Good Morning,
Market Roundup
- US Treasuries extended gains amid risk-aversion sentiment, triggered by the heavy selling pressure in stock markets. S&P 500 and DJIA closed 1.70% and 1.85% lower on Tuesday.
- Medium and longer dated Ringgit government bonds weakened, alongside the weaker ringgit and announcement of upcoming new 10-year MGS auction. The USD/MYR pair was found hovering at 3.7086 late Tuesday, after closing last week just below 3.6500.
- Thai government bonds along the front of the yield curve ended steady but longer yields rose by up to 7bps, just a day before the MPC meeting. As is, players are not pricing in a rate cut despite ongoing worries over the economy and recent weak inflation numbers.
- Indonesian government bond yields continued to rise on Tuesday amid selling pressure due to the weaker Rupiah. The market had opened firmer with better bids in the morning session, sending the curve down 5-8 bps. However the market turned after London opened, with net selling pressure seen along the 10- to 15-year benchmark bonds while IDR was hovering near 13,100.
- Asian dollar denominated bonds were traded firm on Tuesday, supported by overnight gains along the UST market as well as a rebound along HY Chinese names led by Kaisa after it plunged the day before. New Shimao Property 7-year bonds signified the rebound, as it tightened back 10bps after opening 20bps wider after its launch.
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