BOND MARKET REPORT · CTCP ĐẦU TƯ IDJ VIỆT NAM Done Private 24/04/2020 3 10.0 13.00% 26 NH TMCP ĐẦU TƯ VÀ PHÁT TRIỂN VIỆT NAM Done Private 27/04/2020 6 2,300.0 7.50%

VIETNAM BOND MARKET ASSOCIATION

BOND MARKET REPORT April – 2020

• In 04/2020, the State Treasury of Vietnam held 16 Government bond auctions with total offered value

of VND 16,500bn; the issued value stood at VND 3,070bn, the winning ratio dropped to 18.6%.

• The total value of Outright and Repo transactions of Government bonds, Government-guaranteed

bonds and municipal bonds fell sharply by 54%, to VND 140,134bn.

• As of the end of 04/2020, the total outstanding value of Government bond, Government-guaranteed

bond and municipal bond was VND 1,117,475bn.

• According to data from VBMA's Market Makers, the average Government bond fixing rose by 30-

50bps during the month.


2

Primary Market

State Treasury issued VND 3,070 billion of bonds, winning rate fell sharply.

In 04/2020, the State Treasury of Vietnam held 16 Government bond auctions with total offered value of VND 16,500 billion. However, there were only 9 sessions resulting in bonds issuance. Total issuance value declined by 67% to VND 3,070 billion. Thus, the monthly average winning ratio dropped to 18.6%. The register ratio (bidding over offering volume) was recorded at 173%. The winning yields increased continously by 10-12bps for every auction session.

Offering and winning volume of Government bonds

Government bonds auction winning yields

Source: HNX, VBMA Consolidated

0%

20%

40%

60%

80%

100%

120%

0

10,000

20,000

30,000

40,000

50,000

60,000

VN

D B

illio

n

Winning volume Offering volume Winning/Offering ratio

1.50

2.00

2.50

3.00

3.50

4.00

4.50

5.00

5.50

6.00

6.50

5Y 7Y 10Y 15Y 20Y 30Y


3

Bond auctions result by tenors

Tenor (Y) No of

sessions

Offering value

(VND bn)

Bidding volume

(VND bn)

Winning volume

(VND bn)

Winning volume/Offering

volume

Bidding volume/Offering

volume

5 1 500 1,001 0 0.0% 200%

7 0 - - - - -

10 5 6,500 15,510 1,850 28.5% 239%

15 5 6,500 8,350 950 14.6% 128%

20 2 1,000 1,670 170 17.0% 167%

30 3 2,000 2,001 100 5.0% 100%

TOTAL 16 16,500 28,532 3,070 18.6% 173%

Government bonds auction results

No. Bond code Issuer Tenor (year)

Auction Date

Offering Value

(VND bn)

Bidding Value

(VND bn)

Winning Volume

(VND bn)

Winning Yield (%/y)

1 TD2050035 State Treasury 30 01-04-20 1,000 731 - -

2 TD2035021 State Treasury 15 01-04-20 1,000 950 - -

3 TD2030011 State Treasury 10 01-04-20 1,000 2,158 - -

4 TD2025003 State Treasury 5 08-04-20 500 1,001 - -



7 TD2040031 State Treasury 20 08-04-20 500 832 32 3

8 TD2030011 State Treasury 10 15-04-20 1,500 2,551 300 2.28


10 TD2050035 State Treasury 30 15-04-20 500 570 100 3.1



13 TD2040031 State Treasury 20 22-04-20 500 838 138 3.1



16 TD2050035 State Treasury 30 29-04-20 500 700 - -



4

Government Bond Payment Schedule in 05/2020

No Bond code Maturity

(year) Issuing Date

Actual Payment

Date

Registered Value

(VND bn)

Coupon rate (%)

Coupon Payment (VND bn)

Principal Payment (VND bn)

