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 Vietnam’s two-year bonds gain for a seventh day on rate outlook

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PostSubject: Vietnam’s two-year bonds gain for a seventh day on rate outlook    Thu Jul 26, 2012 7:09 pm

Vietnam’s two-year bonds gain for a seventh day on rate outlook

Vietnam’s two-year bonds on Thursday climbed for a seventh day, driving yields to the lowest level in more than two weeks, on speculation slowing inflation will increase room for interest-rate cuts. The dong was little changed.

The pace of consumer-price gains dropped to a 32 month-low of 5.35 percent in July, the General Statistics Office said on July 24. The overnight interbank deposit rate fell 66 basis points, or 0.66 percentage point, to 2.56 percent, the least since June 11, according to data compiled by Bloomberg.

“The low inflation rate means that interest rates will probably go down further to boost the economy,” said Do Hoang Quynh Trang, a fixed-income trader at Hanoi-based Ocean Commercial Joint-Stock Bank. “Bond yields will follow the downtrend in market interest rates.”
The yield on two-year notes fell three basis points to 9.5 percent, the lowest level since July 9, according to a daily fixing from banks compiled by Bloomberg.

The dong was little changed at 20,883 per dollar as of 4 p.m. Thursday in Hanoi, according to data compiled by Bloomberg. The central bank set the reference rate at 20,828, unchanged since Dec. 26, its website showed. The currency is allowed to trade as much as 1 percent on either side of the fixing.


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