US Treasuries. The US market was closed for the newly declared Martin L. King Day holiday.
Malaysia. Secondary trading was muted with flows concentrated on selective off-the-run short dated bonds and 7y MGS. In GII space, highlight was on 5 and 10y papers which closed 1bp wider and unchanged respectively. In general MYR bonds were seen moving sideways despite a strengthening MYR.
Thailand. Front-ends outperformed on Monday and the yields of LB19 series declined about 2bps. Overall activities were quiet and outright trading value dropped to Bt59.93b possibly due to the US holiday and lower participation from foreign players who bought Thai govvies at a smaller amount of Bt2.39b. The auction of state owned enterprise 8-year GGLB262A amounting Bt3.0b received firm demand with 5.20x btc and was priced within tight range of 2.296-2.299 or about 7 bps spread over the government bond indicating sufficient liquidity to absorb supply.
Indonesia. Due to the US national holiday, IndoGB market was similarly quiet on Monday given the lack of leads. Bid-offer spread was wide but we noted real money players showing buying-on-dips interest. IndoGB closed with higher yields, especially on 10 to 15y buckets. In the meantime, daily volume decreased to IDR 14.7t whilst trades were skewed towards long end of the curve.
Asian Dollar Credits. USD credits were dealt firmer amid a lack of direction with US market on holiday early this week. Latest names heard among the pipelines were Concord New Energy Group and Medco Energi Internasional. Apart from that, Guangxi Financial was reportedly pricing its 3y bond around 6%.
Best Regards,
CIMB Treasury & Markets Research-Fixed Income
Tel: +603 2261 8557 | Fax: +603 2261 8705
www.cimb.com
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