11
19 September 2011 asianbondsonline.adb.org ……………………………………………………………………………………………………………..……………..…… Key Developments in Asian Local Currency Markets 1 ong Kong, China's industrial production growth rate fell to 2.0% year-on-year (y-o-y) in 2Q11 from 3.5% in 1Q11, due mainly to a decline in the output of textiles and apparels. Textile production fell 13.5% y-o-y while apparel fell 9.6%. In Japan, the Ministry of Economy, Trade, and Industry revised its July production index downward to -3.0% y-o-y from a preliminary figure of -2.8%. In the Philippines, merchandise exports shrank for a third consecutive month in July- by 1.7% y-o-y to USD4.4 billion-as the global slowdown curbed demand for electronic products. Meanwhile on a month-on-month basis, exports grew 7.3%. Singapore's non-oil domestic exports grew 5.1% y-o-y in August after posting a 2.8% decline in July. In the Republic of Korea, the combined net income of 62 securities companies jumped 74.7% y-o-y to KRW793.2 billion in the first quarter of fiscal year 2011 (April-June). Their return on equity for the quarter increased to 2.1% from 1.3% in the same period last year. According to the Financial Supervisory Service (FSS), the increase was brought about by a 12.4% y-o-y increase in commissions revenue, which reached KRW2.2 trillion for the quarter, as well as a 58.3% y-o-y rise in the income from proprietary trading, which amounted to KRW1.1 trillion. Growth in overseas foreign worker remittances to the Philippines eased to 6.1% y-o-y in July-for a total of USD1.7 billion for the month-from 7.0% growth in June. Meanwhile, in the first 7 months of the year remittances rose 6.3% y-o-y for a total of USD11.4 billion. Remittances from land-based and sea-based workers grew 4.3% and 14.1% y-o-y, respectively. Powerlong Real Estate, a Chinese real estate company based in Hong Kong, China, issued HKD1.0 billion worth of senior notes to China Life Trustee Limited . The notes mature in 3 years and carry a coupon of 13.8%. In the Republic of Korea last week, Korea Eximbank sold a KRW150 billion 1-year zero coupon bond and a KRW50 billion 6-month zero coupon bond. Korea Development Bank issued a 3-year bond worth KRW150 billion at a coupon rate of 3.76%. Also, Korea Finance Corporation priced samurai bonds totalling JPY30 billion including a JPY15.5 billion 2-year bond, a JPY7.5 billion 3-year bond, and a JPY7.0 billion 5-year bond. In Malaysia, property developer Perdana Parkcity issued MYR400 million worth of medium term notes (MTN), while Telkom Malaysia sold MYR300 million worth of 10-year Islamic MTN. Singapore's Housing and Development Board issued last week SGD625 million worth of 5-year bonds and SGD650 million 10-year bonds Meanwhile, Thailand auctioned a 50-year THB5.0 billion bond with a 4.85% coupon. China National Petroleum Corp. (CNPC) and China Railway 16th Bureau Group announced that they plan to issue commercial paper with a maturit y of 1-year on the interbank market. China National Petroleum Corp. will issue CNY15.0 billion and China Railway 16th Bureau Group will issue CNY560 million. Government bond yields rose for all tenors in Indonesia and Malaysia and rose for most tenors for Korea; Philippines; Singapore and Thailand as risk aversion rises over con cerns that Greece may default. Yields fell for most tenors in the PRC; Hong Kong, China and Vietnam. Yields changes were mostly mixed for Japan. Yield spreads between 2- and 10-year tenors narrowed for the PRC and Hong Kong, China but widened for the rest of the Emerging East Asian markets. H  As ia Bon d Moni tor Se tember 2011 10-Year Selected LCY Government Security Yields Close of 16 September 2011  basis point change from Markets Latest Closing Previous Day* Previous Week* 1-Jan-11* Selected Benchmark Yield Curves - Local Currency Government Bonds Policy Rate versus Inflation Rate Charts  Government Security Yields Credit Default Swap Spreads & Exchange Rate Indexes Selected Debt Security Issuances  Selected Asia Data Releases 2-versus-10 Yield Spread Chart  US 2.05 -3.41 12.96 -124.56 EU 1.86 -6.6 0 9.10 -110.00 Ja p an 1.0 1 1.5 0 0.80 -11.50 PR C 4 .0 6 1.0 0 -1.00 15.00 Hong Kon g, Ch i na 1.5 4 1.4 0 -3.30 -131.60 Ind i a 8.3 6 2.2 0 5.40 44.40 Indone s i a 7.14 -1.4 0 68.40 -46.80 Mal a ys i a 3 .71 0.0 0 11.70 -33.00 Ko re a , R e p . of 3 .68 6.0 0 8.00 -84.00 Ph i l i p p i n e s 5 .82 5.2 9 25.10 -7.28 Si n ga p ore 1 .6 1 7 .0 0 8.00 -110.00 Th a i l a n d 3 .7 0 6 .2 0 10.00 -2.60 Vi e t Na m 1 2 .6 8 3 .3 0 5.40 93.30 12.96 9.10 0.80 -1.00 -3.30 5.40 68.40 11.70 8.00 25.10 8.00 10.00 5.40

