Market Roundup
- US Treasuries further weakened, amid gains in stock markets and crude oil prices, despite the latest FOMC minutes sounded dovish, as the policymakers raised concern on the low level of inflation and downside risk in global economy.
- Malaysian government bond market was muted, with total trading volume of RM1 billion. While we noted some offshore players bidding on short dated papers for carry trade with 1-month NDF collapsing below spot.
- Thai sovereign yield curve ended pretty much unchanged, amid muted trading interest on Thursday. Trading volume shrank substantially from Bt23.4 billion to Bt11.2 billion on Thursday.
- It was a rollercoaster market on Thursday in which the yield curve traded up by +30-40 bps in the morning session, however market support in the afternoon on few foreign banks buying. Actually, in general it was mix flows where the most active was foreign interbank in the market. Market volume was thin. Government will hold bond auction next week with target amount IDR 8 trillion. We see market will be more on better selling at the moment. Volume decreased to IDR 9.4 trillion.
- Asian credits were well supported by risk-on sentiment, but saw some profit taking activities after the recent gains. PLN Nov’21 edged lower from 103.55pts to 102.88pts, while Vietnam Nov’24 traded higher at 98.66pts, up from 97.73pts a day prior.
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