Demand for LT bonds continued to weaken as bond auctions saw success ratio dropped to only 22% from the already-low 33% one month earlier. Moreover, the massive USD G-bond issuance to Vietcombank (HSX: VCB) has restricted one big player from treasury dealings as it is now capped by the G-bond to short-term asset ratio of 15%. Demand for ST bonds declined as well, a likely result of accelerated credit growth (est. YTD credit growth as of May 8 at 3.69%, vs. 1.52% as end of May 2014).