Vietnamese government bonds experiencing light trade

Trade in the Vietnamese government’s D300 billion ($21.3 million) 6.5% five-year bonds listed on the country’s new stock exchange has been pretty thin so far. In fact, the first trade wasn’t registered until a week after the bonds listed on 28 July. The transaction went through at D100,300, up from the auction price of D100,000, and around D4 million (roughly $300) changed hands.

However, the move was almost certainly a mistake. In this, the world’s youngest stock market, it seems likely the investor was going for one of the four listed stocks, all of which have been limit-up (5% on 28 July and 2% thereafter) every day since trading commenced and even at current prices dividend yields range form 8% to 15%. The problem has been getting your hands on the shares - no one wants to sell. Thus, rumours flying on the exchange last week said that the bond deal was actually made by someone trying to buy shares but did the wrong trade by mistake.