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 Vietnam five-year bond yields climb to 10-week high before sale

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PostSubject: Vietnam five-year bond yields climb to 10-week high before sale   Wed Jul 18, 2012 3:20 pm

Vietnam five-year bond yields climb to 10-week high before sale

Vietnam’s five-year bonds fell, pushing the yield to the highest level in more than 10 weeks, on speculation the government’s borrowing costs will rise as it sells more debt. The dong was steady.

The State Treasury will auction VND2 trillion ($96 million) of 2017 notes and VND1 trillion of 2014 securities on Thursday, according to a statement on the Hanoi Stock Exchange’s website. The Treasury sold VND500 billion of five-year debt at 9.9 percent on July 12, according to the exchange, compared with 9.6 percent paid at the previous offer of similar-maturity bonds on July 5.

“At the last auction, the Ministry of Finance increased the rate, that’s why the yield is going up,” said Pham Phuong Lan, the Hanoi-based head of fixed-income and currency trading at the Bank for Investment & Development of Vietnam.

The yield on benchmark five-year bonds rose two basis points, or 0.02 percentage point, to 10.12 percent, according to a daily fixing rate from banks compiled by Bloomberg.

The dong traded at 20,850 per dollar as of 5:33 p.m. Wednesday in Hanoi, compared with 20,853 on Tuesday, 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.


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