March bond issuance exceeds VND 16.3 trillion as corporate bond market rebounds

March 2026 showed clear signs of recovery in Vietnam’s corporate bond market (TPDN), with total successful issuances exceeding VND 16.3 trillion, rising sharply versus the first two months of the year. Data compiled by the Vietnam Bond Market Association (VBMA) from the Hanoi Stock Exchange (HNX) and the State Securities Commission (SSC) indicate that issuance activity returned to the bond channel as capital demand remained active.

Issuance in March and Q1 2026

As of March 31, 2026, the market recorded three private placements totaling 11,616 billion dong and two public offerings worth 4,695 billion dong.

For Q1 2026, private placements totaled 11,885 billion dong, while public offerings reached 12,917 billion dong. In March alone, issuance accounted for about two-thirds of the year’s total, reflecting a stronger month of fundraising.

Key private placement deals

March issuance involved participation from institutions across finance, banking, real estate, and securities. Notable private placement transactions included:

• EVF (Công ty Tài chính Tổng hợp Cổ phần Điện lực): private placement of VND 450 billion, 8-year tenor, fixed coupon of 8.5% per year.
• Marina Center Investment Co., Ltd.: private placement of up to VND 10,195.5 billion, 10-year tenor with a floating-rate structure. The coupon starts at 4% per year, increases to 8.5% per year, and thereafter is determined by the 12-month deposit rate of Vietnam’s state-owned bank group (VCB, BIDV, VietinBank, Agribank) plus a 3% per year margin.

Public issuance and coupon structures

On the public issuance channel, HDBank (HoSE: HDB) conducted two bond tranches totaling over VND 4,600 billion, with 7-year and 8-year tenors. The coupon is floating, indexed to the 12-month deposit rate of large banks plus a 2.5–2.7% per year margin.

MB Securities (HoSE: MBS) mobilized VND 970 billion via private placement with a 2-year tenor. The first two coupons were set at 7.4% per year, with subsequent periods adjusted to the reference rate plus a 2.2% per year margin.

Repurchases, maturities, and payment delays

In the opposite direction, companies repurchased about VND 6,298 billion of bonds ahead of maturity in March, down 37% year-on-year, suggesting continued cash-flow pressure amid high funding costs.

Additionally, the volume of bonds maturing in the remaining nine months of 2026 is estimated at nearly VND 176,000 billion, which could create substantial pressure on issuers’ ability to meet obligations, particularly in the real estate sector.

The market also recorded 10 bonds with delayed interest or principal payments totaling VND 2,205 billion in March, indicating that risk has not been fully eliminated.

Secondary market activity

Trading of privately placed TPDN improved on the secondary market, with total value reaching VND 151,283 billion. The average value per session was VND 6,877 billion, up 63% from the previous month.

Plans for new bond issues

With financing demand still high, some companies have announced plans for additional issuance:

• CTCP Thành Thành Công - Biên Hòa (HoSE: SBT): expected to offer convertible bonds to the public with a maximum size of nearly VND 1,000 billion, 2-year tenor, and 9.5% per year coupon.
• CTCP Chứng khoán Rồng Việt (HoSE: VDS): plans to issue privately up to VND 300 billion in bonds, with a 1-year tenor and 8.5% per year coupon.