Market Roundup
- US Treasuries closed marginally weakened on the back of firmer stock and crude oil prices, accompanied by decent ADP employment. The ADP employment data marked a gain of 214k in Feb, higher than 190k projected earlier. Elsewhere, the 10T yield surpassed the resistance level at 1.85% to test 1.87%, but subsequently closed lower at 1.84% on Wednesday.
- Malaysian sovereign bonds extended gains, led by buying demand on front end and bellies of the curve. On top of that, the net buying interest also spurred to the GG segment and pressured the yields a tad lower.
- Thai govvies posted gains, in conjunction with lower IRS curve during mid-week. Apart from that, daily volume surged drastically from Bt16.0 billion to Bt38.0 billion, led by LB25DA auction. The Bt13 billion auction garnered a good bid-cover of 2.87x, while average yield stopped at 2.034%.
- Indonesia government bond market gained on Wednesday on the back of spike in strong buying interest from a few foreign banks. We expect this buying interest was driven by short covering, causing the yield curve to shift down by 10-30 bps respectively. However, profit taking actions pared the morning's gains and pushed the yield curve higher, causing yield curve went down by 5-15bps at closing. Market volume jumped to IDR21.9 trillion.
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