Asian Bonds - Weekly Debt Hightlights

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19 September 2011 asianbondsonline.adb.org 

……………………………………………………………………………………………………………..……………..……

Key Developments in Asian Local Currency Markets

1

ong Kong, China's industrial production growth rate fell to 2.0% year-on-year (y-o-y) in 2Q11 from 3.5% in1Q11, due mainly to a decline in the output of textiles and apparels. Textile production fell 13.5% y-o-y whileapparel fell 9.6%. In Japan, the Ministry of Economy, Trade, and Industry revised its July production indexdownward to -3.0% y-o-y from a preliminary figure of -2.8%.

In the Philippines, merchandise exportsshrank for a third consecutive month in July- by1.7% y-o-y to USD4.4 billion-as the globalslowdown curbed demand for electronicproducts. Meanwhile on a month-on-monthbasis, exports grew 7.3%. Singapore's non-oildomestic exports grew 5.1% y-o-y in Augustafter posting a 2.8% decline in July.

In the Republic of Korea, the combined netincome of 62 securities companies jumped

74.7% y-o-y to KRW793.2 billion in the firstquarter of fiscal year 2011 (April-June). Theirreturn on equity for the quarter increased to2.1% from 1.3% in the same period last year.According to the Financial Supervisory Service(FSS), the increase was brought about by a12.4% y-o-y increase in commissions revenue,which reached KRW2.2 trillion for the quarter,as well as a 58.3% y-o-y rise in the incomefrom proprietary trading, which amounted toKRW1.1 trillion.

Growth in overseas foreign workerremittances to the Philippines eased to 6.1%y-o-y in July-for a total of USD1.7 billion for themonth-from 7.0% growth in June. Meanwhile, inthe first 7 months of the year remittances rose6.3% y-o-y for a total of USD11.4 billion.Remittances from land-based and sea-basedworkers grew 4.3% and 14.1% y-o-y,respectively.

Powerlong Real Estate, a Chinese realestate company based in Hong Kong, China,issued HKD1.0 billion worth of senior notes toChina Life Trustee Limited. The notes maturein 3 years and carry a coupon of 13.8%. In the

Republic of Korea last week, Korea Eximbanksold a KRW150 billion 1-year zero couponbond and a KRW50 billion 6-month zerocoupon bond. Korea Development Bank issueda 3-year bond worth KRW150 billion at acoupon rate of 3.76%. Also, Korea FinanceCorporation priced samurai bonds totallingJPY30 billion including a JPY15.5 billion 2-yearbond, a JPY7.5 billion 3-year bond, and aJPY7.0 billion 5-year bond.

In Malaysia, property developer Perdana Parkcity issued MYR400million worth of medium term notes (MTN), while Telkom Malaysiasold MYR300 million worth of 10-year Islamic MTN. Singapore'sHousing and Development Board issued last week SGD625 millionworth of 5-year bonds and SGD650 million 10-year bonds Meanwhile,Thailand auctioned a 50-year THB5.0 billion bond with a 4.85%coupon.

China National Petroleum Corp. (CNPC) and China Railway 16thBureau Group announced that they plan to issue commercial paperwith a maturity of 1-year on the interbank market. China NationalPetroleum Corp. will issue CNY15.0 billion and China Railway 16thBureau Group will issue CNY560 million.

