Bond investors have had a great time with yields dropping 30bps on the primary market and 5-30bps on the secondary market thanks to strong demand as banks hold off lending. However, there was a dropoff in demand toward the second week of December, as bonds became overbought. Nevertheless, yields look to continue their decline given the potential for a deposit rate cut. We recommend investors to hold their positions and be ready to take profits when SBV lowers rates.