Y 7Y 10Y 15Y 20Y 30Y winning rate
- 2 4 6 8 10
GOVERNMENT BOND RATE (WINNING RATE) 2020 - 2021
MAR
5Y 7Y 10Y 15Y 20Y 30Y
Government bonds: During the week, the State Treasury called for auction of VND5,500 billion at tenors of 5-year (VND1,000 billion), 10-year (VND2,000 billion), 15-year (VND2,000 billion) and 20-year (VND500 billion). The total winning value was VND2000 billion, equivalent to winning rate of 36.4%. The bidding yield have all increased slightly compared to previous sessions, but there were only 2 winning tenors: 5- year tenor (winning rate of 100%) and 10-year tenor (winning rate of 50%). The 15-year and 20-year tenors were not successfully issued this week.
Since the beginning of the year, the total volume of government bonds issued has reached VND35,652 billion, accounting for 36% of the first quarter plan and 10.2% of the plan for 2021.
Next week, the State Treasury plans to additionally issue VND 5,500 billion for the 5-year, 10-year, 15- year and 30-year tenors.
Government-guaranteed bonds: No government-guaranteed bonds was called for auction during the week
68%
36% 38% 33%
21%
34%
0%
20%
40%
60%
80%
0 10 20 30 40
5Y 7Y 10Y 15Y 20Y 30Y
TRILLION VND
Quarter Plan Issued vol % completed
Source: HNX Unit: VND Thsd Bn Source: HNX
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
30Y 1.4 8.1
10.5 11.9 12.1 12.7
Sources: VBMA
mom (bps) 0.7 -4.3 3.1 4.3
7Y 10Y 15Y
-1.1 0.3 -0.1 -1.6 -1.9 -0.7 -1.0 2.4
1Y 2Y 3Y 5Y
Weekly report
Government bond - Secondary market
20Y wow (bps)
Secondary market: During the week, the total secondary market's trading volume reached VND64.4 trillion (+37% wow), of which Outright trading value was VND42.5 trillion (increased by 25.4%
compared to last week) and Repo trading value was VND21.9 trillion (increased by 66.8% compared to previous week).
Foreign investors: This week, foreign investors bought VND696 billion and sold VND642 billion.
Accordingly, for the whole week, foreign investors net bought about VND53 billion of government bonds. This was also the week of foreign investors' lowest trading value since the end of February.
Government bond yields (according to VBMA): The G-bond yields during the week were quite stable, slightly decreased for 1-year, 3 to 15-year tenors, and increased for 20 and 30-year tenors.
Compared with other regional countries: Vietnam's government bond yield is relatively low in the region, yield movements in other countries in the region tend to move sideways or increase slightly in the first quarter of 2021, of which, the Philippines and Malaysia are the two countries having the highest G-bond yield increase (about 0.4% for 5-year tenor) in March 2021.
53
(3,000) (2,000) (1,000)
- 1,000 2,000 3,000 4,000
FOREIGN INVESTOR ACTIVITIES Q1 2021
Foreign Purchase Foreign sell Net buy / sell
0.26% 0.47% 0.65%
1.12%
1.53%
2.41% 2.62% 3.01%
3.15%
1.85% 1.91% 2.02% 2.16%
2.54%
3.03% 3.13% 3.15% 3.31%
0%
1%
1%
2%
2%
3%
3%
4%
1Y 2Y 3Y 5Y 7Y 10Y 15Y 20Y 30Y
GOVERNMENT BOND TRADING RATE - VBMA BENCHMARK
26/03/2021 19/03/2021 26/03/2020
293531
114 25 30 40 32 44 47 47 37
15 15 1713122635343023262730263040363529282125202543.179414148 37403233403152
38505050 384852494437
10 513832 151317
20 4 28 13
18 23 17 32 17 34
37 13 1223
13 20111316
14101420 1711
171424 20141810914
10131714 1615
112012 19
23 19
312722 15
192331 2829
6 24
1410
0 20 40 60 80 100
T1-20 T3-20 T5-20 T7-20 T9-20 T11-20 T1-21 T3-21
OUTRIGHT AND REPO TRADING VOLUME
Outright Repo
Unit: billion VND
Source: HNX
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Weekly report
Corporate Bond Market
Corporate bonds issued in March 2021: In March 2021, as of March 26, 2021, the total value of corporate bonds issuance was VND6,995 billiona after 15 issuances, of which the value of private placement was
VND4,135 billion (account for 59 % of total value) with 13 issuances, VND2,860 billion of public issuance (with 2 issuances). Newly issued bonds are mainly belonged to the real estate sector, with a total value of VND5,160 billion, common tenors of 2-3 years (accounting for 75% of total issued value). The bond coupon rate fluctuate around 9.7% -11.25% per annum.