Government bond yields rose for all tenors in Indonesia andMalaysia and rose for most tenors for Korea; Philippines; Singaporeand Thailand as risk aversion rises over concerns that Greece maydefault. Yields fell for most tenors in the PRC; Hong Kong, China andVietnam. Yields changes were mostly mixed for Japan. Yield spreadsbetween 2- and 10-year tenors narrowed for the PRC and Hong Kong,China but widened for the rest of the Emerging East Asian markets.

H Asia Bond Monitor Se tember 2011

10-Year Selected LCY Government Security Yields Close of 16 September 2011

 basis point change from

Markets Latest Closing  Previous Day*  Previous Week* 1-Jan-11*

Selected

Benchmark Yield Curves - Local Currency Government Bonds

Policy Rate versus Inflation Rate Charts 

Government Security Yields

Credit Default Swap Spreads & Exchange Rate Indexes

Selected Debt Security Issuances Selected Asia Data Releases

2-versus-10 Yield Spread Chart

 

US 2.05 -3.41 12.96 -124.56

EU 1.86 -6.60 9.10 -110.00

Japan 1.01 1.50 0.80 -11.50

PRC 4.06 1.00 -1.00 15.00

Hong Kong, China 1.54 1.40 -3.30 -131.60

Ind ia 8.36 2.20 5.40 44.40

Indones ia 7.14 -1.40 68.40 -46.80

Malays ia 3.71 0.00 11.70 -33.00

Korea, Rep. of 3.68 6.00 8.00 -84.00

Philippines 5.82 5.29 25.10 -7.28

Singapore 1.61 7.00 8.00 -110.00

Thailand 3.70 6.20 10.00 -2.60

Viet Nam 12.68 3.30 5.40 93.30

12.96

9.10

0.80

-1.00

-3.30

5.40

68.40

11.70

8.00

25.10

8.00

10.00

5.40

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Summary Text of News Articles

Industrial Production Growth Falls in Hong Kong, China in 2Q11;

 Japan's July Industrial Production Figures Revised Downward

.......................................................................................................................According to Hong Kong, China's Census and Statistics Department, the growth rate for industrial production fell to2.0% year-on-year (y-o-y) in 2Q11 from 3.5% in 1Q11, due mainly to a decline in the output of textiles and apparels.Textile production fell 13.5% y-o-y while apparel fell 9.6% y-o-y. In Japan, the Ministry of Economy, Trade, and Industryrevised its July production index downward to -3.0% y-o-y from a preliminary reading of -2.8%.

Philippine Exports Fall in July; Singapore's Exports Rise in August .......................................................................................................................In the Philippines, merchandise exports shrank for a third consecutive month in July-by 1.7% y-o-y to USD4.4 billion-asthe global slowdown curbed demand for electronic products. On a month-on-month (m-o-m) basis, exports grew 7.3%.The decline was primarily attributed to negative annual growth in the export of semiconductors at -33.5% y-o-y. Thegovernment's export growth rate target for 2011 is 10%.

Singapore's non-oil domestic exports grew 5.1% y-o-y in August after posting a 2.8% decline in July. Electronics exports

fell 19.0% y-o-y in August after registering a 17.0% decline in the previous month. The decline in electronics exportswas offset by the increase in non-electronic exports, which rose 20.0% y-o-y in August due to higher exports of shipsand boats, optical apparatus, and disk media products.

For statistics on the Philippines' export growth rate and trade balance, refer to this l ink:http://asianbondsonline.adb.org/philippines/data/macroeconomic_credit.php 

For statistics on Singapore's export growth rate and trade balance, refer to this link:http://asianbondsonline.adb.org/singapore/data/macroeconomic_credit.php 

Philippines Reports 7.1% Unemployment Rate in July; Singapore Posts 2.1% Unemployment Rate in 2Q11.......................................................................................................................The July 2011 Labor Force Survey of the Philippine National Statistics Office showed an estimated 37.1 million personswere employed and 2.8 million were out of work in 2Q11, translating into an unemployment rate of 7.1%. The slight risefrom 7.0% in 2Q10 was due to higher unemployment in the agriculture sector. There were more males (62.6%) than

females (37.4%) among the unemployed. More than half (53.1%) of the unemployed were 15-24 years old. One-third(33.6%) of the unemployed were high school graduates, 21.8% had some college education, and 20.8% were collegegraduates.

