Market
Roundup
- US Treasury yield curve flattened on Friday, seeing better buying-on-dips interest on the longer ends. Meantime, shorter ends hovered at previous levels, as 2T stood unchanged at 0.42%.
- Malaysian government bonds continued to show weakness, as players were seen trimming positions ahead of CPI release. Spread between 15- and 20-year MGS was squeezed thinner to 12bps. Meantime market is anticipating 7-year MGS auction next week, with estimated size of RM3.5-4.0 billion.
- Thai government bond yields continued rising amid pressured market sentiment. Meantime, 7-year government bond yield dipped by 1bp, after seeing the yield surged by 12bps a day earlier amid knee-jerk selling. Aside, credit market was thinly traded on Friday, whilst market focus was on Toyota Jun’14, which contributed a sum of THB229 billion trading volume.
· IDR
denominated government bond market was very quiet on Friday, as the market
moved narrowly in mixed directions. Trading volume dropped to approximately
IDR5 trillion from IDR11.53 trillion in the prior day as there were little
driver on the day. The benchmark series were dealt with volume below IDR1
trillion respectively.
- Asian Dollar credits recovered losses amid improved market sentiment ahead of weekend. Chinese property credits were firmer, as the China Overseas Feb’21 climbed to 98.43pts, from 97.71pts a day ago, whilst Agile Feb’17 inched up to 97.33pts from 97.23pts. Aside, the iTraxx Asia ex-Japan IG index tightened by 3bps to 137bps on Friday.
Best Regards,
CIMB Fixed Income Research
Corporate Banking, Treasury and Markets
Tel: +603 2261 8888 | Fax: +603 2261 8705
www.cimb.com
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