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 Vietnam Bonds Rise as Faltering Credit Growth Spurs Bank Buying

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1alaskan
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PostSubject: Vietnam Bonds Rise as Faltering Credit Growth Spurs Bank Buying   Thu Apr 26, 2012 4:29 pm

Vietnam Bonds Rise as Faltering Credit Growth Spurs Bank Buying

VietFinanceNews.com - Vietnam’s benchmark five-year bonds rose for an eighth day, the longest run of gains since June 2010, on speculation banks are buying more government debt as credit growth falters. The dong weakened.

Commercial bank lending in Vietnam fell 1 percent in the first quarter, according to an April 11 government statement. Lenders should consider extending debt repayment periods for borrowers who may miss deadlines but will be able to repay the debt later, the State Bank of Vietnam said in a statement on its website late yesterday.

“Credit growth is not strong, that’s why most of the banks want to invest in bonds and keep their money safe,” said Nguyen Duy Phong, a Ho Chi Minh City-based analyst at Viet Capital Securities Co.

Five-year bond yields fell three basis points or 0.03 percentage point, to 10.82 percent, according to a daily fixing rate from banks compiled by Bloomberg. That’s the lowest level since November 2010.

The dong traded 0.4 percent weaker at 20,853 per dollar as of 3:54 p.m. in Hanoi, according to data compiled by Bloomberg. The State Bank of Vietnam set its reference rate at 20,828, unchanged since Dec. 26, according to its website. The currency is allowed to trade up to 1 percent on either side of the rate. (Bloomberg)

http://www.vietfinancenews.com/2012/04/vietnam-bonds-rise-as-faltering-credit.html

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