In Singapore, the seasonally adjusted unemployment rate increased to 2.1% in 2Q11 from 1.9% in 1Q11, but was downslightly from 2.2% in 2Q10. According to the Ministry of Manpower, the economy produced 24,800 additional jobs in2Q11, the bulk of which were in the services industry. Nominal average monthly earnings rose 6.0% year-on-year (y-o-y), but real average monthly earnings rose only 1.3%. Meanwhile, labor productivity slipped 2.5% y-o-y in 2Q11, afterincreasing 5.4% in 1Q11, as gross domestic product (GDP) growth slowed.

Rising Profits for Securities Companies in the Republic of Korea.......................................................................................................................In the Republic of Korea, the combined net income of 62 securities companies jumped 74.7% year-on-year (y-o-y) toKRW793.2 billion in the first quarter of fiscal year 2011 (April-June). Their return on equity increased to 2.1% from 1.3%in the same period last year. According to the Financial Supervisory Service (FSS), the increase was brought about bya 12.4% y-o-y rise in commissions revenue, which reached KRW2.2 trillion for the quarter, as well as a 58.3% rise inincome from proprietary trading, which amounted to KRW1.1 trillion. Income from bond trading also rose 30.9% y-o-y toKRW958.5 billion.

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3

Summary Text of News Articles

Growth in Philippine OFW Remittances Slows to 6.1% in July .......................................................................................................................Growth in overseas foreign worker (OFW) remittances to the Philippines eased to 6.1% year-on-year (y-o-y) in July-for

a total of USD1.7 bill ion for the month-from 7.0% in June. Meanwhile, in the first 7 seven months of the year remittancesgrew 6.3% y-o-y to reach USD11.4 billion. Remittances from land-based and sea-based workers grew 4.3% and 14.1%y-o-y, respectively. Economic and political uncertainty in the United States (US), Europe, the Middle East, and Africahave negatively affected the potential deployment and earnings of OFWs.

Issuances in the Republic of Korea, Malaysia, Singapore, and Thailand.......................................................................................................................Powerlong Real Estate, a Chinese real estate company based in Hong Kong, China, issued HKD1.0 billion worth ofsenior notes to China Life Trustee Limited. The notes mature in 3 years and carry a coupon of 13.8%.

In the Republic of Korea, Korea Eximbank sold a KRW150 billion 1-year zero coupon bond and a KRW50 billion 6-month zero coupon bond. Korea Development Bank issued a 3-year bond worth KRW150 billion at a coupon rate of3.76%. Korea Finance Corporation priced samurai bonds totaling JPY30.0 billion including a JPY15.5 billion 2-yearbond, a JPY7.5 billion 3-year bond, and a JPY7.0 billion 5-year bond, with coupon rates at 0.99%, 1.11%, and 1.36%,respectively.

In Malaysia, property developer Perdana Parkcity issued MYR400 million worth of medium term notes (MTN) last week.The issuance is composed of MYR200 million worth of 5-year senior notes with a coupon of 5.65% per year, and 5- and7-year subordinated notes worth MYR50 million and MYR150 million respectively. Meanwhile, Telkom Malaysia soldMYR300 million worth of 10-year Islamic MTN which pays an annual return of 4.2%, proceeds of which will be used toroll out a high-speed data cable broadband network.

Singapore's Housing and Development Board issued last week SGD625 million worth of 5-year bonds and SGD650million 10-year bonds. The 5-year paper carries 1.01% annual coupon, while the 10-year paper pays 1.95%.

Meanwhile, Thailand auctioned a 50-year THB5.0 billion bond with a 4.85% coupon.

CNPC and China Railway 16th Bureau Group to Issue Commercial Paper 

.......................................................................................................................China National Petroleum Corp. (CNPC) and China Railway 16th Bureau Group announced plans to issue commercialpaper with a maturity of 1-year on the interbank market. CNPC will issue CNY15.0 billion and China Railway 16thBureau Group will issue CNY560 million.

