March 2025: Muted sound of real estate issuance

-In March 2024, total corporate bond issuance rose to VND17,199bn (+832% mom, -16% yoy). The Banking and Securities sectors accounted for 68%/32% of the total bond issuance (-0.37%p/+0.89%p compared to the annual average).
-Maturity pressure could rise in 2Q25