Market Roundup
- US Treasury yields edged higher after the EU and Greece leaders successfully reached agreement on the latest bailout, sending the 10T yield to test the intraday-high at 2.47%, before eventually settled lower at 2.46% on Monday.
- Ringgit govvies closed mixed, amid muted trading interest ahead of Hari Raya holiday, while we expect market to remain quiet this week. On top of that, players showed better bidding interest along the short dated papers. WI for the 30-year MGS was last heard at 4.73/64%.
- Thai govvies posted little gains on the back of firm foreign bidding interest. We reckon that the bond market to be well supported, particularly if domestic macro data continu to disappoint. Meanwhile, there will be an auction for LB25DA slated for Jul 15, which is indicated at a size of Bt10 billion.
- Indonesia government bond market traded up on Monday open with USD/IDR traded lower hovering near 13300 level. Buying flows were seen especially from belly to long end of the curve, causing yield curve to shift down by 10bps on average. After Greece deal news came out, market traded down on profit taking action, erasing at least half of today's gains. We think market will trade in range ahead of BI rate decision today and trade balance data on Wednesday. Aside, volume dropped to IDR9.3 trillion.
- Asian dollar credits closed mixed, as sentiment continued to be driven by Greek bailout progress. The news reported that EU and Greek leaders reached agreement on the bailout on Monday. Elsewhere, iTraxx ex-Japan IG Index tightened by 2.25bps to 107.50bps.
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