G-bond issuance dropped in Q2 2019. Total G-bond issuance fell slightly 6.7% MoM to VND11.1tn (USD484mn) in June. Notably, a lower offering amount and higher G-bonds and G-backed bonds came due during the month which led to a recorded high bid-to-cover ratio of 4.9 and a four-month high winning rate of 87% in June. In Q2 2019, G-bond issuance dropped 48.6% QoQ to VND35.6tn (USD1.5bn), completing 44.6% of the quarter plan. The total G-bond issuance in H1 2019 was VND105tn (USD4.6bn)