To read the full report, data and graphs go to http://www.asianbondsonline.adb.org/newsletters/abowdh20140825.pdf?src=newsletter&id=uWidK3KdmgXVUWes9IgIcqKp1miwxx
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News Highlights - Week of 18 - 22 August 2014
The Composite Consumer Price Index in Hong Kong, China
rose 4.0% year-on-year (y-o-y) in July, following a 3.6% increase in June,
buoyed by accelerating price hikes in electricity, gas, and water;
miscellaneous goods; and miscellaneous services. Malaysia’s consumer price
inflation slipped to 3.2% y-o-y in July from 3.3% in June on the back of slower
rates of increase in food prices and transport costs. Viet Nam’s consumer price
inflation decelerated to 4.3% y-o-y in August from 4.9% in July due to slower
price hikes in food, housing, transportation, and most other consumer
goods. Producer prices in the Republic
of Korea climbed 0.2% y-o-y in July, after a 0.1% increase in June, amid a
slower rate of decline in prices for manufacturing industry products and a
faster rate of increase in services costs.
* Thailand’s
real gross domestic product (GDP) grew 0.4% y-o-y in 2Q14 following a 0.5%
contraction in 1Q14, buoyed by positive growth in household spending and net
exports on the demand side, and output growth in the agriculture and
non-agriculture sectors on the supply side.
* Japan’s
merchandise exports rose 3.9% y-o-y in July, a faster clip than import growth
of 2.3%, resulting in a narrowing of the merchandise trade deficit. Singapore’s
non-oil domestic exports dropped 3.3% y-o-y in July after recording a 4.6%
decline in June amid decreases in both electronics and non-electronics domestic
exports.
* The Republic
of Korea’s external debt climbed by US$16.8 billion in 2Q14 amid quarterly
increases in both short-term and long-term external debt; the stock of total
external debt leveled off at US$442.2 billion at end-June.
* Fitch Ratings
has affirmed the Republic of Korea’s long-term local currency (LCY) and foreign
currency (FCY) issuer default ratings at AA and AA–, respectively, maintaining
a stable outlook on these ratings. The rating agency noted the resilient growth
of the economy, the moderation in government debt, the sustained budget surplus
position, and the strengthening of its external finances as factors supportive
of the ratings.
* LCY corporate
debt issuance in the Republic of Korea climbed 36.0% month-on-month (m-o-m) to
KRW11.4 trillion in July, led by monthly increases in the issuance of financial
bonds and non-financial corporate bonds.
* CapitaLand
Treasury, a subsidiary of CapitaLand based in Singapore, priced SGD500 million
of 10-year fixed-rate notes at a coupon rate of 3.80% last week. In Thailand,
Toyota Leasing (Thailand) raised THB10 billion from a dual-tranche bond
sale—consisting of THB8 billion of 5-year bonds carrying a coupon rate of
3.85%, and THB2 billion of 2-year, 8-month bonds offering a 3.30% coupon.
Metallurgical Corporation of China priced US$500 million worth of 3-year bonds
at a coupon rate of 2.5% last week.
* Government
bond yields fell for all tenors in Viet Nam and for most maturities in the
People’s Republic of China (PRC) and Hong Kong, China last week. Yields rose
for most tenors in Indonesia, the Republic of Korea, Malaysia, the Philippines,
Singapore, and Thailand. Yield spreads between 2- and 10-year tenors widened in
the PRC, the Republic of Korea, Malaysia, and the Philippines, while spreads
narrowed in Hong Kong, China; Indonesia; Singapore; Thailand; and Viet Nam.
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