To read the full report, data and graphs go to http://www.asianbondsonline.adb.org/newsletters/abowdh20150406.pdf?src=newsletter&id=uWidK3KdmgXVUWes9IgIcqKp1miwxx
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News Highlights - Week of 30 March - 3 April 2015
Consumer price inflation in Indonesia stood at 6.4%
year-on-year (y-o-y) in March, up slightly from 6.3% y-o-y in February, amid
relatively high price hikes in processed food and utilities. In the Republic of
Korea, consumer price inflation eased to 0.4% y-o-y in March from 0.5% y-o-y in
February: four out of 12 expenditure categories in the Consumer Price Index
(CPI) recorded price decreases in March, led by transport. In Thailand, the CPI
fell 0.6% y-o-y in March, after posting a 0.5% y-o-y drop in February, due to
falling transportation costs.
* The Republic
of Korea’s merchandise trade surplus reached a record monthly high of US$8.4
billion in March. Exports of goods fell 4.2% y-o-y to US$47.0 billion and
merchandise imports fell 15.3% y-o-y to US$38.6 billion in March. Meanwhile,
the Republic of Korea’s current account surplus stood at US$6.4 billion in
February, lower than the surplus of US$6.6 billion in January, but higher than
the surplus of US$4.5 billion in February 2014, according to The Bank of Korea
data.
* Thailand’s
current account surplus amounted to US$3.5 billion in February, higher than the
previous month’s surplus of US$2.5 billion, but lower than the surplus of
US$4.2 billion in February 2014, according to Bank of Thailand data.
* Manufacturing
activity in the People’s Republic of China (PRC) rebounded in March as the
Purchasing Managers Index (PMI) for the manufacturing sector inched up to 50.1
from 49.9 in February. Meanwhile, Singapore’s PMI stood at 49.6 in March,
reflecting a contraction in its manufacturing sector. A PMI above 50 reflects
an expansion in manufacturing activity.
* Industrial
production in Japan contracted 2.6% y-o-y and 3.4% month-on-month (m-o-m) in
February, based on data from the Ministry of Economy, Trade, and Industry. In
the Republic of Korea, industrial production fell 4.7% y-o-y, but grew 2.6%
m-o-m in February, according to Statistics Korea. Manufacturing production in
Thailand expanded 3.6% y-o-y and 1.7% m-o-m in February, per data from Bank of
Thailand.
* Hong Kong
Telecommunications (HKT) priced a US$500 million 10-year bond at a coupon rate
of 3.625% last week. The bond was rated Baa2 by Moody’s Investor Service and
BBB by Standard and Poor’s. Meanwhile, Grand China Air (Hong Kong) priced a
US$300 million 2-year bond at a coupon rate of 5.5% last week.
* Siam Cement in
Thailand raised THB30 billion from a dual-tranche debenture sale last week: a
THB15 billion 3-year debenture carrying a coupon rate of 3.75% and a THB15
billion 4-year debenture at 3.9%. The bonds were rated A(tha) by Fitch Ratings
(Thailand). Land and Houses in Thailand issued a THB7 billion 3-year debenture
at a coupon rate of 2.81% and a THB1 billion 5-year debenture at 3.31% last
week. The bonds were rated A+ by TRIS Rating.
* Government
bond yields fell last week for all maturities in the Republic of Korea and
Malaysia and for most tenors in Hong Kong, China; Singapore; and Thailand. On
the other hand, yields rose for all maturities in the PRC and Indonesia, and
for most tenors in the Philippines. Meanwhile, yield movements were mixed in
Viet Nam. Yield spreads between 2- and 10-year tenors widened in Singapore
while spreads narrowed in Hong Kong, China; Indonesia; the Republic of Korea; Malaysia;
the Philippines; Thailand; and Viet Nam.
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