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 Vietnam’s Bonds Fall as Bank Demand Declines; Dong Advances

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lexie
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PostSubject: Vietnam’s Bonds Fall as Bank Demand Declines; Dong Advances   Tue Nov 15, 2011 12:10 pm

November 15, 2011

Vietnam’s Bonds Fall as Bank Demand Declines; Dong Advances

Vietnam’s one-year bonds fell on speculation banks have fewer funds to invest in government debt. The dong gained.


“We predict the shortage of liquidity would threaten not only small banks but also big ones as residents would increasingly withdraw deposits” before the Lunar New Year, Luu Hai Yen, a Hanoi-based fixed-income analyst at Thang Long Securities Joint-Stock Co., wrote in a research note today.


Yields on one-year government debt rose three points, or 0.03 percentage point, to 12.51 percent, according to a daily fixing from banks compiled by Bloomberg.


Vietnam will celebrate new year, known as the Tet festival, from Jan. 23 to Jan. 27.


The dong rose 0.09 percent to 21,014 per dollar as of 3:23 p.m. in Hanoi, according to data compiled by Bloomberg. The central bank set the reference rate at 20,803, unchanged since Oct. 28, its website showed. The currency is allowed to trade up to 1 percent on either side of the official rate.


In the so-called black market, the dong traded around 21,370 per dollar at gold shops in Hanoi, compared with 21,380 yesterday, according to a telephone information service, known as 1080, run by state-owned Vietnam Posts & Telecommunications. (Bloomberg)




http://www.vietfinancenews.com/2011/11/vietnams-bonds-fall-as-bank-demand.html#more





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