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MB Securities’ March 2026 Bond Market report says maturities pressure on corporate bonds is rising sharply in the second quarter, as issuance accelerates in the first quarter and a large volume of bonds comes due in Q2.
MBS Research estimates that the cumulative value of corporate bonds issued in the first three months of 2026 reached 40.1 trillion dong, up 60% year-on-year.
In March alone, corporate bond issuance totaled 31.6 trillion dong, which was 9.4 times February’s level and up 84% year-on-year.
MBS Research estimates that about 58 trillion dong of corporate bonds will mature in Q2 2026, up 140% from the same period. The 10-year government bond yield continues to trend upward and is currently 4.21% per year.
Corporate bond issuance was active in March, led by the Real Estate sector, which accounted for 75.2% of issuance, equivalent to 23.8 trillion dong. This compares with about 270 billion dong in the first two months of the year.
Issuance by the Banking sector rose 80.6% from February to nearly 6 trillion dong, representing 18.8% of total monthly issuance.
By issuance method, private placements returned to dominance with total value of 25.5 trillion dong (accounting for 80.7%). Public bond issuance still mainly came from banks.
The weighted-average yield on corporate bonds in the first three months of 2026 is estimated at about 7.9%, higher than 7.3% in 2025.
Real Estate had the highest issuance value in the period at 24.1 trillion dong, accounting for 60% of total issuance.
In March, the weighted-average yield fell by 3.7 percentage points from February to 7.8% per year, mainly due to a large-size bond issue by Marina Center. The issue accounted for 42.8% of the Real Estate sector’s issuance in March, with an initial coupon of only 4% per year.
The average tenor for Real Estate in Q1 was 5.9 years.
MBS notes the trend differs from the first three months of last year, when corporate bond issuance was concentrated in Banks and Securities. The Banking group accounted for 28.6% with total issuance of 11.5 trillion dong, while the weighted-average yield was 7.7% per year and the average tenor was nearly 7.7 years.
Banks with the largest issuance included HDB (4.7 trillion dong), BID (3.3 trillion dong), and CTG (2.2 trillion dong).
Activity of buybacks ahead of maturity increased in March. The value of corporate bonds bought back ahead of maturity in March reached about 7.7 trillion dong, up 265% from February, but down 22.8% versus the same period last year.
Real Estate accounted for 74% of March buybacks at about 5.7 trillion dong, mainly from Capitaland Tower with a buyback of 5.5 trillion dong.
Banks recorded buybacks of 1.7 trillion dong, up 61.6x from the same period, accounting for 22.3% of total buybacks in the month.
Cumulatively for the first three months of 2026, about 11.3 trillion dong of corporate bonds were bought back before maturity, down 59% year-on-year. Real Estate contributed 64% of buybacks, down 24.5% versus the same period.
Maturity pressure on corporate bonds is rising in Q2. On delays in payment, March recorded 9 bonds with principal/coupon delayed payments totaling nearly 4.7 trillion dong. This included two bonds with first-time delays by Aqua City Limited and Saigon Real Estate Development Limited, with total par value of 840 billion dong.
Cumulative to the end of March, the total value of bonds with overdue obligations is around 30.8 trillion dong, about 2.2% of the market’s outstanding corporate bonds.
Payment pressure is expected to rise in coming months. In April, about 28 trillion dong of corporate bonds maturing (excluding buybacks) were recorded, up nearly 250% year-on-year.
For Q2, MBS estimates about 58 trillion dong of corporate bonds will mature, up 140% year-on-year. Real Estate is expected to account for as much as 79%, equivalent to more than 46 trillion dong.
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