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4

 

 Tip: Zoom-in on the table using the Acrobat zoom tool 

Selected Government Security Yields

3-Month Selected LCY Government Security Yields 

Close of 16 September 2011

Previous

Day*

Previous

Week*1-Jan-11*

US 0.00 0.00 -0.51 -11.97

EU 0.48 -1.50 -2.10 8.00

Japan 0.10 0.00 0.00 -2.40

PRC 3.57 0.00 -23.00 39.00

Hong Kong, China 0.10 0.00 0.00 -18.00

India 8.37 -1.00 1.00 127.00

Malaysia 2.97 0.00 2.40 19.00Korea, Rep. of 3.25 1.00 0.00 74.00

Philippines 0.40 0.00 1.28 -79.50

Singapore 0.18 0.00 0.00 -21.00

Thailand 3.43 0.47 1.00 146.33

basis point change fromLatest

ClosingMarkets

-0.51

-2.10

0.00

-23.00

0.00

1.00

2.40

0.00

1.28

0.00

1.00

10-Year Selected LCY Government Bond Yields 

Close of 16 September 2011

Previous

Day*

Previous

Week*1-Jan-11*

US 2.05 -3.41 12.96 -124.56

EU 1.86 -6.60 9.10 -110.00

Japan 1.01 1.50 0.80 -11.50

PRC 4.06 1.00 -1.00 15.00

Hong Kong, China 1.54 1.40 -3.30 -131.60

India 8.36 2.20 5.40 44.40

Indonesia 7.14 -1.40 68.40 -46.80

Malaysia 3.71 0.00 11.70 -33.00

Korea, Rep. of 3.68 6.00 8.00 -84.00

Philippines 5.82 5.29 25.10 -7.28

Singapore 1.61 7.00 8.00 -110.00

Thailand 3.70 6.20 10.00 -2.60

Viet Nam 12.68 3.30 5.40 93.30

basis point change fromLatestClosing

Markets

12.96

9.10

0.80

-1.00

-3.30

5.40

68.40

11.70

8.00

25.10

8.00

10.00

5.40

Source: Based on data from Bloomberg, LP. 

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Benchmark Yield Curves – Local Currency Government Bonds

ip: Zoom-in on the table using the Acrobat zoom tool  T  Hong Kong, China  Indonesia China, People’s Rep. of  

Source: Based on data from Bloomberg. 

 JapanEUUS 

 Viet Nam ThailandSingapore 

PhilippinesMalaysiaKorea, Republic of  

2.25

2.50

2.75

3.00

3.25

3.50

3.75

4.00

4.25

0 1 2 3 4 5 6 7 8 9 10 11 12

   Y   i  e   l   d   (   %   )

Time to maturity (years)

1 6- Sep -11 09 -Sep -11 02 -Se p- 11

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

0 2 4 6 8 10 12 14 16

   Y   i  e   l   d   (   %   )

Time to maturity (years)

16- Sep -11 09- Sep -11 02- Sep -11

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

0 3 6 9 12 15 18 21 24 27 30 33

   Y   i  e   l   d   (   %   )

Time to maturity (years)

16- Sep -11 09- Sep -11 02- Sep -11

2.50

3.00

3.50

4.00

4.50

5.00

5.50

6.00

0 2 4 6 8 10 12 14 16 18 20 22

   Y   i  e   l   d   (   %   )

Time to maturity (years)

1 6- Sep -11 09 -Se p- 11 02 -Se p- 11

2.6

2.8

3.0

3.2

3.4

3.6

3.8

4.0

4.2

4.4

4.64.8

0 2 4 6 8 10 12 14 16 1 8 20 22

   Y   i  e   l   d   (   %   )

Time to maturity (years)

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

0 3 6 9 12 15 18 21 24 27

   Y   i  e   l   d   (   %   )

Time to maturity (years)

16 -Sep -1 1 0 9- Se p- 11 0 2- Se p- 111 6- Sep -11 09 -Sep -1 1 0 2- Se p- 11

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

0 3 6 9 12 15 18 21

   Y   i  e   l   d   (   %   )

Time to maturity (years)

1 6- Sep -11 09- Se p- 11 02 -Se p- 11

2.0

2.3

2.5

2.8

3.0

3.3

3.5

3.84.0

4.3

4.5

0 2 4 6 8 10 12 14 16

   Y   i  e   l   d   (   %   )

Time to maturity (years)

12.0

12.3

12.5

12.8

13.0

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

   Y   i  e   l   d   (   %   )

Time to maturity (years)

16- Sep -11 09- Sep -11 02- Sep -11 16- Sep -11 09- Sep -11 02- Sep -11

0.0

0.5

1.0

1.5

2.0

2.53.0

3.5

4.0

4.5

5.0

0 4 8 12 16 20 24 28 32

   Y   i  e   l   d   (   %   )

Time to maturity (years)

