Market
Roundup
- Despite the positive inflation data, US Treasury yields dipped along the longer ends. Meanwhile shorter ends of 2T and 5T stood firm at prior levels of 0.37% and 1.62%.
- Malaysian government bonds remained thinly traded, amid some profit taking activities on the curve bellies. Players were still sidelined ahead of the announcement of inflation data next Monday (rescheduled from Apr 18).
- Thai market closed on Songkran Festival Day.
- IDR denominated government bonds remained sideways with negative tendency on Tuesday. The market was led by the benchmark series named 10-year FR70. We also saw that shorter dated papers also booked quite significant volume such as 3-year ORI010 and 3-year SR006. Other papers were dealt with relatively thin volume. In total, value traded was moderate, reaching IDR9.07 trillion, jumped from IDR4.47 trillion only in the previous day. We see the market may continue weakening as there is no strong catalyst currently. The latest auction indicated that players took wait-and-see stance.
- Market focus was again on the newer issues in dollar credits. Newly issued Muzuho Bank Apr’19 was seen quoted at 74bps, which was 11bps tighter than offered price of 85bps. Aside, Bank of East Asia Apr’15 was traded 0.05pt higher to 99.51pts.
Best Regards,
CIMB Fixed Income Research
Corporate Banking, Treasury and Markets
Tel: +603 2261 8888 | Fax: +603 2261 8705
www.cimb.com
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