According to credit rating agency S&I Ratings, the corporate bond market is recovering significantly as the issuance scale in the first half of the year increased by 67% compared to the same period last year, reaching VND258,000 billion. Banks play a leading role, contributing 75% of the issuance value, equivalent to VND193,000 billion.
The second quarter was the period when banks mobilized the most capital through bonds in the past 5 years, with about 174,000 billion VND. In June alone, nearly 50 bond offerings were successful, mobilizing approximately 72,000 billion VND.
The average interest rate on bank bonds fluctuates around 5.79% per year. Some lots have fixed interest rates below 5%, while most other lots apply floating interest rates with a margin of 1-3%.
Banks from state-owned to private sector have accelerated issuance. According to the analysis team of MB Securities Company, the organizations issuing the most bonds since the beginning of the year are Techcombank (VND37,000 billion), ACB (VND29,200 billion) and BIDV (VND17,800 billion).
"Banks increased bond issuance to take advantage of low interest rates to supplement medium- and long-term capital and increase Tier 2 capital. This helped reduce pressure on deposit mobilization and created conditions to maintain low deposit interest rates in the first half of the year," said experts from S&I Ratings.
According to Mr. Nguyen Tung Anh, Director of Credit Research and Sustainable Financial Services at FiinRatings, compliance with capital safety regulations is also an important driving force for banks to issue bonds.
FiinRatings experts believe that there are many common characteristics among banks that are mobilizing capital strongly through the bond channel. First, most banks maintain bond interest rates at 5.5% per year, a slight decrease compared to the previous period, proving that they are taking advantage of the low interest rate environment.
This expert believes that "this is quite an attractive level compared to other investment channels in the current context". He predicts that in the coming time, the interest rate level will be maintained at a stable level, unless there are major fluctuations from monetary policy or inflationary pressure.
The second common point is that the average term of bank bonds is about 4 years, suitable for medium and long-term capital needs to finance lending and investment activities.
Ultimately, most banks choose to issue privately, focusing on institutional investors with experience and market knowledge. According to him, this helps them optimize issuance costs and ensure efficiency.
Experts predict that banks will increase issuance to supplement medium- and long-term capital while credit growth remains high and deposit mobilization shows signs of slowing down. In fact, many banks have announced plans to mobilize capital from several hundred to several thousand billion through the bond channel in the near future.
Earlier this month, Agribank announced a plan to issue 10-year bonds to raise a maximum of VND10,000 billion, while LPBank plans to offer them to the public to raise VND4,000 billion.
In the middle of last month, Eximbank planned to issue 10 bond tranches in the remaining time of this year with the goal of raising VND10,000 billion. Kienlongbank is also about to issue a VND900 billion bond tranche with a first-year interest rate of 6.9%.
VnExpressSource: https://baohaiphongplus.vn/ngan-hang-tang-phat-hanh-trai-phieu-417400.html
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