To read the full report, data and graphs go to http://www.asianbondsonline.adb.org/newsletters/abowdh20140224.pdf?src=newsletter&id=uWidK3KdmgXVUWes9IgIcqKp1miwxx
******************************************************************************
News Highlights - Week of 17 - 21 February 2014
Consumer price inflation in Malaysia accelerated to 3.4%
year-on-year (y-o-y) in January from 3.2% in December amid higher price hikes
in food, transportation, and housing-related costs. Between December and
January, the consumer price index rose 0.6%. In Hong Kong, China, overall
consumer prices rose 4.6% y-o-y in January following a 4.3% increase in
December. In the Republic of Korea, producer prices fell 0.3% y-o-y in January,
after recording a 0.4% drop in December, but still rose 0.2% month-on-month
(m-o-m).
* Singapore's
real gross domestic product (GDP) growth moderated to 5.5% y-o-y in 4Q13 from
5.8% in 3Q13, while accelerating to 4.1% in full-year 2013 from 1.9% in 2012.
The Ministry of Trade and Industry has maintained its growth forecast for 2014
at 2.0%-4.0%.
* The Bank of
Japan's Policy Board decided on 18 February to (i) continue its money market
operations that increase the monetary base at an annual pace of JPY60
trillion-JPY70 trillion, (ii) maintain its asset purchase program, and (iii)
extend and expand the scale of its Stimulating Bank Lending Facility and
Growth-Supporting Funding Facility.
* Japan's
merchandise trade deficit widened to JPY2.8 trillion in January from JPY1.6
trillion a year earlier as import growth of 25.0% y-o-y outpaced export growth
of 9.5%. Personal remittances from overseas Filipinos into the Philippines
climbed 12.5% y-o-y to US$2.4 billion in December and rose 7.6% to US$25.1
billion for the full-year 2013.
* The Republic
of Korea's external debt position rose 1.8% y-o-y to US$416.6 billion at the
end of 2013. The foreign currency (FCY) borrowings of domestic banks in the
Republic of Korea climbed to US$123.9 billion at end-2013 from US$116.9 billion
at end-2012.
* China
Resources Land priced US$700 million worth of 10-year bonds at a coupon rate of
6% and US$400 million worth of 5-year bonds at a coupon rate of 4.375%. New
World Development based in Hong Kong, China priced US$750 million worth of
7-year bonds carrying a coupon rate of 5.25% last week. Hong Kong, China issued
HKD3 billion worth of 5-year government bonds at a coupon rate of 1.47% last
week.
* Last week,
Shui On Development priced a CNH2.5 billion 3-year bond at a coupon rate of
6.875% while China Citic Bank priced a CNH1.5 billion 3-year bond at a 4.125%
coupon.
* The China
Insurance Regulatory Commission (CIRC) last week issued new regulations easing
investment restrictions for insurance companies, including removing limits on
fixed-income investment holdings. The China Banking Regulatory Commission
(CBRC) released new banking regulations last week requiring banks to maintain a
liquidity coverage ratio of 100% by 2018. The current ratio requirement is set
at 60% and will increase by 10 percentage points every year until 2018.
* The Bank of
Korea and Reserve Bank of Australia signed a bilateral local currency swap
agreement on 23 February for the exchange of local currencies between the two
central banks of up to KRW5 trillion/AUD5 billion. Moody's Investors Service
announced last week that it has affirmed Thailand's government bond rating at
Baa1 with a stable outlook.
* Government
bond yields last week fell for most tenors in Indonesia, Malaysia, Thailand,
and Viet Nam, while yields rose for most tenors in Hong Kong, China; the
Republic of Korea; and Singapore. Yield movements were mixed in the PRC and the
Philippines. Yield spreads between 2- and 10-year tenors widened in the PRC;
Hong Kong, China; Indonesia; the Republic of Korea; Malaysia; Singapore; and
Viet Nam, while spreads narrowed in the Philippines and Thailand.
******************************************************************************
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.