Asian Debt Highlights Weekly

8/3/2019 Asian Debt Highlights Weekly

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Summary Text of News Articles

Moody's Raises Indonesia's Ratings to Investment Grade, Raises Ratings for Nine Indonesian Banks;

s Malaysia's Rating

Indonesia received

......................................................................................In the Philippines, Bangko Sentral ng Pilipinas (BSP) slashed its policy rates by 25 basis points (bps) in its monetary

Affirm

..................... .. ..... ...... .....................................................................................its second ratings upgrade in a month as Moody's restored the country's investment grade creditrating. Moody's raised Indonesia's foreign currency (FCY) and local currency (LCY) ratings to Baa3 from Ba1, with astable outlook for both. According to Moody's, the key factors for the upgrade were (i) Moody's anticipation that thegovernment's financial metrics would remain in line with Baa3 peers, (ii) the demonstrated resilience of Indonesia'seconomic growth in the face of large external shocks, (iii) the presence of policy buffers and tools that address financialvulnerabilities, and (iv) a healthier banking system capable of withstanding stress. Bank Indonesia Governor DarminNasution said the ratings upgrade acknowledges Indonesia's strong economic performance amid uncertainties in theglobal economy.

Moody's also raised its FCY deposit ratings for nine Indonesian banks to Baa3/Prime-3 with a stable outlook. The ninebanks were Bank Central Asia, Bank CIMB Niaga, Bank Danamon Indonesia, Bank Mandiri, Bank Negara Indonesia,Bank Permata, Bank Rakyat Indonesia, Bank Tabungan Negara, and Pan Indonesia Bank.

Also, Moody's affirmed Malaysia's A3 long term local and foreign currency rating with a stable outlook. According to

Moody's, Malaysia's A3 sovereign rating has based on its economic resiliency, backed by a highly open, medium-sizedeconomy, as well as a well-diversified external sector. While Malaysia's credit metrics have weakened due to the globalfinancial crisis, the stable outlook reflects prospects for gradual reforms to help cushion the impact of external shocksand countercyclical fiscal policy.

BSP Cuts Policy Rates by 25 bps; BI Reduces FASBI Rate by 200 bps; Malaysia's CPI Falls to 3.0%.................................

policy meeting last week. The move was anticipated by market participants as the country's growth rate weakens andinflation remains benign. The overnight borrowing rate (reverse repurchase) is now at 4.25%, while the overnightlending rate (repurchase) is at 6.25%.

On 18 January, Bank Indonesia (BI) decided to widen the lower range of its interbank lending rate to ensure liquidity inthe banking system. The central bank widened the floor of its Fasilitas Bank Indonesia (FASBI) rate to 200 bps belowthe 6.0% benchmark rate, bringing the FASBI deposit rate to 4.0%. The lowering of the overnight deposit rate shoulddiscourage banks from parking their excess funds with the central bank. In addition, the lower FASBI rate offers moreincentive for new loans and transactions between banks.

Malaysia's consumer price inflation eased slightly to 3.0% year-on-year (y-o-y) in December from 3.2% in November.The index for food and non-alcoholic beverages was up 5.1% y-o-y in December, the same rate as in the previousmonth. Meanwhile the index for non-food items rose 2.1% y-o-y in December, lower than the 2.5% increase posted inNovember. On a month-on-month (m-o-m) basis, consumer prices increased 0.1% in December. For the full-year 2011,Malaysia posted an average consumer price inflation rate of 3.2%.

For policy rate trends in the Philippines, refer to this link:http://asianbondsonline.adb.org/philippines/data/marketwatch.php?code=policy_rate_and_inflation_trends

For inflation trends in Malaysia, refer to this link:

http://asianbondsonline.adb.org/malaysia/data/marketwatch.php?code=policy_rate_and_inflation_trends

The PRC's 4Q11 GDP Growth and 2011 Industrial Production Growth Slow; Japan Industrial Pro..........................................................................................................

duction Falls.............

