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All outstanding individual corporate bonds will be required to be registered, deposited and traded through the exchange.
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| Individual corporate bonds must be listed by October 19, 2023 |
According to the Hanoi Stock Exchange (HNX), after more than 2 months since the individual corporate bond trading floor (TPDN) came into operation (from July 19), as of October 2, the total trading volume on the individual corporate bond trading system reached more than 83 million TPDN, equivalent to a trading value of about 22,000 billion VND. Of which, the TPDN codes with high trading value are Vinfast with more than 8,400 billion VND, Vietcombank with nearly 5,900 billion VND, BIDV with more than 3,900 billion VND. Other TPDN codes such as Tracodi, Masan... have low trading value.
Currently, the average transaction value on the individual corporate bond exchange is about VND265 billion/session, equivalent to more than 1.5 million corporate bonds/session. Compared to the scale of the corporate bond market, this transaction scale is still very modest but has also had results after the initial period of operation. The trading scale of the exchange is expected to increase sharply when all individual corporate bonds with outstanding debt are listed.
Decree 65/2022 of the Government regulating the offering and trading of individual corporate bonds in the domestic market and the offering of corporate bonds to the international market clearly states that within 3 months from the official operation of the system for registration, depository and trading of individual corporate bonds, bonds issued under this Decree and Decree No. 153/2020 and with outstanding debt must be registered, deposited and registered for trading.
Accordingly, October 19, 2023 is the deadline for enterprises to list bonds on the centralized exchange. According to Decree 156/2020 of the Government on administrative sanctions for violations in the field of securities and the securities market, the act of not registering for trading or listing securities or registering for trading or listing securities after the deadline, depending on the time of overdue from 1 month to over 12 months, or not registering for trading or listing securities will be fined from 10 to 400 million VND; at the same time, there may be additional penalties depending on the level and behavior.
According to forecasts from securities companies, after the individual corporate bond exchange has been in operation for 3 months, by the end of October 2023, all outstanding individual corporate bonds will be required to be registered and deposited, and when trading, they will have to be carried out through the exchange, which will result in an explosion of liquidity. It is expected that about 1,600 individual corporate bond codes will be listed and traded on the individual corporate bond exchange.
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