1 TD1727397 10 04-05-17 04-05-20 5,300.0 6.0 318.0 -

2 TD1732404 15 04-05-17 04-05-20 2,390.0 6.7 160.1 -

3 TD1621470 5 05-05-16 05-05-20 5,200.0 6.3 327.6 -

4 TD1737408 20 11-05-17 11-05-20 5,518.0 7.0 386.3 -

5 TD1929177 10 09-05-19 11-05-20 13,212.0 4.7 621.0 -

6 TD1621471 5 12-05-16 12-05-20 7,300.0 6.2 452.6 -

7 TD1724415 7 18-05-17 18-05-20 5,250.0 5.4 283.5 -

8 TP1A1105 15 17-05-05 18-05-20 5.0 9.1 0.5 5.0

9 TD1621472 5 19-05-16 19-05-20 9,900.0 6.1 603.9 -

10 TD1828114 10 24-05-18 25-05-20 7,200.0 4.2 302.4 -



5

Corporate bond issuance news in 04/2020

No Issuer Status Issuance

type

Issuing

Date

Tenor

(Y)

Value

(VND bn)

Coupon Rate (%/y)

Fixed

Floated

First Period Reference

Rate Spread

1 CTCP ĐẦU TƯ

ĐƯỜNG MẶT TRỜI Done Private 03/04/2020 2 100.0 10.00%

2 CT TNHH MẶT

TRỜI PHÚ QUỐC Done Private 04/04/2020 2 855.0 10.30% 3.50%

3 CTCP XĂNG DÀU

HFC Done Public 08/04/2020 1 17.4

4 NH TMCP TIÊN

PHONG Done Private 09/04/2020 7 236.0 9.50% 2.60%

5

CTCP ĐẦU TƯ PHÁT TRIỂN BĐS TNR HOLDINGS

VIỆT NAM

Done Private 10/04/2020 5 46.1 10.90%

6

CTCP ĐẦU TƯ PHÁT TRIỂN BĐS TNR HOLDINGS

VIỆT NAM

Done Private 10/04/2020 5 50.0 10.90%

7

NH TMCP PHÁT TRIỂN TP HỒ CHÍ

MINH

Done Private 13/04/2020 2 450.0 6.00%

8 CTCP THIẾT BỊ

ĐIỆN VIỆT NAM Done Private 15/04/2020 3 400.0 9.50% 2.50%

9 NH TMCP HÀNG HẢI VIỆT NAM

Done Private 15/04/2020 3 1,000.0 6.60%

10 CTCP TẬP ĐOÀN

ĐẦU TƯ I.P.A Done Private 15/04/2020 2 100.0 10.50%

11 NH TMCP TIÊN

PHONG Done Private 16/04/2020 3 800.0 6.00%


SOVICO Done Private 16/04/2020 3 100.0 10.50%

13 CT CP KINH DOANH F88

Done Private 16/04/2020 1 48.4 12.50%

14 CTCP VINCOM

RETAIL Done Private 17/04/2020 3 50.0 9.50% 3.25%

15

CT CP ĐẦU TƯ KINH DOANH BĐS

HÀ AN

Done Private 17/04/2020 2 - 3.5 1,550.0 11.50% 4.35%

16

NH TMCP ĐẦU TƯ VÀ PHÁT TRIỂN

VIỆT NAM

Done Private 20/04/2020 6 1,000.0 7.48% 0.75%

17

CTCP TẬP ĐOÀN ĐẦU TƯ ĐỊA ỐC

NOVA

Done Private 20/04/2020 1 100.0 10.50%



19


VIỆT NAM

Done Private 23/04/2020 6 482.0 7.33% 0.60%

20


VIỆT NAM

Done Private 23/04/2020 7 472.0 7.53% 0.80%

21

NH TMCP PHÁT TRIỂN TP HỒ CHÍ

MINH

Done Private 23/04/2020 3 600.0 6.00%

22

CTCP ĐẦU TƯ & PHÁT TRIỂN GOLF

BÌNH HẢI Done Private 23/04/2020 5 2,745.0 10.00% 3.00%

23 NH TMCP TIÊN

PHONG Done Private 23/04/2020 7 18.8 9.50% 2.60%


6

24 NH TMCP QUỐC

TẾ VIỆT NAM Done Private 23/04/2020 3 1,000.0 6.30%

25 CTCP ĐẦU TƯ IDJ

VIỆT NAM Done Private 24/04/2020 3 10.0 13.00%

26


VIỆT NAM

Done Private 27/04/2020 6 2,300.0 7.50% 0.75%

27


VIỆT NAM

Done Private 27/04/2020 8 500.0 8.00% 1.25%

28 NH TMCP QUỐC

TẾ VIỆT NAM Done Private 27/04/2020 3 1,000.0 6.30%



30 CTCP VINCOM

