To read the full report, data and graphs go to http://www.asianbondsonline.adb.org/newsletters/abowdh20150427.pdf?src=newsletter&id=uWidK3KdmgXVUWes9IgIcqKp1miwxx
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News Highlights - Week of 20 - 24 April 2015
Real gross domestic product (GDP) growth in the Republic
of Korea was 0.8% quarter-on-quarter (q-o-q) and 2.4% year-on-year (y-o-y) in
1Q15. Real q-o-q growth in 1Q15 was up from the previous quarter’s 0.3% due to
faster growth in household consumption and domestic investment. On the other
hand, real y-o-y growth in 1Q15 was down from the preceding quarter’s 2.7% due
to slower growth in household consumption and domestic investment, zero growth
in total exports, and slower growth in the manufacturing sector.
* Hong Kong,
China’s consumer prices rose 4.5% y-o-y in March, after gaining 4.6% y-o-y in
February, due to slower price increases for most consumer prices. Electricity,
gas, and water prices rose 21.0% y-o-y in March compared with 21.8% y-o-y in
February. Housing rose 8.1% y-o-y in
March compared with 8.2% y-o-y in February.
* The Republic
of Korea’s Producer Price Index (PPI) fell 0.1% month-on-month (m-o-m) and 3.7%
y-o-y in March. The m-o-m drop in the PPI was due to price declines in
agricultural, forestry, and marine products; and utilities.
* Consumer price
inflation in Malaysia increased to 0.9% y-o-y in March from 0.1% y-o-y in
February. The slight increase in inflation was mainly due to higher annual
increases posted in the furnishings, household equipment, and routine household
maintenance index (0.2% vs 0.1%); and the health index (3.6% vs 3.4%).
* Singapore
recorded deflation of –0.3% in March, the same pace as in February, on account
of a slowdown in food inflation and lower accommodation costs.
* In Singapore,
manufacturing output contracted 5.5% y-o-y in March after declining 3.3% y-o-y
in February. Four out of the six manufacturing clusters recorded a decline in
output, led by the transport engineering cluster (–15.6%). Also, the biomedical
manufacturing cluster (–8.5%), electronics cluster (–5.2%), and general
manufacturing industries cluster
(–0.8%) all recorded lower output on a y-o-y basis.
* Japan posted a
trade surplus of JPY229.3 billion in March, a reversal from the trade deficit
of JPY1.5 trillion posted in the same month a year earlier, as exports of goods
increased and imports contracted. Exports of goods increased 8.5% y-o-y to
JPY6.9 trillion, while imports contracted 14.5% y-o-y to JPY6.7 trillion.
* Corporate debt
issuance in the Republic of Korea climbed to KRW12,488.9 billion in March from
KRW7,975.6 billion in February. In 1Q15, issuance rose to KRW27,644.4 billion,
up 11.5% y-o-y.
* Last week,
Bumi Serpong Damai, an Indonesian property developer, priced US$225 million of
5-year bonds. The bonds were priced to yield 6.75% and were rated BB– by Fitch
Ratings. Also last week, Industrial Bank of Korea sold a US$700 million 5-year bond
at a coupon rate of 2.0%.
* Yields fell
for all tenors in the PRC,Malaysia and Thailand but rose for all tenors in the
Republic of Korea-due to better GDP growth and Indonesia. Yields mostly rose in
Hong Kong, China, Singapore and Viet Nam but were mixed for the Philippines.
The 2-year versus 10-year spread rose for Hong Kong, China, the Republic of
Korea and Viet Nam but fell for other markets.
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