July 2026: Bond Issuance and Repurchase Value in July Fell

In July, total value of bond issuance declined 80% mom and -42% yoy reached to VND26,295bn (Fig. 1). The Banking issued VND20,656bn with -63% yoy, and accounted for 78%. Major issuer was HDBank (VND7,106bn, Table 1) and Sacombank (VND3,650bn). The Real Estates issued VND3,000 with +173% yoy, -95% mom and accounting for 11.4%, held the second place of total issuance (Fig. 2). VHM was the main issuer with VND3,000bn. The average coupon rate still remained 5.3% in Jul 2026 (Fig. 3). The Real Estate coupon rate hiked to 12.5%, while the banking coupon rate edged up to 9.0%. Bond tenors were focus on 5 – 7 Years tenor (46.66%) (Fig 4).