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State bond auction raises $254.7m
The State Treasury mobilised $254.7 million from auctioning government bonds through the Hanoi Stock Exchange on 13th, May
Of that figure, two-year bonds earned VND2 trillion ($96 million) at an interest rate of 7.13 per cent a year, three-year bonds $96 million at 7.5 per cent a year and VND1.35 trillion ($64.9 million) for a five-year term at 8.45 per cent, per year.
The total bidding volume of this auction is up to VND7 trillion ($336.5 million) including VND 2 trillion for two and three-year bonds and VND3 trillion for five-year bonds.
Until now, the State Treasury has mobilised more than VND73.27 trillion ($3.52 billion) via bidding this year.
Analysts predicted that demand for government bonds would remain high as local commercial banks, which are the major bond buyers, find it more profitable to hold bonds than to lend in the interbank market now.
In the first four months of 2013 year, the banking system booked a modest 1.4 per cent credit growth, much lower than the target of 12 per cent that the state bank entrusted for big banks for this year.
"In the current situation of stable liquidity of Vietnam dong, sluggish credit, and low interest rate in inter-bank market, government bond is still attractive to investors," said a bank treasury department representative
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