The growth rate of the People's Republic of China's (PRC) gross domestic product (GDP) slowed to 8.9% y-o-y in 4Q11from 9.1% in 3Q11. For the whole of 2011, the PRC's GDP grew 9.2%. The primary sector, which is involved in theproduction and refinement of natural resources, grew 4.5% y-o-y; the secondary sector, which is involved in theproduction of processed goods, grew 10.6%; and the tertiary sector, which encompasses services, grew 8.9%. ThePRC's growth rate of value-added industrial output increased slightly to 12.8% y-o-y in December from 12.4% inNovember. However, for the whole of 2011, value-added industrial output growth fell to 13.9% y-o-y from 15.7% in2010. Heavy industry's output was up 14.3% y-o-y, while light industry's output was up 13.0%.

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wdown, andflooding in Thailand.

In Japan, the revised report of the Ministry of Economy, Trade and Industry (METI) showed industrial production falling4.2% y-o-y in November compared with a previous report showing a decrease of only 4.0%. November's figure was areversal from October's slight increase of 0.1% y-o-y, resulting from the appreciation of yen, the global slo

For statistics on GDP growth in the People's Republic of China, refer to this link:http://asianbondsonline.adb.org/china/data/macroeconomic_credit.php

Retail Sales Growth Improves in the Republic of Korea in December; Philippines BOP Surplus Falls in 2011;

NODX Growth Accelerates in December...............................................

Retail sales growth in the Republic of Korea improved in December. Department store sales surged 11.0% y-o-y inDecember afte

and seasonally adjusted basis, NODX

ns making it easier for financial institutions to holdCNH. Currently, financial institutions are required to keep 25% of their CNH deposit amounts in cash with the Clearing

of US$1.8 billion in November.The surge in remittances was attributed to additional funds sent by overseas Filipinos to their families for holiday

(iii) authorized agent banks selling dollars as advanced payment of imports, regardless of amount and

Singapore's........................................................................

r a 0.5% fall in November. Also, discount store sales increased 3.7% y-o-y for the month.

In the Philippines, the balance of payments (BOP) deficit reached US$114 million in December compared with a surplusof US$1.2 billion in December 2010. For the whole of 2011, the BOP surplus fell 28.8% y-o-y to US$10.2 billion due toforeign outflows amid the European debt crisis and global economic slowdown.

Singapore's non-oil domestic export (NODX) growth accelerated to 9.0% y-o-y in December from 1.4% growth posted inNovember. Non-electronic shipments increased 17.0% y-o-y, led by ships and boats, pharmaceuticals, and printedmaterials. On the other hand, exports of electronic products dropped 4.6% y-o-y in December due to slower exports ofpersonal computer parts, diodes and transistors, and disk drives. On a m-o-mrose 16.0% in November after the previous month's 5.8% increase.

Hong Kong, China Eases CNH Risk Limits.......................................................................................................................Last week, the Hong Kong Monetary Authority issued new regulatio

Bank and must also maintain a net open position-the amount by which assets are not matched by correspondingliabilities-of 20%. Under the new rules, CNH bonds issued by the PRC were made eligible to count as investments tomeet the 25% deposit requirement and the net open position limit was reduced to 10%.

Remittances to Philippines Rise in November; BSP Eases Regulations on Dollar Outflows.......................................................................................................................Overseas remittances to the Philippines rose by 10.6% y-o-y to reach a monthly record

spending. Remittances from sea-based and land-based workers grew 15.8% and 9.3% y-o-y, respectively, to stand atUS$377.7 million and US$1.4 billion. Total remittances for January-November amounted to US$18.3 billion, an increaseof 7.3% y-o-y.

BSP issued Circular 742 to ease regulations affecting seven major types of US dollar transactions, including (i) non-trade current account transactions such as leasing foreign owned equipment; (ii) foreign grant and loan refunds, as wellas US dollar commissions on stock market deals and settlement of foreign currency deposit unit (FCDU) deposits ofclosed banks;

without the need for BSP prior approval; (iv) lifting of the mandatory inward remittance of US dollar earnings of Filipinos;(v) exemption of public-private partnership projects from securing prior BSP approval to apply for foreign loans; (vi)lifting of the 3-day rule to remit US dollar obligations for inward shipments of importers; and (vii) extension of the validityof letters of credit for exporters beyond 1 year. The circular became effective prior to the end of 2011. Theannouncement came after BSP reported a record-high level of reserves of US$75 billion. The new foreign exchangepolicy is meant to encourage PHP-US$ transactions in the formal market, improve data capture of these deals, andfacilitate foreign exchange deals in the banking system.


