Good Morning,
Market Roundup
- US Treasuries posted gains on Friday, led by buying-on-dips interest, after seeing quick profit taking activities post-FOMC rally.
- Ringgit govvies dealt mixed amid some selling pressure triggered by weakening Ringgit, as USD/MYR climbed to near 3.7365 on Friday. On the other hand, daily volume moderated from RM4.8 billion to RM3.2 billion, still decent in our view.
- Thai sovereign yield curve marginally steepened, as market continued pricing in lower short term rates, while we believed sentiment affected by BoT’s interest rate cut decision and Fed’s dovish stance.
- Indonesia government bond yield curve shifted upward, amid quick profit taking activities after Thursday’s rally. IDR depreciated, with USD/IDR went beyond 13,100 level, and bond market traded in softer tone with foreign players exerted selling pressure especially on the 10-year benchmark. Overall FR70 (10-year) was dominant in the market, transacted for about 47% of the total transaction today. Meanwhile, total volume was decent amounting IDR 13.44 trillion.
- Asian credits dealt mixed, with profit taking activities seen on the HY sovereign-related names, capping the gains. Meanwhile, Kaisa bonds held firm, despite negative news that bondholders rejected the debt restructuring deal. Kaisa Jan’20 traded 0.31pt higher at 59.00pts on Friday.
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