Demand for G-bonds continued to improve on both primary and secondary markets as banks struggle to lend out. Thanks to stronger demand, the yield curve steepened, dropping between 9 and 50bps across maturities, except the 10-year tenor which was rather flat. Of note, even though the government increase its Q4 T-bonds issuance plan from VND25.2tn to VND35.7tn, it still reached 94% of the new plan. It issued nearly VND8tn worth of bonds in the past 4 weeks.