Banks led the bond market recovery in November.

The corporate bond market is booming.

During the month, the entire market saw 24 private bond issuances, totaling VND 19,608 billion. The banking sector continued to dominate with over VND 11,300 billion, equivalent to over 57% of the total issuance value. This is seen as a signal that credit institutions are strengthening their medium- and long-term capital sources to meet capital adequacy requirements and enhance their resilience to economic fluctuations.

Among these, VIB led with 3,000 billion VND in issued bonds; OCB followed with 2,500 billion VND; HDBank reached 1,800 billion VND; VPBank and MSB both recorded 1,000 billion VND. Compared to the general market, bank bond interest rates continued to be lower than those of non-bank businesses, reflecting high creditworthiness and a sustainable financial structure.

Following the banking sector is the real estate sector, with a total issuance value of VND 5,130 billion in November. However, this group still had to accept high interest rates, ranging from 9% to 10.3% per year. Large issuances belonged to May - Diem Saigon (VND 1,470 billion), Vipico (VND 1,500 billion), Nam Quang (VND 1,500 billion), and Becamex IDC, which had the highest interest rate this month, reaching 10.3% per year for a VND 660 billion issuance.

In the first 11 months of the year, the total value of privately placed bonds issued reached VND 460,679 billion, while public issuances reached VND 50,583 billion. Despite the rebound in issuance, debt restructuring pressure remains significant, as businesses repurchased VND 11,144 billion worth of bonds ahead of schedule this month, a 2% increase compared to the same period in 2024. It is projected that VND 28,082 billion will mature in the last month of 2025, and this figure is expected to increase sharply to VND 210,919 billion in 2026.

The market also recorded three bond issues with delayed principal and interest payments totaling VND 287 billion during the month. However, liquidity in the secondary market improved significantly, with trading value reaching VND 110,470 billion, averaging VND 5,524 billion per session, a 25% increase compared to October. This development reflects a more stable investor sentiment and a stronger return of capital.

Regarding upcoming issuance plans, BAF Vietnam Agriculture Joint Stock Company plans to offer up to VND 1,000 billion in non-convertible, unsecured bonds with a 3-year maturity and a fixed interest rate of 10% per annum. BIDV is also preparing to issue up to VND 9,000 billion in bonds in Q4/2025, with a minimum maturity of 5 years and a combination of fixed and floating interest rates, in order to increase its long-term capital sources.

Alongside the corporate bond market, government bond auctions were also active in November. The Hanoi Stock Exchange (HNX) held 23 auction sessions, raising 29,540 billion VND; of which the State Treasury raised 23,490 billion VND, and the Vietnam Bank for Social Policies raised 6,050 billion VND. Cumulatively over 11 months, the State Treasury has raised 306,919 billion VND, reaching 61.38% of its annual plan. The 10-year maturity accounted for the largest share at 81.35%, equivalent to 19,110 billion VND. Winning interest rates for 5-year and 10-year maturities increased slightly to 3.16% and 3.86%, respectively.

On the secondary market, the volume of government bond listings reached VND 2,494,860 billion, an increase of 1.05% compared to the previous month. However, liquidity decreased, with the average trading value at only VND 12,629 billion per session, down 25.12% compared to October. Foreign investors accounted for 2.52% of transactions and made net purchases of VND 299 billion during the month.

The Hanoi Stock Exchange (HNX), in coordination with relevant units, organized the Conference to review the activities of the bond market in 2025. The conference focused on evaluating the results of auctions, developments in the secondary market, the corporate bond market, and the orientation for 2026. Many obstacles were addressed by the regulatory authorities to support the market in operating more effectively in the coming period.

Overall, the leadership of the banking sector helped the corporate bond market maintain its positive recovery momentum in November. However, significant maturity pressures in the next two years, along with high interest rates in the real estate sector, suggest that the market will continue to be highly polarized, requiring investors to pay more attention to the financial capacity and transparency of each issuer.

Source: https://thoibaonganhang.vn/ngan-hang-dan-dat-da-hoi-phuc-thi-truong-trai-phieu-thang-11-174953.html