Market Roundup
- US Treasury yields inched up along the curve, alongside the well-supported 10T auction and better-than-expected wholesale inventories data.
- MGS yield curve ended flatter, guided by selling pressure ahead of the tender closing of 10-year MGS reopening on Thursday. We saw the WI level gradually given from 3.79% to 3.84% today amid bearish trading tone in the market. Meantime, daily volume was decent at RM3.1 billion, led by GII May’24 (+1bp) and MGS Sep’21 (+2bps), which closed at 4.10% and 3.76% respectively.
- Thai govvies rallied on Wednesday, as market reacted on the Bank of Thailand’s potential move in easing the monetary policy. The Governor Prasarn Trairatvorakul mentioned that the economic recovery was subdued and slower than expected. However, he added that the current 2.00% policy rate is “already accommodative”. Elsewhere, daily volume surged from Bt13.6 billion to Bt26.4 billion.
- Indonesia government bond market dealt mixed ahead of tomorrow's BI MPC meeting, the activity was mostly focused on 6yr-8yr bucket. This week local stock market went up 1.68% as foreign buying triggered rally in stock market since 2 days ago, while bond market was largely traded in range.
- Asian dollar credits posted gains on mid-week, despite lacking of cue from overnight US market, while investors focused along the recent issues. Cofco Land maturing 2019 tightened to 206bps, from 215bps priced earlier. On the other hand, Nexteer Nov’21 traded 1.25pt higher and reached 102.00pts.
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