To read the full report, data and graphs go to http://www.asianbondsonline.adb.org/newsletters/abowdh20160411.pdf?src=newsletter&id=uWidK3KdmgXVUWes9IgIcqKp1miwxx
******************************************************************************
News Highlights - Week of 4 - 8 April 2016
Consumer price inflation in the Philippines climbed to
1.1% year-on-year (y-o-y) in March from 0.9% y-o-y in February, largely induced
by an accelerated hike in y-o-y food price. The March y-o-y headline inflation
rate was within the Bangko Sentral ng Pilipinas’ forecast for the month of
0.6%–1.4%. On a month-on-month (m-o-m) and seasonally adjusted basis, the
Consumer Price Index inched up 0.1% in March.
* Japan’s
current account balance ballooned to JPY2.4 trillion in February from JPY521
billion in January. The goods and services account posted a JPY585 billion
surplus in February, a reversal from the JPY638 billion deficit posted in
January. Malaysia’s trade surplus widened to MYR7.4 billion in February from
MYR5.4 billion a month earlier as imports decreased at a faster pace than
exports. Exports contracted 8.3% m-o-m in February to MYR56.7 billion from
MYR61.9 billion in January. Imports decreased 12.6% m-o-m in February to
MYR49.4 billion from MYR56.5 billion in the previous month.
* Hong Kong,
China’s Purchasing Managers Index (PMI) fell to 45.5 in March from 46.4 in
February, indicating a further contraction in business activity. Singapore’s
PMI rose to 49.4 in March from 48.5 in February, showing slight improvement
while still falling below the threshold for expansion.
* The People’s
Republic of China‘s (PRC) foreign exchange reserves rose in March to USD3.21
trillion from USD3.20 trillion in February. The increase was due to a weakening
US dollar, as well as tighter currency restrictions limiting capital outflows.
Indonesia’s foreign exchange reserves climbed to USD107.5 billion at end-March
from USD104.5 billion at end-February. The increase came afrom the proceeds of
sovereign global sukuk (Islamic bond) issuance and Bank Indonesia foreign
exchange bills. The gross international reserves of the Philippines rose to
USD82.6 billion at end-March from USD81.9 billion at end-February on the back
of a monthly increase in the national government's net foreign currency
deposits.
* Last week, CK
Hutchison issued a multi-tranche EUR-denominated bond. The EUR1.7 billion
7-year tranche was issued at a coupon rate of 1.25%, while the EUR650 million
12-year tranche was issued at a coupon rate of 2.0%. Also last week, the Korea
National Oil Corporation raised USD1 billion from a dual-tranche US
dollar-denominated bond sale. This included a USD500 million 5-year bond
tranche at a 2.125% coupon and a USD500 million 10-year bond tranche at 2.625%.
* Last week,
Fitch Ratings reported that it has affirmed the Philippines' Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'BBB-' and Long-Term Local Currency IDR
at 'BBB'. The outlook to these ratings remained Positive.
* The more
interesting data releases this week include first quarter of 2016 gross
domestic product growth for the PRC and Singapore, trade balances for the PRC
and Indonesia, merchandise exports for the Philippines, and retail sales and
non-oil domestic exports for Singapore.
* Government
bond yields fell last week for most tenors in Indonesia, Malaysia, and
Thailand. Yields rose for most tenors in the PRC; Hong Kong, China; the Rep. of
Korea; the Philippines; Singapore; and Viet Nam. Yield spreads between the
2-year and 10-year tenors narrowed for Hong Kong, China; Indonesia; the Rep. of
Korea; and Singapore. Yield spreads widened for the PRC, Malaysia, the
Philippines, Thailand, and Viet Nam.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.