Strong supply and demand pushed June’s issuance to 17-month high. Total G-bond issuance surged to VND32.6tn/USD1.4bn in June — the highest level in 17 months. However, the VST issued VND87tn/USD3.8bn of G-bonds (-17.2% YoY) in H1 2020, achieving only 33.5% of the FY2020 plan. On the secondary market, the average daily trading value (ADTV) of outright and reverse repo transactions fell 11.5% MoM to VND8.2tn (USD353mn) in June, following a strong rebound of 32% MoM in May.