RETAIL Done Private 27/04/2020 3 1,000.0 9.50% 3.25%

31

NH TMCP VIỆT NAM THỊNH

VƯỢNG

Done Private 28/04/2020 3 700.0 6.00%

32


VIỆT NAM

Done Private 28/04/2020 8 500.0 8.00% 1.25%

33


VIỆT NAM

Done Private 29/04/2020 6 402.0 7.33% 0.60%

Source: VBMA Consolidated


7

Secondary Market

In 04/2020, the total value of Outright and Repo transactions of Government bonds, Government-guaranteed

bonds and municipal bonds dropped by 54%.

By the end of the month, Outright transactions volume totalled at VND 63,686 billion, 65% lower than the

previous record. Additionally, the figure for Repo transactions also fell by 37%, to VND 3,813bn.

Outright trading volume

Repo trading volume

75

,60

9

68

,12

7

83

,70

5

77

,21

1

86

,16

3

69

,20

1

97

,26

8

10

3,0

53

10

2,4

40

12

4,4

05

13

0,8

35

11

7,8

69

98

,14

8

12

5,7

14

18

3,7

93

63

,86

8

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

-

50,000

100,000

150,000

200,000

VN

D B

illio

n

Monthy Outright Daily average

81

,82

9

76

,72

1

11

8,3

00

98

,48

0

90

,16

2

97

,37

0

96

,21

0

11

5,3

42

84

,98

7

79

,63

3

90

,22

4

92

,61

8

62

,64

9

81

,10

8

12

0,9

43

76

,26

5

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

VN

D B

illio

n

Monthly Repo Daily average


8

Trading volume and yield range by remaining tenors

Bonds with largest Outright trading volume in 04/2020

No Issuer Bond code Volume

(VND bn)

Initial Tenor (year)

Remaining Tenor (Year)

Yield range (%/year)

1 SBV TD2035021 3,745 15 14.68 2.4499 - 3.4

2 SBV TD1926170 3,608 7 5.68 1.9371 - 3.1054

3 SBV TD1929177 2,569 10 9.01 2.48 - 3.5

4 SBV TD2027008 2,460 7 6.70 2.5301 - 3.25

5 SBV TD1929179 2,392 10 9.22 2.5199 - 3.6011

6 SBV TD1623480 2,063 7 3.13 2.1601 - 2.7501

7 SBV TD2030011 2,020 10 9.68 2.85 - 3.27

8 SBV TD1530288 1,834 15 9.85 2.86 - 3.2723

9 SBV TD1939201 1,764 20 19.35 3.08 - 3.8

10 SBV TD1929180 1,579 10 9.41 2.4992 - 3.4


0.00.51.01.52.02.53.03.54.04.55.05.56.06.57.07.58.0

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

9 M

12

M 2 Y

3 Y

3 -

5 Y

5 Y

5 -

7 Y

7 Y

7 -

10

Y

10

Y

10

- 1

5 Y

15

Y

15

- 2

0 Y

20

Y

25

Y

25

-30

Y

30

Y

%

VN

D B

n

Volume Trading yield range


9

Listed bonds value was recorded at VND 1,117,475 bn

As of the end of 04/2020, the total outstanding value of Government bond, Government-guaranteed bond

and municipal bond was VND 1,117,475 billion. In particular, the outstanding value of Governbond was VND

976,518 billion, while the figures for Government-guaranteed bond and municipal bond were VND 124,363 billion

and VND 16,593 billion, respectively.

