Vietnam Dong Unchanged; Five-Year Bonds Fall as Banks Hoard Cash
Vietnam Dong Unchanged; Five-Year Bonds Fall as Banks Hoard Cash
by lexie Tue Nov 22, 2011 9:35 am
November 22, 2011
Vietnam Dong Unchanged; Five-Year Bonds Fall as Banks Hoard Cash
Vietnam’s government bonds fell on speculation banks are hoarding cash to meet rising consumer demand as the new year holidays approach. The dong was unchanged.
“Demand for bonds is low, with almost no trading as banks save funds in anticipation of increased cash demand ahead of the year-end holidays,” said Nguyen Thi Ngoc Anh, Ho Chi Minh City- based head of fixed-income trading at Asia Commercial Bank.
The yield on benchmark five-year notes rose two basis points, or 0.02 percentage point, to 12.44 percent, according to a daily fixing from banks compiled by Bloomberg. Three-year rates climbed three basis points to 12.39 percent.
The dong traded at 21,009 per dollar as of 3:30 p.m. in Hanoi, according to prices from banks compiled by Bloomberg. The State Bank of Vietnam set its reference rate at 20,803, unchanged from Oct. 28, according to its website. The currency is allowed to fluctuate by as much as 1 percent on either side of that rate. (Bloomberg)
http://www.vietfinancenews.com/2011/11/vietnam-dong-unchanged-five-year-bonds.html#more
Vietnam Dong Unchanged; Five-Year Bonds Fall as Banks Hoard Cash
Vietnam’s government bonds fell on speculation banks are hoarding cash to meet rising consumer demand as the new year holidays approach. The dong was unchanged.
“Demand for bonds is low, with almost no trading as banks save funds in anticipation of increased cash demand ahead of the year-end holidays,” said Nguyen Thi Ngoc Anh, Ho Chi Minh City- based head of fixed-income trading at Asia Commercial Bank.
The yield on benchmark five-year notes rose two basis points, or 0.02 percentage point, to 12.44 percent, according to a daily fixing from banks compiled by Bloomberg. Three-year rates climbed three basis points to 12.39 percent.
The dong traded at 21,009 per dollar as of 3:30 p.m. in Hanoi, according to prices from banks compiled by Bloomberg. The State Bank of Vietnam set its reference rate at 20,803, unchanged from Oct. 28, according to its website. The currency is allowed to fluctuate by as much as 1 percent on either side of that rate. (Bloomberg)
http://www.vietfinancenews.com/2011/11/vietnam-dong-unchanged-five-year-bonds.html#more
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