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Vietnam Bonds Gain on Speculation Banks Are Buying; Dong Stable Empty Vietnam Bonds Gain on Speculation Banks Are Buying; Dong Stable

Post by lexie Tue Mar 13, 2012 5:38 pm

March 13, 2012


Vietnam Bonds Gain on Speculation Banks Are Buying; Dong Stable

Vietnam’s two-year government bonds rose the most in a week on speculation banks have more cash to invest in debt securities. The dong was stable.

Lenders’ cash ava.ilability has “significantly improved” as the State Bank of Vietnam’s purchases of foreign currencies since the start of 2012 injected dong into the financial system, Governor Nguyen Van Binh told reporters yesterday.

“Banks have extra cash but couldn’t lend much” as the central bank is limiting lenders’ credit growth at 17% this year to slow inflation, according Nguyen Duc Hai, Ho Chi Minh City- based portfolio manager at Manulife Asset Management. “They buy more bonds then.”

The yield on the government’s two-year notes dropped seven basis points, the most since March 7, to 11.47 percent, according to a daily fixing from banks compiled by Bloomberg. The yield on three-year bonds fell five basis points, or 0.05 percentage point, to 11.46 percent.

The dong traded at 20,830 per dollar as of 3:40 p.m. in Hanoi, unchanged from yesterday, according to data compiled by Bloomberg.

The central bank set the daily 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/2012/03/vietnam-bonds-gain-on-speculation-banks.html#more



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