Bond yields dipped to new record lows. In November, the Vietnam State Treasury (VST) issued VND13.7tn or USD587mn (-32% MoM) with a winning rate of 79% (vs nearly 100% in October). Though G-bond issuance declined, total issuance (including G-bonds and G-backed bonds) increased 29% MoM, reflecting the continued high demand for bonds in the system. As of the end of November, total G-bond issuance in 11M 2019 reached VND187.9tn (USD8.2bn), up 37% YoY and fulfilling 90% of the annual target