Market Roundup
- US Treasuries remained directionless, after the releases of soft economic data, accompanied by mixed comments made by several Fed members.
- Ringgit govvies recovered marginally on Thursday, as the players took opportunity to realize profit amid a short rally, which was driven by a steep decline in USD/MYR. Overall, sentiment was slightly cautious, while we think that the yield downside movement may be limited at this juncture.
- Thai government bond market saw light trading volume totalling Bt13.9 billion after the long weekend due to Songkran Festival holidays. Focus was on short and medium term papers LB196A and LB21DA, which contributed a combined volume of Bt8.4 billion. Meanwhile, foreign players registered net selling amount of Bt3.3 billion on Thursday.
- Indonesia government bond market generally traded in range during morning session with Rupiah strengthened, as USD/IDR headed to 12,850 level on ECB bond-buying news. However on London opening hour, we noted a sell-off in bond market with selling action seen mostly in FR70 (10-year) benchmark bond and 3-year sukuk retail bond (SR07). Some support buyers emerged when 10-year yield reach 7.50%. BI was seen in the market, checking prices. Trading volume dropped to IDR10.3 trillion.
- Primary market remained upbeat on Thursday for Asian dollar credits. Malaysia’s 10- and 30-year Sukuk were issued at +115bps and +170bps, tighter than the prior day indicative levels at +135bps and +185bps respectively. The bid spreads were quoted at 115bps and 162bps in secondary trading.
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