FiinRatings Monthly Newsletter – February 2024

On February 5th, 2024, FiinRatings released Vietnam Corporate Bond Market Report - January 2024. The report shows some key highlights including corporate bond issuance activities in the month, secondary trading update on HNX and issuance activity outlook for 2024.

On February 5th, 2024, FiinRatings released Vietnam Corporate Bond Market Report - January 2024. The report shows some key highlights including corporate bond issuance activities in the month, secondary trading update on HNX and issuance activity outlook for 2024. Please refer to the report for details HERE.

On February 07, 2024, FiinRatings introduced the publication named Outlook for 2024 - Adapting to Change. This publication presents our perspectives on credit environment overview, the outlook for key economic sectors, and the key watching factors in 2024. Full report can be found HERE.

On February 15, 2024, FiinRatings has suspended all ratings on Camimex Group Joint Stock Company (“CMX”). The rating suspension has been made on the basis that the rating agreement has expired and at a mutual agreement.

The announcement of this rating suspension has been made in accordance with Article 27, Article 5, and Article 47 under the Decree 88/2014/NĐ-CP dated 29 September 2014 governing the operation of credit rating services. For more details, please click HERE

On Friday, April 12, 2024, FiinRatings and Credit Guarantee and Investment Facility (“CGIF”) - a trust fund of the Asian Development Bank, will co-organize the “Vietnam Debt Capital Market Conference 2024” with the theme “Unlocking the domestic debt capital market”.

The purpose of the event is to create a forum for sharing market information, exchanging good practices, and discussing policy developments towards the healthy and sustainable development of the market, thereby supporting market participants in employing the best functions of the debt capital market for business and investment operations. For more details, please click HERE.

In addition to credit rating services and in-depth analysis reports, FiinRatings also shares multi-dimensional perspectives on credit ratings from international and domestic practices as well as effective implementation in countries through RATING 101 SERIES.

Some main topics shared in the series include:

• The role of credit ratings in bank lending.
• The role of applying credit ratings in developing Vietnam’s capital market in general and the corporate bond market in particular.
• The possibility of applying mandatory credit ratings for certain groups of corporate bond issuers from early 2024, as required by current regulations.
• The role of credit ratings in supporting the formation of soft infrastructures for the capital market including the formation of the yield curve in the capital market and corporate bonds, bonds valuation, the provision of information aimed at supporting transactions in the secondary market, etc..
• The capacity of current credit rating agencies and their ability to meet market and investor demand, as well as policy changes to establish credit rating standards and control the quality of credit rating service providers in Vietnam’s market. 

View our full series here.

MARKET UPDATES

Up to Mar 28, 2024, the corporate bond market recorded 6 issuances by 4 issuers with the value of 7.25 trillion VND, down by 71% year-on-year. In the first quarter of 2024, the market saw 18 new issuances in total by 15 issuers, the total value reached 18.75 trillion VND, a decrease of 36% year-on-year. The structure by sector did not change significantly as Real business developers remained the largest group with the issuance value accounting for 55% of the total.

In March 2024, the average trading volume per day of private bonds reached 3.97 trillion VND (an increase of 19.5% compared to last month). Meanwhile, the volume of public bonds recorded 334 billion VND on average, up by 8,4% month-on-month. Overall, March 2024 witnessed the rebound of transaction volume of bank bonds with the proportion of 55.46%.

LATEST RATING ACTIONS

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