Mar 2026: High issuances led by the real estate industry

In March, the total value of bond issuance rose 73.9% yoy and x7.3 mom to VND29,910bn, of which MARC was the main issuer with VND10,195.5bn and NTJ with VND8,000bn.

The Real Estate issued VND23,796bn, a +298% mom, and accounted for 79.6%. The major issuer was MARC (VND10,195.5bn).

The Banking issued VND4,694bn with -59.9% yoy and accounting for 15.7% of total issuance. HDB was the sole issuer.

The average coupon rate remained 5.3% in March 2026. The Real Estate coupon rate declined to 7.8%, while the banking coupon rate rose to 9.0%.

Bond tenors were 7-10 years (43.7%), and lower than 3-5 years (26.7%).