In the midst of the gloomy economy, bond investors are having a great time. Yields have dropped 15-55bp on both primary and secondary markets, as demand for G-bonds surged in the first two weeks of November. Keeping the punch bowl full, the Treasury Department had to lower the new issue amount in the primary market as they nearly hit their target of issuing VND120tr G-bonds this year. As banks still hold cash that they want to park in risk-free assets, yields should come down further.