Market Roundup
- US Treasury yields were down by up to 6bps along the curve ahead of weekend, despite durable goods orders recorded a growth of 4.0% in March, against 0.6% expansion expected by market consensus, as investors were concerned by the decline in business investment, for a seven-consecutive month.
- Malaysian government bonds pared gains, guided by profit taking activities despite USD/MYR dropped to 3.5835 ahead of weekend. Trading volume was heavy totalling RM4.9 billion on Friday.
- Thai government bonds extended gains, despite THB ended weaker against USD on Friday. In our view, the lower yields were in line with UST yields movement, alongside some speculation on the further easing in upcoming MPC meeting scheduled on Apr 29.
- Indonesia government bond market traded mixed on Friday, as some buyers emerged in the 3-year sukuk retail bond SR07, while seeing little buying activities in morning session on belly to longer end of the curve. The tone changed after the break with selling pressure appeared especially on 10-year and 20-year benchmark bonds, capping off the yield curve movement. Trading volume dropped significantly to just IDR 4.1 trillion.
- Asian credits traded on a softer tone, driven by weaker China’s Manufacturing PMI April preliminary reading, alongside the default cases of Kaisa and Baoding Tianwei. Hong Kong Telecom Apr’25 closed 1bp wider on a week-on-week basis at T+170bps, while Grand China Air Apr’17 widened from 5.07% to 5.09%.
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