Apr 2026: Medium issuances led by Real Estate and Bank industries

In April, total value of bond issuance declined 20.1% yoy but rose 12.1% mom to VND38,235bn. The Real Estate issued VND13,776bn, -42.1% mom, and accounted for 36.0%. Major issuer was MADC (VND6,200bn) and VHM (VND6,000bn). The Banking issued VND15,100bn with -53.1% yoy, +153.3% mom and accounting for 39.5% of total issuance. TCB was the main issuer with VND6,000bn. The average coupon rate remained 5.3% in April 2026. The Real Estate coupon rate surged to 11.3%, while the banking coupon rate fell to 8.5%. Bond tenors focused on ≤ 3 Years (92.6%).