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Bond issuance in March was vibrant, led by the real estate sector. According to MBS statistics, the corporate bond market recorded total issuance of 31.6 trillion VND, nearly 9.4 times higher than February and up 84% year-on-year.
The real estate sector accounted for 75.2% of March’s issuance value, equivalent to 23.8 trillion VND, rising sharply from 0.27 trillion VND in the first two months of the year.
Issuance from the banking group also increased, up 80.6% versus February to nearly 6 trillion VND, representing 18.8% of the month’s total.
In terms of issuance method, private placements returned to dominance, with total issuance of 25.5 trillion VND, or 80.7% of the month’s total. Publicly issued bonds were mainly from banks.
Year to date, total corporate bond issuance reached 40.1 trillion VND, up 60% from the same period. The weighted average coupon rate for corporate bonds in the first three months of 2026 was about 7.9%, higher than 7.3% in 2025.
Real estate remained the largest sector by issuance value, at 24.1 trillion VND and 60% of the total. In March, the weighted average coupon rate for real estate fell by 3.7 percentage points from February to 7.8% per year, mainly due to a large block of bonds issued by Marina Center Investment Co., Ltd (accounting for 42.8% of the group’s issuance in the month) with an initial interest rate of 4% per year.
The average tenor for the real estate group in Q1 was 5.9 years. The entities with the largest issuance year-to-date were: Marina Center Investment Co., Ltd (10.2 trillion VND), New Era TT Joint Stock Company (8.0 trillion VND), and Phat Dat Real Estate Investment and Development Co., Ltd (5.6 trillion VND).
This pattern contrasts with the first three months of last year, when all corporate bond issuance was concentrated in the banking and securities groups.
In the current period, the banking group accounted for 28.6% with total issuance value of 11.5 trillion VND. The weighted average coupon rate was 7.7% per year, with an average tenor of nearly 7.7 years. The banks with the largest issuance were HDB (4.7 trillion VND), BID (3.3 trillion VND), and CTG (2.2 trillion VND).
The value of corporate bonds repurchased before maturity in March reached about 7.7 trillion VND, up 265% from the previous month but down 22.8% year-on-year.
Real estate accounted for 74% of buybacks, with a repurchase value around 5.7 trillion VND, mainly driven by a buyback of 5.5 trillion VND by Capitaland Tower.
The banking group recorded buybacks of 1.7 trillion VND (up 61.6x versus the same period), accounting for 22.3% of total buybacks in the month. In the first three months of 2026, about 11.3 trillion VND of corporate bonds had been bought back before maturity, down 59% versus the same period, with real estate contributing 64% of buybacks (down 24.5% versus the same period).
In terms of late payments, March recorded 9 bonds with principal/interest payment delays totaling nearly 4.7 trillion VND. Among them, two bonds were disclosed as first-time delays by Aqua City LLC and Saigon House Real Estate Development LLC, with a total face value of 840 billion VND.
By the end of March, the total value of corporate bonds in default was about 30.8 trillion VND, equivalent to about 2.2% of the market’s outstanding corporate bond debt.
According to MBS, repayment pressure is expected to rise significantly in the coming months. In April, around 28 trillion VND of corporate bonds are expected to mature after excluding buybacks, up about 250% year-on-year. In Q2, around 58 trillion VND of corporate bonds are expected to mature, up 140% year-on-year, with real estate accounting for as much as 79%—more than 46 trillion VND.
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