Good Morning,
Market Roundup
- US Treasuries closed pretty much unchanged, with the yields headed marginally higher during choppy trading in the afternoon session. The 10T yield spiked and tested 2.02%, before eventually settled lower at 2.00% on Wednesday.
- Ringgit denominated sovereign bonds suffered losses amid softer sentiment fuelled by lower crude oil prices and weaker Ringgit. USD/MYR surpassed 3.6000 late Wednesday, as Brent crude oil revisited $55.50/bbl, close to the threshold level of $55.00/bbl. Market focus will be on 4Q2014 GDP report on Thursday.
- Thai government bonds continued to show weaknesses, driven by net selling interest shown by the offshore players, pairing with weaker THB. In our view, buy-on-dips activities may surface in the near term after the consistent selling interest recently.
- Indonesia government bond market sell-off happened on Wednesday as foreign names were seen selling fr69 (5yr) and fr70 (10yr) benchmark bonds, sending yield up across the curve. Some local and foreign players bought on dips in small size, seller might be testing the market since IDR spot traded down to 12,700 level. 10yr yield well supported at current level. Trading volume was IDR 14.8 trillion, lower than last week average. The most traded bonds was FR70.
- Asian credit market saw thinner flows, amid weaker risk appetite ahead of the long Lunar New Year holidays beginning next week. The newly issued Evergrande Feb’20 was quoted wider at 99.50pts on mid-week.
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