Tuesday, April 22, 2014

CIMB Daily Fixed Income Commentary - 22 April 2014


Market Roundup
  • US Treasuries were firm at prior levels on Monday, as players were seen buying on dips along the shorter ends. However, buying interest is mild, as some were sidelined ahead of this week Treasury auctions.
    • Malaysian government bond market was seen with thin flows on Monday. We noted some players took profit on the curve belly, thus seeing the yields rose by 1-4bps along that specific end.
    • Thai government bond yields were a tad lower on the back of speculation of policy rate cut done by the central bank. Trading volume dropped by 3% to THB1.07 trillion despite the strong net buying interest shown by the local players. On the other hand, short dated bonds were actively traded, particularly CB14506A and TB14521A.
    • IDR denominated government bond market was seen traded with thin volume of IDR4.21 trillion on Monday. Meantime, yields were firm amidst no catalysts on the day.  The most transacted paper was 3-year SR006, amounting IDR753 billion, whilst other papers including the benchmark series were dealt at lower volume.
    • Asian dollar credit market remained muted on Monday, as traders were still away from desks for long Easter holiday. Aside, the iTraxx Asia ex-Japan IG Index was seen 3bps tighter to 120bps.


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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