Nov 2025: Lower issuances, Higher maturity pressure

The issuances from major sector significantly declined

• In Nov 2025, the total value of bond issuance slightly increased to VND34,213bn (Fig.1), -6% yoy and -48% mom.
• The Banking issued VND18,242bn with -28% yoy and accounting for 53% of total issuance (Fig. 2). The top issuers were Orient Bank (VND2,500bn), Techcombank (VND2,250bn), BID (VND1,958bn, Table 1).
• The real estate critically issued VND9,410bn, a +104% yoy, and accounted for 28% in Nov. Major issuers were Thai Son Investment (VND4,000bn) and Viphico (VND2,280bn, Table 1).
• In Nov, the average coupon broke the new record of 8.3%, +0.2%p mom in this year (Fig. 3). The banking rate remained the same at 6.5%, while the real estate rates edged up to 11%.
• 91% of the bond maturity were less than 3 years, 8.95% focused on 3-5 years, 11.70% had a term of 5-7 years, 22.01% had a term of 7-10 years and 0.44% had bond maturity higher than 10 years (Fig. 4).

Banking repurchase value continues to be dominated

• Nov bond repurchase continuously dropped to VND16,841bn, -52% mom, +54% yoy (Fig. 5), mainly driven by Banking sector, contributing 71%, including:
  • Techcombank bought back total of VND3,700bn and accounting for 22% of the month’s total buyback value.
  • ABBank bought back VND2,000bn bonds, representing 11.8% of the total buyback value in Nov.
  • Bac A Bank spent VND2,000bn on buyback activity, accounting for 11.8% of the total buyback value in Nov (Table 4).

Maturity pressure is trending upward in December

• The total value of late payments in Nov increased to VND424bn, +366% mom and -48% yoy. This included VND197bn in late principles payments and VND226.6bn in late interest payments (Fig. 7).
• Sun Valley faced the highest bond maturities, which will be VND3,560bn in Dec (Table 6).
• Corporate bond maturities in Dec are projected to reach VND24,042bn, 6 times higher than previous month (Fig. 8), with the Real Estate sector accounting for 42% and the Banking only at 15% of the total. Manufacturing sector ranked second highest 17%, while Energy surged to 9% (Fig. 9).