0.0

0.3

0.5

0.8

1.0

1.31.5

1.8

2.0

2.3

2.5

0 4 8 12 16 20 24 28 32 36 40

   Y   i  e   l   d   (   %   )

Time to maturity (years)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

0 5 10 15 20 25 30

   Y   i  e   l   d   (   %   )

Time to maturity (years)

16- Sep -11 09- Sep -11 02- Sep -11 1 6- Se p- 11 09 -Sep -1 1 02 -Se p- 1116 -S ep -11 09 -S ep -1 1 02-Se p-1 1

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2-versus-10 Yield Spread Chart 

table using the Acrobat zoom tool  Tip: Zoom-in on the

 Yield Spread between the Two- and Ten-Year Government Bonds 

0 50 100 150 200 250 300 350 400

China, People's Rep. of

Hong Kong, China

Indonesia

Korea, Rep. of

Malaysia

Philippines

Singapore

Thailand

Viet Nam

U.S.

E.U.

Japan

basis points

16-Sep-11

9-Sep-11

2-Sep-11

Source: Based on data from Bloomberg LP. 

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Policy Rate versus Inflation Rate Charts

ip: Zoom-in on the table using the Acrobat zoom tool  T w

China, People’s Rep. of   Hong Kong, China India

Philippines   Thailand

PRC uses 1-year lending rate as one of its policy rates.

Source: Bloomberg LP.  The Hong Kong Monetary Authority maintains a Discount 

Window Base Rate. Source: Bloomberg LP.

 The Reserve Bank of India uses the repurchase (repo) cut-

off yield as its policy rate. Source: Bloomberg LP.  

Indonesia  Korea, Republic of Malaysia

Bank Indonesia uses its reference interest rate (BI rate) as its

policy rate. Source: Bloomberg LP.   The Bank of Korea shifted its policy rate from the overnight 

repurchase (repo) rate to the 7-day repo rate in March 2008.

Source: Bloomberg LP.

Bank Negara Malaysia uses the overnight policy rate

(OPR) as its policy rate. Source: Bloomberg LP.

 Viet Nam

Bangko Sentral uses the Philippine overnight reverse

repurchase agreement rate as one of its policy 

instruments. Source: Bloomberg LP. 

  The Bank of Thailand replaced the 14-day repurchase

rate with the 1-day repurchase rate in January 2007 as

its policy rate. Source: Bloomberg LP.

  The State Bank of Viet Nam uses a benchmark prime

lending rate as its policy rate. Source: Bloomberg LP.

Inflation Rate

6.20

1-yearLending Rate

6.56

-4

-2

0

2

4

6

8

10

Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11

Inflation Rate

7.9

HKMA BaseRate

0.5

-4

-2

0

2

4

6

8

Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11

9.78RepurchaseCut-off Yield

Inflation Rate

8.00

-2

0

2

4

6

8

10

12

Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11

Inflation Rate

3.40

OvernightPolicy Rate

3.00

-4

-2

0

2

4

6

8

10

Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11

Inflation Rate

5.30

7-Day RepoRate

3.25

0

4

6

8

Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11

2

Inflation Rate

4.79

6.75

0

2

4

6

8

10

12

14

16

18

20

Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11

BI Rate

InflationRate

4.70

OvernightReverse

Repo Rate

4.50

0

2

4

6

8

10

12

Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11

Inflation Rate

4.29

1-Day RepoRate

3.50

-6

-4

-2

0

2

4

6

8

10

Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11

Inflation Rate

23.02

PrimeLending Rate

9.00

0

3

6

9

12

15

18

21

24

27

30

Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11

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 DEBT HIGHLIGHTS

 ASIANBONDSONLINE

 

Credit Default Swap Spreads & Exchange Rate Indexes

ip: Zoom-in on the table using the Acrobat zoom tool  T  Credit Default Swap Spreads - Senior 5-year*

 

Exchange Rate Indexes (vis-à-vis US$, 2 January 2007=100) 

* In USD currency and basedon sovereign bonds

Source: Thomson Reuters

    M    i    d   s   p   r   e

   a    d    i   n    b   a   s    i   s   p   o    i   n    t   s

Source: ADB-OREI staff calculations based onBloomberg data. 

