Corporate bond issuance in Q3 2026 reached 172 trillion VND, up 9.7% year on year, with banks accounting for 66% and real estate for 26%. Average coupons were 8.8% per year for banks and 11.5% for real estate, as banks pushed subordinated bonds to meet capital adequacy requirements. Real estate issuance rose 29% year on year, concentrated in Vinhomes and Masterise-linked entities. Total outstanding corporate bonds reached 1,535 trillion VND, equal to 10.9% of nominal GDP, and the 12-month cumulative late-payment ratio fell to 0.2%, though Novaland-ecosystem companies still face debt pressure from slowing sales and high interest rates. The cumulative debt recovery rate improved to 51.5%.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Bức tranh thị trường trái phiếu doanh nghiệp quý 3/2026: Nhìn vào nhóm bất động sản
Related news
- Q3 2026 Corporate Bond Market Snapshot: Overdue Debt Pressure Weighs on Real Estate Giants
Vietnam's corporate bond market recovered slightly in Q3 2026, led by banks and real estate, with primary issuance reaching VND 172 trillion, up 9.7% year on year. Banks accounted for 66% of issuance, including subordinated bonds, while real estate made up 26%, concentrated in Vinhomes and Masterise-related entities. Outstanding corporate bonds totaled VND 1,535 trillion, equal to 10.9% of nominal GDP, and average daily secondary trading value rose 12.2% year on year to VND 7.2 trillion. The 12-month cumulative overdue rate fell to 0.2%, but many real estate firms, especially in the Novaland ecosystem, still face debt pressure, and some sought maturity extensions. The cumulative debt recovery rate improved to 51.5%, with over VND 11 trillion repaid to investors in the quarter.
- Real Estate Firms Raise Over 170,000 Billion VND in Bonds in Nine Months, With Coupons Up to 14.5% a Year
In the first nine months of 2026, real estate companies raised over 170,000 billion VND through corporate bonds, second only to banks at 227,119 billion VND. Coupon rates vary by sector: the highest bank rate was 10.5% per year, while real estate issuers such as Crystal and LGP recorded 12.5%. CII plans a public bond offering of nearly 6,720 billion VND with a 25-year tenor, paying no interest for the first three years and a fixed 14.5% per year afterward, with proceeds used for its projects. The VBMA estimates 70,035 billion VND of corporate bonds will mature in the last three months of 2026, and three bonds were late in paying interest or principal in September, with delayed interest totaling 167.8 billion VND.
- Canada Small Businesses Look Past Uncertainty and Focus on Growth
Scotiabank's Bond Brand Loyalty Business Banking CX Report found that 62% of surveyed small business clients are optimistic about the Canadian economy and 74% about their own business over the next 12 months, indicating improving sentiment. According to Statistics Canada, businesses with 1 to 19 employees make up more than 90% of employer businesses in Canada and employ 4.5 million people. Scotiabank's roundtables with healthcare practitioners, lawyers, accountants and franchise owners identified three priorities: building specialized expertise, using AI and digital tools for efficiency, and pursuing disciplined growth through diversification and acquisitions. The bank advises owners to bring advisors into planning early, simplify operations, and match financing with their next phase of growth.
- Cash flow diverges across real estate and securities stocks
- Jamie Dimon Sharpened His Warning About a Looming Corporate Credit Squeeze, Saying Global Competition for Capital Means "The Market Will Ask for More." Here's Why That Warning Matters for Borrowers and Bond Investors.
JPMorgan Chase CEO Jamie Dimon warns that the bond market is showing stress, as U.S. Treasury yields have surged and the 10-year Treasury recently hit its highest yield in 24 years. He is concerned that a global bond sell-off could spill into corporate credit, raising borrowing costs and leading to defaults, credit downgrades, job losses and possibly a stock market crash. The article notes that AI hyperscalers are borrowing hundreds of billions of dollars to buy semiconductors and build data centers, creating more competition for capital in the bond market. The Vanguard Total Bond Market ETF (BND) has returned negative 2.72% year to date and negative 3.45% over the past three months. Companies rated below investment grade would face the most pressure if borrowing costs keep rising.
- Alberta business survey finds separation debate trumps tariffs , inflation as top issue fuelling uncertainty
A survey of 630 Alberta business operators by the Alberta Chambers of Commerce found the separation debate is now the top source of uncertainty, cited by almost one in four, double the 12 per cent for Canada-U.S. trade, federal policies and inflation. Some 44 per cent say the discussion is already affecting their companies, double the summer 2025 level, and almost all describe the effect as negative. Among them, nearly eight in 10 report harder planning and forecasting, and half of all leaders surveyed are considering relocating or expanding outside the province. Grande Prairie entrepreneur Shawna Miller said she has paused new hires and big expansions until there is more certainty. Ahead of the Oct. 19 referendum, 59 per cent said a vote to stay in Canada would be positive for their company, while 16 per cent said negative.
