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Bond yields to fall to match lower bank rates   2009-02-03 - Reuters

Government bond yields are expected to fall by half a percent to around 7 percent in the next month, in line with the central bank's lower base rate, bankers said Monday.


They said market participants showed interest in buying one-year bonds at around 7.4-7.5 percent on Monday, a fall of around 1.2 percent from last Friday.

"The consensus is that by the end of February the yield will head down toward 7 percent before it can stabilize given the lower base rate and strong demand to buy in government-backed debt," a Hanoi-based bond dealer said.

On Sunday the central bank slashed the base rate by 1.5 percent to 7 percent, a move widely expected as the government stepped up efforts to spur borrowing and the economy in the face of the global slowdown.

Commercial banks have been cutting interest rates on dong deposits to as low as 6.5 percent, making government bonds more attractive, bankers said.

The partly-private Military Bank said Monday it has slashed interest rates on all term deposits by 0.55 to 1 percent this week.

The highest interest rate now stands at 7.5 percent per year for 12-month deposits, down from 9-10 percent a month ago, it said.

On the interbank market, fixing on overnight dong loans was at 5.03 percent, from 6.01 percent last Friday and 7 percent before the Lunar New Year holidays which ended last week, an indication of strong dong fund availability in the banking system.

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