Government bond interest rates have fallen again after nearly a year of strong increases.

Specifically, bonds issued in January had terms of 10 years and 15 years, with proportions of 49.74% and 50.26%, respectively. Winning interest rates of Government bonds issued by the State Treasury at terms of 10 years and 15 years decreased continuously over the sessions. At the end of the month, the mobilization interest rates for terms of 10 years and 15 years were 4.36% and 4.56%, respectively, down 29 points and 24 basis points, respectively, compared to the last session of the previous month. Thus, after a period of continuous increase in mobilization interest rates from February 2022 to present, reaching the highest level of 4.9%/year in December 2022, there has been a downward trend in January 2023.

Notably, the secondary market for government bonds (G-bonds) in January 2023 had a total trading value of VND 65,790 billion, an average of VND 3,549 billion/session, down 9.48% compared to December 2022, of which Outright transactions accounted for 53.74% of the total trading value of the whole market, the rest were Repos transactions.

The average trading yield of Government bonds issued by the State Treasury increased the most in the 15-20 year and 1 year terms, currently reaching an average yield of about 4.91% and 4.50% respectively; the average yield decreased the most in the 2-year and 20-25 year terms, currently reaching an average yield of about 4.17% and 5.01% respectively, showing the opposite upward and downward trends of debt instrument trading yields.

In terms of maturity, medium and long-term maturities are the most traded maturities in the entire market, concentrated in maturities of 10 years, 7-10 years, and 10-15 years with respective proportions of 20.18%; 19.11% and 12.85%. For Outright transactions, maturities of 7-10 years, 10 years and 20-25 years have the largest trading proportion. For Repos transactions, maturities of 10-15 years and 10 years are the most traded. The above statistics show that the market mainly trades medium and long-term debt instruments of 7 years or more./.

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