50

60

70

80

90

100

110

120

130

50

60

70

80

90

100

110

120

130

Jan-07 Aug-07 Mar-08 O ct-08 May-09 Dec-09 Ju l-10 Feb-11 Sep-11

China, People's Rep. of

Indonesia

Malaysia

Phil ippines

Thailand

Singapore

Korea, Rep. of

Viet Nam

0

20 0

40 0

60 0

80 0

1,000

1,200

1,400

Dec-07 Nov-08 Oct-09 Oct-10 Sep-11

China, People's Rep. of

Hong Kong, China

Indonesia

Korea, Rep. of

Japan

Malaysia

Phil ippines

Thailand

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DEBT HIGHLIGHTS ASIANBONDSONLINE

 

 Tip: Zoom-in on the table using the Acrobat zoom tool 

Selected Debt Security Issuances (12 - 16 September 2011)

PRC 14-Sep 1-year China Government Bond 3.90 30.00 32.51

15-Sep 3-month PBOC Bil ls 3.17 2.00 2.00

HK 12-Sep 91-day Exchange Fund Bills 0.11 27.72 27.72

182-day Exchange Fund Bills 0.12 9.00 9.00

364-day Exchange Fund Bills 0.13 5.00 5.00

ID 13-Sep 1-year Treasury Bills 4.50 1,700.00

10-year Treasury Bonds 6.70 650.00

16-year Treasury Bonds 7.17 3,650.00

30-year Treasury Bonds 7.71 2,000.00

JP 13-Sep 1-year Treasury Discount Bills 0.10 2,500.00 2,499.95

20-year Japan Government Bonds 1.75 1,100.00 1,099.10

14-Sep 3-month Treasury Discount Bil ls 0.09 4,800.00 4,769.90KR 14-Sep 91-day Monetary Stabilization Bonds 3.25 1,200.00 1,320.00

1-year Monetary Stabilization Bonds 3.40 800.00 880.00

5-year Treasury bonds 3.45 1,600.00 1,600.00

MY 12-Sep 119-day Islamic BNM Notes 2.94 1.50 1.50

128-day BNM Notes 2.89 2.50 2.50

170-day BNM Notes 2.89 2.50 2.50

14-Sep 154-day BNM Islamic Notes 2.94 1.00 1.00

210-day BNM Notes 2.93 1.50 1.50

210-day BNM Notes 2.90 1.50 1.50

5-year Government Investment Issue 3.38 4.00 4.00

PH 13-Sep 10-year Fixed Rate Treasury Note 5.49 6.50 9.00 9.00

SG 12-Sep 91-day Treasury Bills 0.12 3.90 3.90

TH 13-Sep 28-day BOT Bills 3.42 15.00 15.00

91-day BOT Bills 3.45 20.00 20.00

182-day BOT Bills 3.53 18.00 18.00

365-day BOT Bills 3.62 35.00 35.00

14-Sep 12-year Government Bonds 3.69 3.63 8.00 8.00

50-year Government Bonds 4.52 4.85 5.00 5.00

Sources: Local market sources and Bloomberg, LP.

7,000.00

C o u p o n

(in % )A m o un t O ff e re d

L CY B i l l i ons

A m o u n t Is s u e d

L CY B i l l i onsarkets

A uc t i on

D ate T y p e o f S e c u rity

A v e r a g e

Y i e ld ( % )

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DEBT HIGHLIGHTS ASIANBONDSONLINE

 

10

…………………………………………………………………………………………………………………………………

 Tip: Zoom-in on the table using the Acrobat zoom tool 

Selected Asia Data Releases (19 - 26 September 2011)

Source: AsianBondsOnline, Bloomberg LP, and Reuters.

R e le a s e D a te R e c e n t T r e n d so u n tr y /V a r ia b le H is to r ic a l D a ta

Viet Nam’s consumer price inflation accelerated to 23.0% y-o-y in August, the

highest rate since December 2008.

Singapore

Industrial Production

y-o-y, %

A UG

09/26 07/10: 9.3%

08/10: 6.9%

06/11: 10.7%

07/11: 7.4%

Singapore’s industrial production grow th eased to 7.4% y-o-y in July f rom 10.7% in

the previous month.

Viet Nam

CPIy-o-y, %

SEP

Japan’s merchan dise trade su rplus grew to JPY70 .0 billion in July fr om JPY67 .3

billion in June.

07/10: 3.1%

08/10: 3.3%

06/11: 5.2%

07/11: 5.4%

Inflation in Singapore, as measured by the consumer price index (CPI), increased to

5.4% y-o -y in July from 5.2% in June.