(For detailed list of bonds, please refer to Appendix 2).
Plan to issue corporate bonds in 2021
Vietnam International Commercial Bank (VIB)
VIB has approved the proposal to issue VND25,000 billion of valuable papers and corporate bond for the year 2021.
Cuong Thuan IDICO Development and Investment Joint Stock Company
The company plans to issue VND200 billion of bonds in April 2021 to invest in some key projects of the company.
Century Land., JSC (CENLAND)
The Board of Directors of the Company has approved the plan to privately issue bonds of CenLand in 2021 with a total value of up to VND500 billion, tenor of 3 years, expected coupon rate of 11% per annum, regarding the purpose of increasing capital scale and invest in real estate projects.
Transimex Joint Stock Company (TMS)
Transimex JSC plans to issue VND200 billion non-convertible bonds to existing shareholders in the first quarter of 2021 with the purpose of using capital to implement the Project of Thang Long Logicstic Center Phase 2 and Vinh Loc Logistic Center Project Phase 1. The coupon rate is 6% / year.
Kinh Bac Urban Development Corporation (KBC)
KBC has approved a plan to issue VND400 billion ($17.24 million) worth of secured non-convertible bonds in a private placement in the first quarter (Q1) of this year, with a fixed coupon rate of 10.5 %/year. The coupon will be paid every six months. KBC wants to use the proceeds to supplement its working capital and investing its current projects.
2% 1%
14%
74%
9%
Issuing value by segment
Agriculture and Fisheries Consumer Staples
Manufacturing
Real Estate
Finance / Securities 335
1300
3960 400
1000
0 1000 2000 3000 4000 5000 1 year
2 year 3 year 5 year 10 year
Issued value by tenor
Current trend of Inflation of countries in the region Inflation rate of countries in the region
Sources: investing.com Sources: Trading Economics
Average 5-year Government Bond Yield of regional countries
Decrease Increase
Sources: investing.com
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19
3.53%
3.30%
2.50%
2.70%
0.61 1.15
2.94 (0.12) 0.45 2.09
2.70
0.63 1.11
3.08 (0.11) 0.38 2.14
2.69 1.32
3.12 (0.11) 0.39 2.13 2.80
T3 2021 1.06 3.07 (0.08) 0.81 2.62 3.20 0.92
4.20%
2.14
2.49
0.79 1.47
3.00 (0.10) 0.27 2.17 2.77 0.81 1.68
2.84 (0.09) 0.27 2.08
0.78 1.13
3.07 (0.10) 0.33 2.74 0.81
T1 2021 T12 2020 T11 2020 T10 2020 T9 2020 T8 2020 T7 2020 T6 2020 Unit: %
USD medium Trade Balance (Feb)
China CNY medium CPI (YoY) (Mar)
2.70%
2.70%
2.50%
2.10%
Phillipines
2.20%
2.50%
2.60%
1.99
(0.12) 0.39 2.79
Vietnam China Japan US Malaysia Philippines
2.80
0.83 1.86
2.71 (0.11) 0.28 2.21 2.37 0.78 1.98
2.53 (0.11) 0.35 2.53 (0.16)
0.59 2.98 4.45 0.99
0.20%
2.51
2.99 0.78
T11 2020 1.48% -0.41% 0.40%
T12 2020 0.18% -0.27% 0.00%
T2 2021 0.70% -1.17% 0.70%
-0.50%
Date
-0.40%
T8 2020 3.18% -0.98% -0.40%
31/03/2021 31/03/2021 7/4/2021 9/4/2021
Country Curr Impact Event
United States USD medium API Weekly Crude Oil Stock
United States USD high
3.39% -0.98%
Weekly report
International news
Date Vietnam Thailand
T6 2020 3.17% -1.57%
9/4/2021 United States USD high PPI (MoM) (Mar)
-2.99%
2.40% -3.44%
T3 2020 4.90% -0.54%
T4 2020 2.93%
Crude Oil Inventories United States
T2 2021 1.09 3.06 (0.09) 0.54 2.21 2.82 0.73 T1 2021 -0.97% -0.34%
Thailand 3.95
0.96 T5 2020 2.11 2.03 (0.12) 0.34
T4 2020 2.61
T3 2020 2.10 2.45
4.70%
Singapore 0.30%
-0.80%
-0.50%
0.00%
-0.70%
-0.40%
T10 2020 2.52% 0.20%
T7 2020
T9 2020 3.18% -0.98%
T2 2020 5.40% 0.74%
T5 2020
-6%
-4%
-2%
0%
2%
4%
6%
8%
Indonesia Malaysia Philippines
Thailand Vietnam Singapore
Government bond aunction (22/3 - 26/3/2021)
No Bond code Issuer Tenor Date Offer (bn) Sub (bn) WinVal (bn) Rate Change (bps) 1 TD2141038 STV
2 TD2136025 STV 3 TD2131012 STV 4
Gov bond auction plan (29/3 - 2/4/2021)
No Date Issuer Bond code Type Tenor Value (bn)
