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Corporate bond offerings slumped to VND26.9tn, -53% mom, -3.2% yoy in Nov, prompting to VND547.2tn, +52.1% yoy in 11M21. Commercial banks and security firms subscribed 27.4%/36.3% in Nov, and 28%/42% in 11M21. Since commercial banks constituted 33% of total Real Estate bond subscription and 70% of total Real Estate bond offerings aimed to refinance, to leveraged buyout, and expand, we estimate a 20-21% of total bond issuance could be hit by this circular 16.

In overall, the corporate bond market was quiet in Oct 2020. Issuing value dropped by 35% compared to Sep 2020. Accumulated 10M20, about VND357tn worth of corporate bonds were issued, up 26% YoY as well as corporate bond rate has increased slightly in 2020