Govt bond sale fails, more deals planned
13-OCT-2008 Intellasia | Reuters
Oct 13, 2008 - 7:04:00 AM
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State-run Vietnam Development Bank failed to sell any government debt in an auction of three-year and five-year bonds worth a combined 600 billion dong, the Hanoi stock market said on Friday.
No bidders emerged for the five-year debt worth 300 billion dong while one bidder sought the three-year debt at 18.5% to 19%, well above the 15% ceiling the bank was prepared to accept, the exchange said in a statement.
At the last successful government debt auction on September 26, the bank, which sells debt on behalf of the government, raised 85 billion dong by selling 15-year bonds to three bidders at an annual yield of 15%.
In a separate statement, the exchange said the bank planned an auction on October 17 to offer three-year and five-year bonds, each worth 300 billion dong for issue on October 21.
Proceeds often fund the construction of highways, bridges and state projects.
The State Treasury also plans to sell 300 billion dong worth of two-year bonds on October 16.
Fixings for three-year government bond yields stood at 16.72% on Friday, up from 16.36% a week ago, and that on five-year debt also edged up to 16.12% from 15.88% on October 3.
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