Government issuances were down 41% m-o-m as traders demanded higher yields. The NA passed a budget deficit of VND226tn for 2015 compared to VND224tr for 2014. However, there are VND127tr in bonds maturing in 2015 compared to VND72tr in 2014 which has raised expectations of higher yields due to potential oversupply on the long end. The bid-to-offer was 30% in the latest auction on 13 Nov with yields on the 5-year increasing 50bps to 5.3%.