Corporate bonds have unexpected changes and new investment opportunities

(NLDO) – Corporate bond issuance to raise capital reached a record in June, led by the banking group.

The report on the corporate bond market for the first 6 months of 2025 by MBS Securities Company has just been released, recording surprising information, when there were up to 106 new issuances from enterprises in June. The total value of successful issuance is estimated at about 123,700 billion VND - a sharp increase of 87% over the same period and the highest monthly issuance value ever.

In the first half of this year, the total issuance value reached more than VND265,800 billion, up 91.3% over the same period. The average weighted interest rate is estimated at about 6.8%, lower than the average of 7.2% last year.

Banking is the industry group with the highest issuance value with nearly 198,500 billion VND, up 131% over the same period. Banks with the largest issuance value since the beginning of the year are Techcombank, ACB , BIDV... The average capital mobilization interest rate through the bond channel of banks is at 5.6%/year, with an average term of 4.4 years.

Banking is the industry group with the highest bond issuance value in the first half of this year.

According to MBS Securities, the trend of increasing issuance activities of credit institutions shows the need for increasing medium and long-term capital. Especially in the context of credit suddenly accelerating in the last month of the second quarter to 9.9% when mobilization interest rates remained low. It is estimated that the credit growth rate is about 1.3 - 1.5 times higher than the capital mobilization growth rate.

Ranked second in the list of capital mobilization from bonds is the real estate group, with a total issuance value of 40,200 billion VND, up 24% over the same period. The average weighted interest rate is 10.5%/year, the average term is 2.5 years, much higher than that of banks. Enterprises with the largest issuance value are Vingroup Corporation, TCO Real Estate Consulting and Trading Joint Stock Company, An Thinh General Trading Services Company Limited...

Forecast of corporate bond picture at the end of the year

The corporate bond market report for the second quarter of 2025 by S&I Rating (SSI Securities Company) stated that banks are increasing bond issuance to take advantage of low interest rates to supplement medium and long-term capital sources... This helps reduce pressure on deposit mobilization and creates conditions to maintain low deposit interest rates in the first half of the year, supporting businesses and the economy .

Early repurchase activities were strong in the second quarter with a value of more than VND96,000 billion - the highest quarterly level ever. According to experts, this development reflects the debt restructuring efforts of issuing organizations when the market has somewhat recovered and the interest rate level remains quite attractive.

Currently, the Government is stepping up to remove legal obstacles for real estate projects, which will create conditions for businesses to restore project implementation and improve cash flow. When the project is legally cleared and qualified for implementation, businesses can use the project as collateral to borrow capital from banks.

"The project's permission to be implemented also facilitates businesses to open for sale early and have a financial plan to repay debt to bondholders. Along with the trend of increasing issuance by banking groups to supplement medium and long-term capital, the recovery momentum of the corporate bond market is likely to continue in the second half of this year," added the S&I Rating expert.

Source: https://nld.com.vn/cac-ong-lon-vua-phat-hanh-hang-tram-ngan-ti-dong-trai-phieu-doanh-nghiep-196250725095704116.htm