Republic of Korea

Unem ployme nt Rate SA

%

A UG

09/21 07/10: 3.7%

08/10: 3.4%

06/11: 3.3%

07/11: 3.3%

Hong Kong, China’s consumer price inflation rate accelerated to 7.9% y-o-y in July

due to increases in food and r ental rates.

Singapore

CPI

y-o-y, %

A UG

The seasonally adjusted (SA) unemployment rate of the Republic of Korea remained

steady f or the third consecutive month at 3.3% in July.

Malaysia

CPI

y-o-y,%

A UG

09/21 07/10: 1.8%

08/10: 2.0%

06/11: 3.5%

07/11: 3.4%

Malaysia’s consumer price inflation fell slightly to 3.4% y-o-y in July from 3.5% in

June.

08/10: 8.2%

09/10: 8.9%07/11: 22.2%

08/11: 23.0%

09/23

Hong Kong, China

CPI

y-o-y, %

A UG

09/22 07/10: .3%

08/10: 3.0%

06/11: 5.6%

07/11: 7.9%

Viet Nam

Real GDP

y-o-y, %

3Q11

09/26 2Q10: 6.2%

3Q10: 6.5%

1Q11: 5.4%

2Q11: 5.6%

Viet Nam’s real gross domestic produc t (GDP) acc elerated to 5.6% y-o-y in 2Q11

from 5.4% in 1Q11.

Philippines

Budget Deficit–Surplus

PHP billion

A UG

09/19 to

09/25

07/10: –32.7

08/10: 1.3

06/11: –7.7

07/11: –26.5

The Philippines’ budge t def icit sw elled to PHP26.5 billion in July f rom PHP7.7 billion in

June.

Japan

Dept. Store Sales

y-o-y, %

A UG

07/10: –1.4%

08/10: –3.2%

06/11: 0.3%

07/11: –0.1%

Department store sales grow th in Japan contracted 0.1% y-o- y in July from marginal

grow th of 0.3% in June.

09/20

Japan

Merchandise Trade Balance

JPY billion

A UG

09/21 07/10: 799.2

08 / 10: 84.0

06/11: 67.3

07/11: 70.0

09/26

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DEBT HIGHLIGHTS

 

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News Articles: Sources for Further Reading 

Industrial Production Growth Falls in Hong Kong, Chinain 2Q11; Japan’s July Industrial Production FiguresRevised Downward

•  Provisional statistics on index of industrial production and producer price index for the industrial sector for the second quarter of 2011Census and Statistics Department(15 September 2011)

•  Indices of Industrial Production Ministry of Economy, Trade and Industry - Japan(14 September 2011)

Philippine Exports Fall in July; Singapore’s Exports Risein August

•  MERCHANDISE EXPORT PERFORMANCE - July

2011 (Preliminary)Philippine National Statistics Office(13 September 2011)

•  Singapore's External Trade - August 2011IE Singapore (16 September 2011)

Philippines Reports 7.1% Unemployment Rate in July;Singapore Posts 2.1% Unemployment Rate in 2Q11

•  Results from the July 2011 Labor Force Survey (LFS) National Statistics Office (15 September 2011)

•  Labour Market Second Quarter 2011 Ministry of Manpower (15 September 2011)

Rising Profits for Securities Companies in the Republic

of Korea

•  Earnings of Securities Companies for Q1 FY2011 Financial Supervisory Service (14 September 2011)

Growth in Philippine OFW Remittances Slows to 6.1%in July

•  OFW Remittances Reach US$1.7 Billion in July, Seven-Months Level Rises to US$11.4 BillionBangko Sentral ng Pilipinas (15 September 2011)

Issuances in the Republic of Korea, Malaysia,Singapore, and Thailand

•  Powerlong Real Estate issues HK$1 bln in senior bondsChina Knowledge (13 September 2011)

•  Korea Finance Offers Samurais as Yields Diverge fromWorld: Japan CreditBloomberg (15 September 2011)

•  Flight to safety helps HDB land low coupons IFR Asia (17 September 2011)

CNPC and China Railway 16th Bureau Group to IssueCommercial Paper

•  CNPC to issue RMB 15-bln billsChina Knowledge (13 September 2011)

•  China Railway 16th Bureau to issue RMB 560 mln in bills China Knowledge (13 September 2011)

…………………………………………………………………………………………………………………………………

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