Case Study
Case Study 1: How can users track the bond market trends in the final months of 2023?
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Instead of manually collecting data and reading news from multiple sources, users can simply navigate through the following tabs:
1. Issuance Trends Use the Overview tab to track issuance value over time. Switching to monthly view shows the trend from late 2022 through the first nine months of 2023—issuance was low early in the year due to deferred repayments but rebounded strongly in later months. Switching to yearly view allows comparison across different years. In addition, users can break down issuance volumes by private placement or public offering, with or without collateral.
2. Sector Statistics Use the Market Statistics tab to identify which sectors dominate issuance. Recent activity has been concentrated in banking, real estate, and food & beverage.
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3. Looking at the Average Issuance Coupon, coupon rates in 2023 are consistently higher than the 2022 levels (blue bars). The rise in interest rates earlier in the year pushed up funding costs for issuers across all sectors.
4. At the same time, bond maturities shortened, shifting to shorter terms compared with the longer tenors observed in the previous year.
Case Study 2: How can users break down interest rates for the Real Estate sector?
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Go to the Overview tab and select Top Issuers.
Apply the Real Estate sector filter to view issuance values of real estate issuers.
For example, in 2025, Vingroup was the largest issuer in the sector with an issuance value of VND 20,500 billion, an average tenor of 2.28 years, and an average coupon rate of 12.28%.
On the right-hand side, users can also download the data in Excel format to perform additional calculations if needed.
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Issuance Plan
3. In the Primary Market Overview, users can view the Bond Issuance Schedule table on the right-hand side.
4. By adjusting the maturity filter, it can be seen that the largest upcoming issues include:
BIDV with VND 23,000 billion (5-year tenor).
Asia Commercial Bank (ACB) with multiple large tranches totaling VND 20,000 billion (5-year tenor).
MB Bank planning several sizeable issues, including VND 20,000 billion (2-year tenor) and other tranches of VND 6,000–4,000 billion.
This schedule is updated daily and includes both individual deals and aggregated figures.
Case Study 3: How can users track bond buyback and maturity activities?
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1. In the Primary Market Overview, the lower chart displays the Outstanding Bond Value.
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2. Select the filters for the specific data you want to view — in this case, choose Maturities and Buybacks.
3. When switching to yearly view, it becomes clear that buybacks have surged strongly since 2021, reaching the highest levels in 2022–2023 (over VND 250,000 billion), while maturities have also increased steadily but at a lower pace. As of 2025 YTD, buyback volumes remain high compared to new issuance.
Case Study 4: How can users track deferred bond payments?
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1. In the Primary Market Overview, the right-hand panel provides the chart Deferred Principal and Interest Payments by Sector.
2. Based on the latest data, the Travel & Leisure sector records the highest level of deferred payments, especially in Q2/2025, surpassing all other industries. Real Estate also shows significant late payments, but ranks second
Case Study 5: How can users track the expected bond repayment cash flow?
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1. Go to Primary Market → Expected Bond Repayment Cash Flow (Bond Repayment Schedule). Use the toggles: All / Sector, Total / Principal / Coupon, and the quarter/year selectors (e.g., Q4 – 2025).
2. Market-wide view (All). The schedule shows large repayment waves ahead: Q4-2025 (QTD) is high (~80k bil. VND), rises through 2026 (notably Q4-2026 ~115k), and peaks in Q2-2027 (~140–150k), before easing into late 2027–Q1-2028.
3. Sector view (Sector + Coupon in your screenshot). Repayment pressure (coupon leg) is concentrated in Banks and Real Estate, with notable spikes in Q2-2026 and Q4-2026. The Other bucket also pops in Q4-2025 (QTD) but remains below Banks/Real Estate.
4. Drill-downs. Toggle Principal vs Coupon to see which leg drives the burden, and use sector filters to pinpoint which sector & quarter face the heaviest pressure
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