With the dong strong, spread wide w/ neighbors. Look at the 10yr gov bond yield between Indonesia & Vietnam govies: WIDE! 566bps!!!

Btw, Vietnam is junk & Indonesia is investment grade asset! https://twitter.com/Trinhnomics/status/1250238319046184961

Spread wide w/ India too!! Also investment grade quality govies vs Vietnam's junk.

Spread less wide w/ the Philippines but sizeable: the Philippines is investment grade quality too while Vietnam is junk!

With Malaysia too: Spread widening!!! Look at that - Malaysia is very high quality sovereign when it comes to Vietnam's junk!

What???? Spread widening vs China too?? Man, China is at a pretty high pecking order when it comes to sovereign rating status vs Vietnam's junk.

Btw, when Vietnam & China had their spat in 2014, Vietnam's junk rating status was highlighted by the Chinese gov & said it's junk!

But sorry, not versus Thailand, although the spread b/n Vietnam and Thailand narrowing. Used to be le wide!!!

So what do these charts tell you?

It tells you this: LIQUIDITY IS KING!





And yes, dong is le strong, for now. Btw, look at the peso & the Taiwan dollar, pretty strong too, relatively...