To read the full report, data and graphs go to http://www.asianbondsonline.adb.org/newsletters/abowdh20140428.pdf?src=newsletter&id=uWidK3KdmgXVUWes9IgIcqKp1miwxx
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News Highlights - Week of 21 - 25 April 2014
Hong Kong, China's overall consumer prices rose 3.9%
year-on-year (y-o-y) in March, the same rate of increase as in February.
Japan's consumer price inflation inched up to 1.6% y-o-y in March from 1.5% in
February. Singapore's consumer price inflation accelerated to 1.2% y-o-y in
March from 0.4% in February. In Viet Nam, the inflation rate for the month of
April stood at 4.45% y-o-y, up from March's figure of 4.39%. The Philippines'
Development Budget Coordination Committee maintained its inflation rate targets
of 4.0% ±1 percentage point for 2014 and 3.0% ±1 percentage point for 2015 and
2016.
* The Republic
of Korea's real GDP growth rate for 1Q14 stood at 0.9% quarter-on-quarter
(q-o-q) and 3.9% y-o-y. Manufacturing output growth in Singapore decelerated to
12.1% y-o-y in March from 13.1% in February.
* The Bank of
Thailand's Monetary Policy Committee decided on 23 April to keep the policy
rate steady at 2.00%.
* Japan's
merchandise trade deficit widened to JPY1.4 trillion in March from JPY357
billion a year earlier as y-o-y growth in merchandise imports outpaced that of
exports. The Philippines' merchandise trade deficit narrowed to US$66 million
in February from US$967 million a year earlier due to slower y-o-y growth in
merchandise imports. Viet Nam recorded a trade surplus in goods worth US$0.7
billion in January-April.
* In the
Republic of Korea, local currency (LCY) corporate bond issuance fell 2.5%
month-on-month (m-o-m) in March and dropped 7.4% y-o-y in 1Q14.
* CNOOC Limited
of the People's Republic of China (PRC) priced a US$1.25 billion 3-year bond
carrying a coupon of 1.625%, a US$2.25 billion 10-year bond with a 4.25%
coupon, and a US$500 million 30-year note offering a coupon of 4.875%. Tencent
Holdings based in the PRC priced a US$2.0 billion 5-year bond and a US$500
million 3-year bond at coupon rates of 3.375% and 2.0%, respectively. Sinochem
of the PRC priced a US$500 million 5-year bond at a coupon rate of 3.25% last
week.
* Woori Bank in
the Republic of Korea priced a US$1.0 billion Basel III-compliant 10-year bond
at a coupon rate of 4.75% and Korea Expressway priced a US$500 million 3-year
bond at a coupon rate of 1.625% last week. Kasikorn Bank based in Thailand
priced a US$350 million 5.5-year bond at a coupon rate of 3.50%, while Vista
Land and Lifescapes of the Philippines priced a US$225 million 5-year bond at a
coupon rate of 7.45% last week. Meanwhile, Indomobil Finance Indonesia raised
IDR440 billion from a triple-tranche bond sale last week, consisting of an
IDR151 billion 370-day note at a 10.25% coupon, an IDR231 billion 3-year bond
at an 11.25% coupon, and an IDR58 billion 4-year bond at a 11.4% coupon.
* In the PRC
last week, the central bank announced cuts to the reserve requirement ratios
for rural commercial banks and rural credit cooperative unions. In addition,
the government extended tax breaks for small and micro-sized firms. In the
Republic of Korea, regulations on the supervision of covered bond issuance took
effect on 23 April.
* Government
bond yields fell last week for most tenors in the PRC, Malaysia, Thailand, and
Viet Nam. Yields rose for all tenors in the Republic of Korea and for most
tenors in Hong Kong, China and Indonesia. Yield movements were mixed in the
Philippines and Singapore. Yield spreads between 2- and 10-year tenors widened
in Hong Kong, China; the Republic of Korea; Malaysia; Thailand; and Viet Nam,
while spreads narrowed in the PRC, Indonesia, and the Philippines.
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