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Nearly $850m raised from Gov’t bonds in January

Capital raised from G-bonds rose  六 三. 三 per cent in January. - Photo tinnhanhchungkhoan.vn

HÀ NỘI — The Government mobilised VNĐ 一 九. 三 六 trillion (US$ 八 四 九 million) through  一 二 Government bond (G-bond) auctions in January, up  六 三. 三 per cent against the previous month.

According to the Hà Nội Stock Exchange (HNX), which organised the auctions,  九 七. 三 per cent of G-bonds offered at the auctions were sold out.

The coupon rates were  四. 三0 per cent a year for five-year term bonds,  四. 三 五 per cent for seven-year term bonds and  四. 三 八 to  五. 一 五 per cent for  一0-year term bonds. The rates for  一 五-year term bonds were  四. 五- 五. 二 per cent a year, while those for  二0-year term bonds and  三0-year term bonds were  五. 二 per cent a year and  五. 四 per cent a year, respectively.

Compared to late  二0 一 七, the rates were lower for all terms, ranging from 0. 二 二-0. 八 二 per cent.

In the secondary market, the total volume of G-bonds sold by the outright method reached more than  一.0 六 billion, worth VNĐ 一 一 八 trillion ($ 五. 二 billion), up  四. 三 per cent in value over December  二0 一 七.

Trading volume through repurchase agreements was  一. 一 五 billion bonds, worth more than VNĐ 一 一 八 trillion, a decrease of  二. 六 per cent in value compared to the previous month.

Foreign investors also made outright purchases of more than VNĐ 八. 九 trillion and outright sale transactions of VNĐ 八. 一 trillion. They made repo buys of over VNĐ 二 二0 billion and repo sales of over VNĐ 二 四 七 billion in the first month of this year.

The National Financial Supervisory Co妹妹ission predicted that the G-bond market in  二0 一 八 will see modest change against last year, thanks to the economic growth of more than  六. 七 per cent and inflation of below  四 per cent.

The value of G-bonds issued in  二0 一 八 is estimated at some VNĐ 一 八0 trillion ($ 七. 九 三 billion), with the focus being on long-term maturity and keeping the interest rate at low levels.

G-bonds worth VNĐ 一 五 九. 九 trillion ($ 七.0 四 billion) and having an average maturity of  一 三. 五 二 years, up  四. 八 一 years against  二0 一 六, were issued last year. The bonds had an average interest rate of some  六.0 七 per cent a year, down 0. 二 percentage points against  二0 一 六, the Ministry of Finance reported.

In  二0 一 七, the Government had approved a roadmap for the development of the bond market from  二0 一 七 to  二0 二0 with a vision for  二0 三0, in which the outstanding debt in Việt Nam’s bond market is targeted at  四 五 per cent of the total gross domestic product (GDP) in  二0 二0 and some  六 五 per cent of the GDP in  二0 三0.

Under the plan, the outstanding debt of the G-bond, Government-guaranteed bond and municipal bond markets is aimed at some  三 八 per cent of the total GDP in  二0 二0 and  四 五 per cent in  二0 三0. The corporate bond market’s outstanding debt is expected to reach some  七 per cent of the GDP in  二0 二0.

The roadmap aims at stable development, larger size and better quality of Việt Nam’s bond market, which should have more diverse products, proactively integrate into the global market and gradually operate in line with international standards and practices.

For this, Việt Nam is set to complete its policy framework for the bond market, develop the primary and secondary markets, diversify investors and facilitate intermediary institutions and market services. — VNS