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Analysis Reports
Stockbiz.vn analysis reports provides a comprehensive and complete analysis of the industry, business and economic issues.
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Title:
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Vietnam: Sell into the Locally-driven VND Bond rally
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Category:
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Economy
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Source:
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Citigroup Global Markets Inc.
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Sector:
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Company:
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Detail:
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Date:
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11/18/2008
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Pages:
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5
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Language:
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English
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File Type:
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Size:
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100 Kb
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How useful is this report?
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(0 ratings. You must sign in to rate.)
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Summary:
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VND bond yields have recently been underwritten at significantly lower yields, driving down secondary levels for VND bonds across the curve, now at 12-13%. For example, VDB was able to place 3-yr paper last week at 11%, 400bps lower than the previous 3yr underwriting done only 10-days earlier. While, near-term rallying could persist as inflation recedes and we think SBV will continue to ease monetary policy further, with bond yields possibly testing the 10-11% range, we are cautious on VND and would recommend investors who still have positions to sell into a VND bond rally in the 12-13% range.
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