Outstanding bond value share by the end of 03/2020


87.39%

11.13%

1.48%

Government bond

Gov'-guaranteed bond

Municipal bond

TOTAL VND 1,117,475BN


10

VBMA Government Bond Yield Fixing

According to data from VBMA's Market Makers, VBMA Government bond fixing increased significantly in

early April and gradually declined till the end of the month. On average, the Government bond fixing rose by 30-

50bps during the month.

Average VBMA’s Government Bond Yield Fixing in 3 months

VBMA Government Bond Yield Fixing

Source: VBMA

1y 2y 3y 4y 5y 7y 10y 15y

February 1.720% 1.832% 1.883% 1.945% 2.007% 2.425% 2.973% 3.050%

March 1.730% 1.786% 1.868% 1.935% 2.002% 2.297% 2.705% 2.791%

April 2.073% 2.155% 2.288% 2.412% 2.535% 2.795% 3.171% 3.278%

1.00%

1.25%

1.50%

1.75%

2.00%

2.25%

2.50%

2.75%

3.00%

3.25%

3.50%

3.75%

4.00%

1.0%1.3%1.5%1.8%2.0%2.3%2.5%2.8%3.0%3.3%3.5%3.8%4.0%4.3%4.5%4.8%5.0%5.3%5.5%5.8%

1y 2y 3y 4y 5y 7y 10y 15y


11

APPENDIX

Corporate bond issuance

Mar-2020 Culmulative 3M2020

Registered issuance 125 339

Registered value (VND bn) 28,079 65,061

Issuance 109 288

Issuance value (VND bn) 17,093 36,440

Average maturity (year) 3.37 3.86

Issuer 27 63

Corporate bond issuance volume in 03/2020

Corporate bond issuance volume by sectors in 03/2020

3,289

250 200 350

5,734

100

2,550 2,961

600 900

158 0 0.0 -

1,000

2,000

3,000

4,000

5,000

6,000

7,000

1 -

Y

13

- M

18

- M

2 -

Y

3 -

Y

42

- M

4 -

Y

5 -

Y

6 -

Y

6.3

- Y

7 -

Y

10

- Y

%VND Bn

Volume

0.93% 3.74%

47.31%26.90%

18.25%

2.28%0.59%

Bank

Securities Company

Real Estates

Service

Construction

Others

Manufacturing


12

Thank you for reading VBMA’s Monthly Bond Market Report. For more information, please contact:

VIETNAM BOND MARKET ASSOCIATION 14th Floor, Tower A Vincom, 19 Ba Trieu Str.,Hai Ba Trung Distr., Ha Noi

Tel: (84) 24 3974 8781 Fax: (84) 4 3974 8782

Website: www.vbma.org.vn

Disclaimer: The information and opinions in this report are those of Vietnam Bond Market Association (VBMA) research activity. VBMA does not make any representation or warranty, express or implied, as to the fairness, accuracy, or completeness. While all reasonable care has no representation as to its accuracy or completeness and it should not be relied upon as such. VBMA accepts no liability whatsoever for any loss arising from use of this report or its contents. This report is being supplied solely for informational purposes and may not be reproduced, distributed or published by recipient for any purpose.

Documents

BOND MARKET REPORT · CTCP ĐẦU TƯ IDJ VIỆT NAM Done Private 24/04/2020 3 10.0 13.00% 26 NH TMCP ĐẦU TƯ VÀ PHÁT TRIỂN VIỆT NAM Done Private 27/04/2020 6 2,300.0 7.50%