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Vietnam Weekly Bond Market & Indexes

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WOORI CBV Securities JSC

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VIETNAM WEEKLY BOND MARKET& INDEXES

1. Headlines

2. Vietnam Macro Indicators

3. Vietnam Bond Market

4. Auction information

5. Comments & Recommendation

CONTENTS


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VIETNAM MACRO INDICATORS

Date Sep/2011 Sep/2010 Pct change

GDP (Bill VND) 1,710,214 1,364,196 25.36%

CPI 135.74 110.88 22.42%

Export (Mill USD) 70,028 51,500 35.98%

Import (Mill USD) 76,870 60,080 27.95%

Trade Deficit (Mill

USD)-6842 -8453 -19.06%

FDI

(ThousandUSD)8,237,769 11,406,500 -27.78%

Macro Indicators

Date Nov-2011 Oct-2011 Pct change

CPI 136.76 136.23 0.39%

Export (Mill USD) 9,132 8,004 14.09%

Import (Mill

USD)9,646 9,552 0.98%

Trade deficit (Mill

USD)(514) (1,548) -66.80%


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Average Vietnam Banks Interest Rates

Yield Curve 1M 3M 6M 9M 12M 24M

VCB 14.00% 14.00% 14.00% 14.00% 14.00% 12.00%

ACB 13.88% 13.88% 13.88% 13.88% 14.00% 11.40%

Vietinbank 14.00% 14.00% 14.00% 14.00% 14.00% 12.00%

BIDV 14.00% 14.00% 14.00% 14.00% 14.00% 14.00%

Average 13.97% 13.97% 13.97% 13.97% 14.00% 12.35%

36M

12.00%

10.90%

11.50%

14.00%

12.10%

Source: VCB. ACB. Vietinbank. BIDV

Date Market movers

12/9/2011 USD 21,008 -

12/9/2011 EUR 28,010 (148.00)

12/9/2011 JPY 271 0.21

12/9/2011 CNY 3,302 (1.07)

12/9/2011 TWD 695 (0.90)

12/9/2011 SGD 16,184 (138.00)

12/9/2011 KRW 18 (0.27)

0.00%

-0.53%

0.08%

-0.03%

-0.13%

-0.85%

-1.46%

VND Index


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P/E - 10 year Treasury Yield Index

1/PE vs. 10-Year Treasury Yield Index is the metric of bond investor

confidence. comparing return on two common investment channels. stockand bond. If the return on stock or 1/PE increases (with EPS constant in onequarter). showing that stock price or stock demand decreases and therefore.we can interpret that cash is flowing into bond market. and vice verse. Therise of the index implies that bond investors are more confident.

Consumer Confidence IndexIndexes Sep-11 Jun-11 Change % of change

VN Consumer Confidence Index 147,16 143,98 3,18 2,21%

VN Consumer Present Confidence Index 139,51 133,91 5,60 4,18%

VN Consumer Future Expectation Index 152,26 150,70 1,56 1,03%


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Vietnam Bond IndexName Value

Vietnam Bond Index - Corporate 1,155.27 -50.44 -4.18%Vietnam Bond Index - Government 1,791.94 2.72 0.15%

Vietnam Bond Index - Composite 1,776.96 -0.10 -0.01%

Vietnam Bond Index - Treasury 1,835.17 2.88 0.16%

Vietnam Bond Index - Municipal 1,244.36 4.91 0.40%

Vietnam Bond Index - Financials 1,101.69 -72.05 -6.14%

Vietnam Bond Index - Utilities 1,284.66 0.00 0.00%

Vietnam Bond Index - Industrials 1,234.18 0.00 0.00%Vietnam Bond Index - 1-3 Year Treasury 2,037.67 21.58 1.07%

Change

Vietnam Bond Index - 3-5 Year Treasury 1,744.36 5.73 0.33%




Name Value

Vietnam 1 Year Zero-coupon Treasury Spot Yield 0.071 0.0094 15.11%

Vietnam 2 Year Zero-coupon Treasury Spot Yield 0.080 -0.0028 -3.42%








Change






Vietnam Treasury Spot Yield Curve


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Trading Summary on Secondary

Trading date Total Volume Total Value (VND)

