Feb 2026: High issuances on few issuers

In Feb, total value of bond issuance surged 73.5% yoy but down 57.0% mom to VND4,080bn (Fig. 1), of which BID was the sole issuer in banking industry with VND4,000bn and Thien Phuc Invest was the representative of Real Estate with VND79.5bn, (Table 1).

The average coupon rate dropped to 5.3% in Feb 2026 (Fig. 3). The Real Estate coupon rate declined to 11.5%, while the banking coupon rate slid to 5.2%.

Bond tenors were 5-7 years (49.0%) and 7-10 years (49.0%), leaving 2.0% in than 3-year term (Fig 4).