ANTD.VN - In 2024, the value of individual corporate bonds issued increased by 33.6% compared to 2023, while the value of early redemption decreased by 24.7%.
According to data from the Ministry of Finance , in 2024, 96 enterprises issued private corporate bonds with a volume of VND 396.7 trillion, an increase of 33.6% compared to 2023. Meanwhile, the volume of early repurchase was about VND 187 trillion (down 24.7% compared to 2023).
There are 1,431 bond codes of 326 issuers registered for trading on the Private Corporate Bond Trading System. The total transaction value reached 1,026.6 trillion VND, the average transaction value per session reached about 4,224.8 billion VND/session.
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The corporate bond market is warming up. |
Thus, it can be seen that the corporate bond market has warmed up a lot in the past year, after a series of previous storms. At the same time, with businesses being allowed to negotiate an extension of the bond payment period, the pressure to mature by the end of 2024 has significantly reduced.
However, according to MBS Securities experts, maturity pressure will still be a major concern next year.
By the end of November, the total value of corporate bonds with delayed payment obligations was estimated at VND204.4 trillion, accounting for about 20% of outstanding corporate bonds in the entire market, of which the real estate sector continued to account for the largest proportion, about 69% of the value of delayed payments.
MBS believes that with a large amount of corporate bonds having been bought back, the maturity pressure in November and December this year is quite light with the amount of corporate bonds maturing estimated at about 10.4 and 10 trillion VND, respectively.
Notably, Decree 08/2023/ND-CP stipulates a maximum bond extension limit of 2 years, which will lead to a large volume of bonds maturing from the second quarter of next year.
“Accordingly, maturity pressure will gradually increase and peak in the third quarter of 2025 with the amount of corporate bonds maturing up to about VND70 trillion, about 1.6 times higher than the same period,” said MBS analysts.
According to Vietcombank Securities (VCBS), the delay in principal and interest payments has continued in recent times. However, this phenomenon is occurring at a slower pace.
VCBS believes that the pressure on maturing bonds will be significant in the 2025-2026 period. The restructuring process continues in the direction of extending the maturity period and adjusting interest rates appropriately with the development of the lending interest rate level.
“The market size is gradually entering a stable phase. The restructuring process continues with Decree 08 in a more favorable context thanks to interest rates remaining at a low level, the secondary individual corporate bond market is gradually stabilizing with the number of listed bonds and liquidity increasing” – VCBS has a quite positive assessment of the corporate bond market in the coming period.
Source: https://www.anninhthudo.vn/phat-hanh-trai-phieu-doanh-nghiep-tang-manh-ap-luc-dao-han-day-lui-sang-cuoi-2025-post600035.antd
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