1 2 3 4
2021 Government Bond Issuance Plan No.
1 2 3 4 5 6
Top 10 most traded bond code of the week No Bond code
1 TD2035028
2 TD1926170
3 TD2030135
4 TD2131012
5 6
7 TD2030018
8 TD2050036
9 TD2030020
10 TD2136025
Trading Val (bn) Issuing tenor Remaining tenor Rate
1.7199 - 2.3949
Tenor Value
VND20.000 Billion 20
5 year 7 year 10 year 15 year 20 year 30 year Total Value
1665 2948
10 10
14.7 4.8 9.7 9.8
1.0001 - 1.15 1.08 - 1.15
1 - 1.1101 2.36 - 2.84
2235
10 30 10 15
9.4 29.5
9.6 14.8 3284
2890 2275
2.55 - 3.0209 1.07 - 1.1501 2.207 - 2.42
1,000
2,000
Additional 15
TD2136025 2,000
500
2.35 - 2.46 2.56 - 3 TD2030017
TD1631461
1495 1361
-
- -
0 0 +2 +2 24/03/2021
10
VND30.000 Billion VND350.000 Billion
15 7
10
10 9.4
15 9.8
1727 1902 1/4/2021
2,000
5,651 TD2126001 STV
VND15.000 Billion VND120.000 Billion VND135.000 Billion VND30.000 Billion 1/4/2021
TD2151042 TD2131012
Additional Additional Additional VST
VST 1/4/2021
Weekly report
Appendix 1
1/4/2021 VST TD2126001 5
2.27 1,000
1.08 5 24/03/2021 1,000 3,050 1,000
- 15
24/03/2021 24/03/2021
500
2,000
1,045
4,800
30 VST
Corporate Bond Issuance in 2021 March
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Weekly report
Appendix 2
ISSUER TYPE OF
PLACEMENT
VALUE
(VND Bn) BOND CODE SEGMENT DATE TENOR
THE VUONG CO. LTD. Private 85 02THEVUONG.BOND.2
020 Consumer Staples 08/03/2021 1 year
OUTSTANDING INVESTMENT JSC Private 100 OSDCH2124002 Finance / Securities 11/03/2021 3 year
CAMIMEX JSC Private 100 CMMH2123001 Agriculture and
Fisheries 11/03/2021 2 year
SUNSHINE AM JSC Private 400 SAMCH2126001 Real Estate 05/03/2021 5 year
VIETNAM KIS SECURITIES JSC Private 300 KISC-H2123-001 Finance / Securities 11/03/2021 2 year
ACB SECURITIES JSC Private 120 ACBC.1.21.22.001 Finance / Securities 17/03/2021 1 year
VINGROUP Public 1000 VICB2124001 Real Estate 11/03/2021 3 year
VINGROUP Public 1860 VICB2124002 Real Estate 11/03/2021 3 year
NOVA SONG GIANG INVESTMENT
AND DEVELOPMENT CO.,LTD Private 200 SOGCH2123001 Real Estate 19/03/2021 2 year
ACB SECURITIES JSC Private 130 ACBC.I.21.22.002 Finance / Securities 22/03/2021 1 year ĐAKPSI INVESTMENT AND
DEVELOP HYDROELECTRIC JOINT STOCK COMPANY
Private 1000 IDHCH2131001 Manufacturing 15/03/2021 10 year
HA AN REAL ESTATE
INVESTMENT JSC Private 500 HAACB2124001 Real Estate 18/03/2021 3 year
HUNG THINH LAND JSC Private 500 H79CH2124001 Real Estate 18/03/2021 3 year
HUNG THINH LAND JSC Private 400 H79CH2123002 Real Estate 19/03/2021 2 year
HUNG THINH LAND JSC Private 300 H79CH2123004 Real Estate 18/03/2021 2 year
