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Bonds post biggest weekly gain in six months   2009-07-18 - Bloomberg

Vietnam’s benchmark bonds had the biggest weekly gain in nearly six months on speculation lenders are putting more cash into state debt after the central bank asked them to limit lending.

 

The currency was little changed.

State Bank of Vietnam Governor Nguyen Van Giau this week asked commercial banks to curb lending to companies that are not producing goods that are essential for the economy. Vietnam reported credit growth of 17.5 percent in the first half from the same period last year.

“Banks are steering their investments to government bonds to profit from the deposits they have raised,” said Huynh Thi Thanh Van, the Ho Chi Minh City-based head of the capital market division at the securities unit of Saigon Thuong Tin Commercial Joint-Stock Bank. “Lending in the coming time will be more difficult with tightening credit criteria.”

The yield on the government’s five-year notes dropped 20 basis points this week to 9.54 percent, according to a daily fixing price from about 10 banks compiled by Bloomberg. That’s the biggest decline since the five days ended January 23. A basis point is 0.01 percentage point.

The dong traded at 17,808 per dollar as of 4:04 p.m. local time, versus 17,806 at the end of last week, according to data compiled by Bloomberg. The central bank fixed the reference rate at 16,961 Friday, according to its website. The currency is allowed to trade up to 5 percent on either side of the set rate.


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