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Treasury unable to sell VND1 trln worth of bonds on interest rate
The State Treasury failed to sell VND1 trillion (US$57.2 million) in two- and five-year bonds Thursday after investors demanded higher returns than the government was prepared to pay.
The government offered a coupon of as high as 7.3 percent for the securities, which were put up for auction at the Hanoi Securities Trading Center, according to an e-mailed statement from the exchange. Bidders sought an interest rate of between 8.5 and 9.2 percent, it said.
“Investors expected bond yields to rise as there are more sellers than buyer these days,” said Le Duc Tho, head of the investment department at Hanoi-based Vietnam Bank for Industry and Trade, the country’s fourth-biggest bank.
The yield on the benchmark five-year note fell 0.09 percent, the most since February 13, to 9.1 percent, according to a daily fixing price from about 10 banks compiled by Bloomberg.
The dong was little changed at VND17,484.50 per dollar, versus VND17,477.50 Wednesday, according to a daily fixing price from banks compiled by Bloomberg.
Bloomberg, thanhnien
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