The Q3/2025 bond market report by S&I Ratings indicates that while banks are raising interest rates to attract capital, real estate companies like VinGroup and Vinhomes are securing funds at lower rates between 9-11% per year. The cost of capital for the real estate sector has decreased by 50-150 basis points compared to the previous year. Securities and manufacturing companies have also seen interest rate reductions, with Vietjet issuing bonds at 9.722% per year and Thành Thành Công at 9.5% per year. This trend can be attributed to improving business conditions and increased confidence in the real estate market. In contrast, bank borrowing costs have risen to the highest level in six quarters, reaching 6.18%. Despite the reduced cost of capital, there remains significant pressure from real estate bond maturities, with VND 18.331 trillion maturing in the last three months of 2025. The effective law 245/2025, which requires issuers to obtain credit ratings before offering bonds, is expected to significantly impact the market moving forward.
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