Market Roundup
- US Treasury yields edged higher, guided by positive housing starts data. The Sep data came at 1206k, above consensus view of 1142k. Meantime, the 10-year benchmark yield continued to stay well supported above 2.00%, before heading higher to test next resistance levels at 2.10% and 2.15%.
- Ringgit govvies weakened, driven by profit taking activities triggered by weaker Ringgit, and cautious sentiment heading into the Malaysian Budget 2016 slated for this Friday. Highlight was on GII Feb’16, which transacted RM1 billion throughout the day, while yield rose by 20bps to 2.91%. BNM announced reopening auction for the 7-year MGS. Total issuance size came at RM3.5 billion, pretty much in line with market expectation. WI was last quoted at 4.07/00% with nothing done.
- Thai govvies traded weaker along with thinner trading flows, as daily volume marked further decline to Bt9.0 billion, in contrast to Bt10.2 billion garnered a day ago.
- Indonesia government bond market traded down on weak sentiment on lower commodities, IDR weaker by 100 pips on opening and traded at 13600-650 level. Generally traded volume was thin in bond market, some sellers appeared in belly to longer-dated bonds with support bids emerged at current level. MoF downsized Syariah bond issuance to IDR 1.73 trillion from IDR 2 trillion target in Syariah bond auction. Volume was stable amounting IDR 8 trillion.
- Asian credits pared gains amid thin profit taking pressure, after the recent rally particularly in the EM space. However, slower-than-expected primary pipelines, along with speculation of delay in Fed rate hike continue to provide some support to the market.
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