9/12/2011 4,029,160 423,984,477,640

8/12/2011 400,000 41,388,800,000

7/12/2011 10,200,000 1,095,530,400,000

6/12/2011 10,000,000 1,052,000,000,000

5/12/2011 13,140,000 1,323,622,400,000

Total 37,769,160 3,936,526,077,640

Auction Calendar

Offering

Company

Type of

issue

Type of

auction MaturityMaturity

Date Offering valueAuction Date

No plan

Auction Results

Issuers Maturity Date of

Auction

Winning Volume Coupon Yield LowestYield

HighestYield

CeilingYield

State TreasuryMinistry of Finance 3 year 12/08/2011 500,000,000,000 12.10 12.10 12.10 12.50 0.00

State TreasuryMinistry of Finance 5 year 12/01/11 0 12.40 0.00 12.40 12.50 12.15


The Vietnam Development Bank 3 year 11/30/11 1,500,000,000,000 0.00 12.20 12.20 12.80 12.20

The Vietnam Development Bank 5 year 11/30/11 1,000,000,000,000 0.00 12.25 12.25 12.70 12.25


Updated: 12/09/2011


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Corporate Bonds

Issuers Maturity Issuing Date Total Value Yield (%) Type

Sacombank (SBS) 1 year 05/17/2011 185,000,000,000 Float na

HAGL Group (HAG) 5 year 05/11/2011 90,000,000 USD 9.875 International

Vietnam Expressway Corporation 5 year 03/2011 1,000,000,000,000 11.5 Project

Saigon Securities Company (SSI) na 03/26/2011 2,000,000,000,000 4 Convertible

Saconbank Securities Company (SBS) 1 year 02/25/2011 200,000,000,000 13.5 na

Saconbank Securities Company (SBS) na 01/18/2011 200,000,000,000 13.5 na

SeASecurities 800,000,000,000 na Individual

HOCHIMINH Stock Exchange 5year 8/24/2011 600,000,000,000 14 Individual

Song Da Urban & Industrial Zone Investment and DevelopmentJoint Stock Company 3 year 09/01/2011 700,000,000,000 22 Individual

HOANG QUAN Serviced Apartment Investment (HQD) 3 year 11/30/2011 200,000,000,000 Float Convertible

Khang Dien Investment & Trading House JSC (KDH) 3 year 09/20/2011 50,000,000,000 21.5 Individual

Power Engineering Consulting Joint Stock Company 4 2 year 11/24/11 51,000,000,000 12 Convertible

Saconbank Securities Company (SBS) 1 year 12/13/2010 300,000,000,000 na na



Ocean Hospitality (OCH) 3 year 10/25/2010 2,000,000,000,000 14 Normal


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Disclaimer

For further information regarding this report. please contact

Research Team

Woori CBV Securities Corporation

14 Tran Binh Trong. Hoan Kiem District. Hanoi. Vietnam

Call center: 1900-571-563

Contact Information

Copyright 2007-2008 Woori CBV Securities Corporation. ALL RIGHTS RESERVED. No part of this publication may be copied. reproduced. published or

redistributed by any person for any purpose without the prior written permission of Woori CBV Securities Corporation. Please cite sources when quoting.

This report is issued and distributed by Woori CBV Securities Corporation for the general information of institutional and professional investors. Informationand opinions presented in this document have been obtained from sources we believed to be reliable. but we makes no guarantee as to its accuracy or

completeness. The use of Vietnam Securities Indices and data in this report is permitted and licensed to Woori CBV Securities Corporation by Vietnam

Securities Index Co. an independent research house and Bloomberg Finance L.P. This document should not be considered as an offer or the solicitation of

an offer to purchase or subscribe for any investment. The financial instruments contained or referred to in this report may not be suitable for you and it is

recommended that you consult an independent investment advisor if you are in doubt about such investments.

Vietnam financial market this week faced with a lot of dynamic changes such as a merger of 3 commercial banks, Vietnam Tin Nghia Bank,

Ficombank and SCB. This was considered as a good improvement for banking system. Besides, there was still a rumor of interest rate decreasein future. Especially, Standard Chartered Bank forecasted interest rate to move to 11% at the end of 2012. Bond yields, therefore, may go along

with interest rate trend.

Recently, in the primay bond market, liquidity was improved, as winning ratios went up and winning yields reduced to 12.10% from 12.40% for 3

and 5 years Treasuries.

COMMENTS & RECOMMENDATION

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