Fixed income
09
March
SBV returns to net liquidity injection amid cooling interbank rates
In 10W26, the SBV returned to a net liquidity injection by rolling over repo contracts to prevent system tightening, while interbank rates eased as funding demand stabilized. On the FX...
02
March
SBV withdraws liquidity amid diverging interbank rates
In 9W26, the SBV shifted to a substantial net liquidity withdrawal to absorb the excess funds returning to the banking system after the heavy net injections prior to the Lunar...
23
February
SBV continue to injects liquidity ahead of Tet holiday
This week, the SBV maintained net liquidity injections, albeit at a moderate level, as the Tet holiday approaches. On the interbank market, short term rates eased alongside lower trading volume,...
13
February
Jan 2026: The lowest issuances
- In Jan 2025, the total value of bond issuance dropped to VND3,711bn (Fig.1), -33% yoy and -96% mom. - The Banking issued VND2,221bn with -58% yoy and accounting for...
09
February
SBV conducts aggressive liquidity injections ahead of Lunar New Year
This week, the SBV maintained strong net liquidity injections as funding demand intensified ahead of the Lunar New Year holiday. On the interbank market, rates heated up amid surging demand,...
02
February
SBV shifts to net injection
This week, the SBV returned to a net liquidity injection stance after three consecutive weeks of withdrawing funds from the system. On the interbank market rates continued to trend upward...
26
January
SBV mantains to net withdrawal
In the fourth week of 2026, the SBV continued to withdraw liquidity from the banking system, primarily by allowing previously injected repo contracts to mature, thereby reducing outstanding balances. Specifically...
20
January
SBV continues to net withdrawal
This week, the SBV continued its net liquidity withdrawal via OMO as liquidity pressure in the banking system eased. On the interbank market, the interbank curve flattened, with short tenor...
16
January
Dec 2025: Higher issuances, Lower maturity pressure
The issuances from major sector significantly expanded In Dec 2025, the total value of bond issuance surged to VND84,355bn (Fig.1), 3% yoy and 140% mom. The Banking issued VND56,859bn with...
Featured Analysis
Market commentary: Green returns
Covered warrant: Liquidity continues to increase
Derivatives: Bearish sentiment
Market commentary: Broad-based selling pressure
SBV returns to net liquidity injection amid cooling interbank rates
Market commentary: Negative developments
Chart of the day: Testing the early-year low
