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Bonds gain on interbank rates
Vietnam’s five-year bonds rose on speculation investors bought debt with cheaper funds after money-market rates dropped. The dong was little changed.
“Interest rates have fallen today in the interbank money market” as cash supply is “a bit higher,” said Tran Kieu Hung, a Hanoi-based trader at Bank for Investment & Development of Vietnam, known as BIDV.
The yield on the five-year note slid 12 basis points to 9.72 percent, according to a daily fixing price from banks compiled by Bloomberg. A basis point is 0.01 percentage point.
The overnight interbank deposit rate was 6.10 percent Wednesday, compared with 6.42 percent on Tuesday, bank fixings show.
The trend for the yield is to be “stable” in the next couple of weeks, according to Hung. The rate jumped to 9.84 percent on Tuesday, its highest level this year.
Vietnam’s dong traded little changed at VND17,816 per dollar as of 3:04 p.m. in Hanoi, versus VND17,814 late Tuesday.
The State Bank of Vietnam fixed the reference rate at VND16,968 Wednesday, compared with VND16,969 on Tuesday, its website showed. The currency is allowed to trade up to 5 percent on either side of the set rate.
thanhnien, bloomberg
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