August 2026: Issuance and repurchases rebounded in August

In August, total bond issuance rebounded 98.2% mom to VND52,129bn, although it remained 14.2% lower yoy (Fig. 1). Banking issuance reached VND35,815bn, up 73.4% mom and 5.0% yoy, accounting for 68.7% of total issuance. VIB was the largest issuer with VND9,300bn, followed by Tien Phong Bank with VND5,000bn (Table 1). Real Estate issuance recovered strongly to VND11,658bn, up 288.6% mom but down 47.3% yoy, representing 22.4% of total issuance (Fig. 2). Thanh Quang was the major Real Estate issuer with VND7,000bn. The weighted average coupon rate declined to 9.46% from 9.7% in July (Fig. 3), with Banking and Real Estate averaging 8.95% and 11.12%, respectively. Bond tenors shortened in August, with maturities of 3 years or less accounting for the largest share at 48.1%, followed by 3–5 years at 24.5% and 5–7 years at 20.5% (Fig. 4).