Market Roundup
- US Treasuries continued to strengthen on the back of the Greek referendum, after the voters rejected austerity measures. Also, US Treasuries were well supported by the safe haven flows, amid selling pressure on the global stock markets.
- Malaysian sovereign bonds were under selling pressure during earlier session, amid light trading volume on Monday. Notably, MGS Oct’17 traded 7bps lower at 3.13%. We also expect to hear details for the reopening of the 30-year MGS, with a tender size of RM2.5 billion. Demand should be ample given a smallish tender size.
- Thai govvies posted little gains early the week, amid thinner transaction amounting Bt8.2 billion, in contrast to Bt13.0 billion registered last Friday. On the other hand, we also see the 5X5 swap spread moving to mid-point of the -10bps to -20bps range this month.
- IDR government bond market opened weaker on Monday on the back of Greece referendum result. We were seeing selling pressure in the morning session from various players with small volume trading. However, market rebounded on foreign buying interests in the afternoon and erased 10-15 bps morning's loss. It seems that market was resilient. Volume improved to IDR 12.5 trillion.
- Asian dollar credits were under selling pressure after majority of the Greek voters declined the bailout offer in the referendum held on Jul 5. However, we noted market recovered losses, alongside the gains in Chinese stock market on Monday.
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