4M 2020 G-bond issuance fulfilled less than 14% of the FY2020 plan . Total G-bond issuance plummeted nearly 70% to only VND3.1tn (USD132mn) in April. The winning rate also dropped to only 18.6% in April vs 51.2% in March. Low demand due to unattractive yields could be the reason for the low winning rate and issuance of bonds in primary markets — despite yields in primary markets rebounding 10 bps – 32 bps in April. As of the end of April 2020, the Vietnam State Treasury (VST) issued VN