G-bond issuance dropped, but bond demand remained high. Total G-bond issuance in September dropped by 45% MoM to VND5.95tn (USD259mn). However, demand for G-bonds remained high, reflected in 1) a high bid-to-cover ratio of 4.41, 2) a high winning ratio of 95.2% and 3) lower auction bond yields that dipped further by 10 - 20 bps MoM across almost all tenors. In 9M 2019, the total G-bond issuance reached VND154tn (USD6.7bn, +27% YoY), accomplishing 59% of the 2019 issuance plan.