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VIETNAM Vietnam Bonds Rise on Bank-Demand Speculation; Dong Steady DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

VIETNAM Vietnam Bonds Rise on Bank-Demand Speculation; Dong Steady

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VIETNAM Vietnam Bonds Rise on Bank-Demand Speculation; Dong Steady Empty VIETNAM Vietnam Bonds Rise on Bank-Demand Speculation; Dong Steady

Post by 1alaskan Tue May 15, 2012 12:57 pm

Vietnam Bonds Rise on Bank-Demand Speculation; Dong Steady

VietFinanceNews.com - Vietnam’s five-year bonds rose for a 20th day, the longest winning streak since July 2006, on speculation lenders have more cash to invest in government debt. The dong was steady.

The total amount of outstanding commercial loans dropped 1.71 percent as of April 16 from the end of 2011, Cafe F, an online news service, reported last week, citing the National Financial Supervisory Commission. Vietnam’s monetary authority announced in February that it was limiting business lending.

“Small- and mid-sized banks have rushed to buy bonds as they sold most of their debt portfolios last year when they faced liquidity issues,” said Nguyen Duy Phong, a Ho Chi Minh City-based analyst at Viet Capital Securities Co. “Now that liquidity has improved and lending is sluggish, they are interested in purchasing.”

The yield on the five-year bonds fell seven basis points, or 0.07 percentage point, to 9.49 percent, according to a daily fixing from banks compiled by Bloomberg. That was the lowest level in 34 months.

The dong was steady at 20,850 per dollar as of 4:21 p.m. in Hanoi, according to data compiled by Bloomberg. The central bank set the currency’s 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 official fixing. (Bloomberg)

http://www.vietfinancenews.com/2012/05/vietnam-bonds-rise-on-bank-demand.html

*****************
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