Related markets
Latest news
- Meta Earnings: What To Look For From META
Meta Platforms (NASDAQ:META) will report earnings this Wednesday after the market closes. Last quarter, revenue reached $60.8 billion, up 28% year on year and above analysts' expectations, though revenue guidance for next quarter slightly missed forecasts; daily active users hit 3.6 billion, up 3.4%. The market expects revenue growth of 23.6% this quarter, slowing from 26.2% a year earlier, and analysts have generally reconfirmed their estimates over the past 30 days. Over the last month, consumer internet stocks have gained 1.3% on average, while Meta is down 4.8%.
- An AI bust could come from places investors arent watching , an economist says
Concerns about an AI bubble are growing, and TS Lombard's Dario Perkins warns that investors may be overlooking other risks. Debt among smaller cloud providers, model developers and suppliers could reach $2 trillion by the end of 2027. Perkins does not see this as a systemic risk, but warns that earnings disappointments and canceled orders could ripple through the ecosystem, and that a chip glut could follow over-ordering. Much of the industry's revenue growth still comes from spending within the AI ecosystem rather than from businesses and consumers outside it. He also flags political backlash, noting that ordinary people dislike AI and nearby datacenters, and warns that one high-profile accident could turn AI toxic.
- Yen jumps after JGB auction draws big demand , euro finds relief
The yen rose 0.2% to 158.15 per dollar in Asian trading after a 20-year Japanese government bond auction drew bids of 5.84 times the amount sold, well above the 4.01 times at the previous auction, and the yield fell 6 basis points to 3.71%. A State Street strategist said the record demand suggests sidelined cash is returning and that JGBs are becoming a relative haven from political and fiscal volatility in Europe, particularly France. Anti-government protests in France prompted curfews in several cities, while Italy said it would send 500 troops after two days of unrest, and the euro rallied 0.2% to $1.1234. Elsewhere, bitcoin slipped 0.3% to $81,674.25 and ether edged down 0.2% to $2,393.21.
- Unemployment rate dips to 4 . 7 % - but vacancies hit five - year low
Vacancies fell by 21,000 to 691,000 in the three months to September, the biggest drop since the three months to March and the lowest since July to September 2014 outside the pandemic, while unemployment dipped in the three months to August. Payroll numbers were down 66,000 over the year to September. The ONS said the fall was mainly among smaller firms struggling with higher labour costs, following rises in employer national insurance, the minimum wage and workers' rights. A CBI survey found labour costs and regulations were making it harder to create jobs, and firms urged the Chancellor not to add to their burden in the October 28 Budget. ICAEW's Suren Thiru said the labour market is 'running on idle' and unemployment could climb above 5 per cent, while Shadow Chancellor Andrew Griffith blamed Labour's 'Jobs Tax' and red tape.
- CNBC Daily Open: Tech rebounds in the U.S., but Asia isn’t buying it yet
U.S. tech stocks rebounded as the Nasdaq Composite rose more than 1% on Monday, with Nvidia up 1.4% and Tesla up 3.8%. In Asia, however, tech shares fell on Tuesday, with South Korea's Kospi down over 4% and Japan's Nikkei 225 down 1.6%. Nvidia also unveiled plans to back four German AI startups as part of its nearly $10 billion European investment commitment. Jenny Lee of Granite Asia said Asian companies are reaching IPOs much sooner, often at four to five years old, while Jio Platforms' Indian IPO saw its anchor investor quota oversubscribed more than 30 times, aiming to raise up to 302 billion rupees ($3.2 billion). In Singapore, several agricultural stocks fell after Senior Minister K Shanmugam warned that companies would not escape responsibility for possible roles in the haze, noting seven firms had been questioned by the Singapore Exchange.
- NiSource (NI) Stock Looks Overvalued Against Its Dividend Outlook
NiSource has nearly doubled shareholders' money over the past five years, delivering a 97.6% total return, which raises the question of whether dividends can justify the current share price. The article highlights a new 20-year energy agreement with Microsoft, including customer-funded grid upgrades and long-term electric service for data centers, which may affect future capital needs and cash-flow visibility. Using a Dividend Discount Model with inputs of about $1.35 dividend per share, roughly 9.07% return on equity, a payout ratio slightly above 61%, and implied dividend growth of about 3.5%, the estimated intrinsic value sits meaningfully below the current share price of $41.95. The model still does not bridge that gap, suggesting income investors are paying a premium for a relatively steady payout with modest assumed growth.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.