Market Roundup
- US Treasuries weakened on the back of improved risk appetite, with DJIA gapped higher and hovered at 22,000 on Monday amid ease in geopolitical tensions. Moreover, the uptick in yields were supported by policymaker's remark, as New York Fed president William Dudley said that he "would be in favor of doing another rate hike later this year", if economic forecast evolves as what he expects.
- Malaysia: Ringgit govvies closed a tad firmer from weakness shown late last week. Flows remained concentrated on shorter dated papers, along with the 10-year MGS, which was traded within a narrow range of 3.98-3.99%. Elsewhere, the new 3-year MGS auction turned out to be disappointing at just 1.706x bid-cover, despite its lower-than-expected issue size of RM3.5 billion, but we noted demand post auction, pushing the yield lower and closed at 3.42% on Monday.
- Indonesia: IndoGBs traded sideways for most of the time on Monday, although yield curve closed lower by 1bp. Most of the activities were centered on newly issued 21-year FR75 bond, where buyers pushed the yield on that specific series down by as much as 10bps. The 10-year bonds were also rather active in a relatively quiet day. Total volume increased to IDR14.8 trillion and dominated by bonds maturing in over 10 years (43%) and bond maturing in between 5 and 10 years (32%).
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