Fixed Income February 2022 - Interbank interest rates hit nearly two-year high

In February, the Vietnam State Treasury (VST) issued VND9.38tn (USD411mn) — equivalent to only 40% of the amount issued in the previous month (VND23.1tn/USD1.0bn). Since the beginning of 2022, the VST has issued VND32.5tn (USD1.42bn) of G-bonds, which has only fulfilled 30.9% of the Q1 2022 issuance target and 8.1% of the annual plan. Meanwhile, VND13.6tn (USD595mn) of G-bonds expired in 2M 2022, leading to a net issuance of VND18.9tn (USD829mn) vs -VND2.9tn (-USD126mn) in 2M 2021.

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