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Vietnam state lender to sell VND3 trillion bonds   2010-01-21 - Reuters

State-run Vietnam Bank for Social Policies is to sell two-year bonds to raise VND3 trillion (US$162 million) next week, the Hanoi stock exchange said.

The Hanoi-based lender will auction bonds due January 2012 on Jan. 25 and the debt will be underwritten by the government, the exchange said in a statement about the first bond auction this year. The debt will trade on the Hanoi market.

At its last debt auction in August, the lender failed to sell any of its two-year debt on offer because the yields offered of between 9.5 percent and 10.6 percent were higher than the ceiling of 9.1 percent the bank was prepared to accept.

The bank is one of Vietnam’s two state-run policy lenders. It lends to the poor under the government’s poverty reduction drive. The country wants to cut the number of poor families to below 9.5 percent of the population this year from 11.3 percent in 2009.

The two-year government bond yield was fixed at 10.5839 percent on Tuesday, up from 10.5188 percent on Monday, according to Reuters data.

The government is expected to sell bonds worth VND66 trillion ($3.6 billion) this year, up 22 percent from the estimated total in 2009, Dau Tu (Investment) newspaper, run by the Planning and Investment Ministry, reported on Wednesday.

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