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Vietnam’s bonds rise first day in three; dong little changed   2009-10-21 - Bloomberg

Vietnam’s government bonds rose for the first time in three days on speculation local lenders are favoring the securities because they can use them as collateral to borrow from the central bank. The dong held steady.



“Many banks don’t want to sell bonds now since it’ll be more profitable if we keep the notes to get cash from the central bank via open-market-operation and then lend the cash in the interbank money market,” said Nguyen Thanh Hieu, a Hanoi- based bond dealer at Vietnam Technological & Commercial Joint- Stock Bank, known as Techcombank.

The overnight interbank deposit fixing rallied for a third day, to 6.35 percent Wednesday, compared with 6.24 percent Tuesday, according to data compiled by Bloomberg. Increases in the rate have spurred bond holders to get more cash for lending, according to Hieu.

The yield on the five-year note declined five basis points to 10.07 percent, according to a daily fixing price from about 10 banks compiled by Bloomberg. A basis point is 0.01 percentage point.

The dong traded at 17,854 per dollar as of 4:15 p.m. in Hanoi, unchanged from Tuesday, according to prices from banks compiled by Bloomberg.

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