Market Roundup
- US Treasury yields increased a tad across the curve, reacting to the possible rate hike talk from one of the Fed policymakers – Jerome Powell. He stated that the economic conditions may warrant for two hikes in interest rate in September and December this year.
- Ringgit sovereign bond yields inched lower across the curve, supported by persistent bidding interest. Meanwhile, total trading volume increased a tad from RM2.3 billion to RM2.5 billion.
- Thai sovereign yield curve ended higher and steeper, amid mild selling pressure alongside the weaker THB. USD/THB climbed from the recent low of 33.60 and revisited 33.78 on Tuesday.
- Bond market rallied on auction day, driven by offshore buying flows, while market was biddish throughout the day. Prices gapped higher after the break as incoming bids in the auction reached IDR40 trillion, oversubscribed from IDR12 trillion MoF initial target. Government upsized the issuance to the max, issued IDR18 trillion of bonds in auction. Bond continued to be well supported with heavy bids across all auction series.
- Asian credits firmed amid improved sentiment, guided by the latest development in Greek bailout. iTraxx Asia ex-Japan IG Index down by 0.75bp to 105.5bps on Tuesday.
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