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Vietnam Bonds Rise on Demand for Debt as Collateral; Dong Gains  DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Vietnam Bonds Rise on Demand for Debt as Collateral; Dong Gains

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Post by lexie Wed Jan 11, 2012 11:12 am

January 11, 2012

Vietnam Bonds Rise on Demand for Debt as Collateral; Dong Gains

Vietnam’s five-year bonds gained on speculation commercial banks purchased the securities for collateral to get central bank loans. The dong rose.


“Demand for bonds on the secondary market has increased as banks need to buy the notes to use as collateral to borrow money to ensure liquidity,” said Ho Chi Minh City-based Cao Tan Phat, an analyst at ACB Securities Inc.

Lenders need more cash as depositors usually withdraw funds ahead of the Lunar New Year, or Tet, Phat said. Vietnam will celebrate the Tet festival from Jan. 23 to Jan. 27.


Yields (GGVN5YR) on five-year debt fell seven basis points, or 0.07 percentage point, to 12.47 percent as of 3:02 p.m. in Hanoi, according to a daily fixing from banks compiled by Bloomberg.


The dong gained 0.1 percent to 21,013 per dollar, according to data compiled by Bloomberg. The central bank set the reference rate at 20,828, its website showed. The currency is allowed to trade as much as 1 percent on either side of the official rate. (Bloomberg)




http://www.vietfinancenews.com/2012/01/vietnam-bonds-rise-on-demand-for-debt.html#more


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