Higher coupons across sector groups
New corporate bond issuance costs rose during the third quarter, with the broad average approaching 9.5% a year, according to data compiled by S&I Ratings. The figures describe groups of new issues rather than one uniform yield available on every bond.
Banks' average issuance rate was about 8.85%, above the 8.7% average recorded in 2022. Some paid more than 10%. The report cites Sacombank's fixed 10% coupon and a PVcomBank formula linked to 12-month individual deposit rates plus a 4.6-percentage-point margin, equivalent to around 10.4% at the reported point.
Property and some other sector averages rose to approximately 12.5-13%, still below the 14-14.5% peaks cited for 2022-23. Fiin Ratings said credit growth exceeding deposit mobilisation was putting pressure on bank funding costs.
Issuance and uncertain outlook
S&I Ratings put new corporate issuance in the first nine months at 464.1 trillion dong. After early repurchases and maturities, outstanding bonds were 1.54 quadrillion dong, up 7.1% from the end of 2025.
The agencies expect high financing costs to make some issuers cautious or delay plans, while bonds remain a source of medium- and long-term finance alongside bank lending. Prospective infrastructure, energy, industrial and property projects could support future demand.
The suggestion that rates may stay elevated into the first half of 2027 is an institutional forecast, subject to domestic and international conditions. Coupons and sector averages are not guarantees of investor returns or an investment recommendation.