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Hong, Kong, China Issues HKSAR Bonds;

Nang Fung, Lifestyle International, Shinhan Bank, KT Corporation, and RCBC Issue US$ Bonds;

Sarawak Energy Sells MYR2.5 Billion Sukuk;O

..........................In Hong Kong, China last week, the government issued HKD1.5 billioInstitutional Bond Issuance Programme. A total of HKD3.7 billion was tendere

tities in the Republic of Korea sold US$-denominated bonds last week. Shinhan Bank priced US$700 million

Musyarakah Programme. Proceeds from the issuance will be used

on the Singapore Stock Exchange. RCBC disclosed that the

CBC Issues HKD1.0 Billion 5-Year Notes;

OUE Raises SGD300 Million from Bond Sale.............................................................................................

n worth of government bonds under thed and the average price of the bonds was

104.79, equivalent to a yield of 1.918%.

Nang Fung, a Hong Kong, China luxury property developer, issued US$350 million of 5-year Reg S bonds. The bondscarry a coupon of 5.25%; were priced to yield 5.394%; and were rated Baa3 by Moody's, BBB- by S&P, and BBB byFitch.

Lifetime International, a department store operator, priced 5-year 5.25% bonds to yield 5.401%. The bonds were issuedat a size of US$350 million and rated BBB- by Fitch and Baa3 by Moody's.

Two enworth of 5.5-year bonds at a coupon rate of 4.375% last week. Meanwhile, KT Corporation-a telecom company-issuedUS$350 million worth of 5-year bonds at a coupon rate of 3.875%. Asian investors were allocated 76% of the bonds,while the remainder went to European investors.

Malaysia's Sarawak Energy raised a total of MYR2.5 billion from the sale of Islamic medium-term notes, or sukuk, anupsize from the planned MYR1.5 billion issuance. The issuance comprised MYR1.2 billion of 10-year notes with a 4.5%annual return and MYR1.3 billion of 15-year notes with a 4.85% annual return. The sukuk, rated AA1 by RAM Ratings,are part of Sarawak Energy's MYR15 billion Sukukto finance power plants and transmission system projects.

In the Philippines, Rizal Commercial Banking Corp. (RCBC) sold US$200 million of 5-year notes. The US$-denominated, senior, unsecured fixed-rate notes mature on 31 January 2017 and were priced at par with a coupon andyield of 5.25%. The bonds were bought by Asian (92%) and European (8%) investors. Standard Chartered Bank was

the lead manager for the issue and the bonds will be listedproceeds will be used for general banking operations and lending activities.

In Singapore, Oversea-Chinese Banking Corporation issued HKD1.0 billion worth of 5-year notes last week. The notescarry a coupon of 2.2% per year. Proceeds will be used for general corporate purposes. Also, property companyOverseas Union Enterprise sold SGD300 million worth of 5-year bonds priced at 4.95%.


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

Selected Government Security Yields

3-Month Selected LCY Government Security Yields

Close of 20 January 2012

Previous

Day*

Previous

Week*1-Jan-12*

US 0.04 0.00 2.04 3.05

EU 0.14 -0.60 -3.10 19.70

Japan 0.10 0.00 0.00 0.00

PRC 2.88 0.00 11.00 11.00

Hong Kong, China 0.24 1.00 0.00 2.00

India 8.59 -2.00 7.00 7.00

Malaysia 2.99 0.00 0.20 -0.50Korea, Rep. of 3.35 0.00 1.00 -1.00

Philippines 1.45 -0.50 -5.50 7.00

Singapore 0.34 0.00 0.00 -3.00

Thailand 3.08 0.00 -0.28 -4.43

basis point change fromLatest

ClosingMarkets

2.04

-3.10

0.00

11.00

0.00

7.00

0.20

1.00

-5.50

0.00

-0.28

10-Year Selected LCY Government Bond Yields

Close of 20 January 2012

Previous

Day*

Previous

Week*1-Jan-12*

US 2.02 4.76 16.10 14.84

EU 1.93 6.90 16.40 10.00

Japan 0.99 1.40 4.00 -0.10

PRC 3.40 0.00 -2.00 -4.00

Hong Kong, China 1.39 1.20 -9.50 -7.50

India 8.16 -2.10 -5.70 -41.20

Indonesia 5.60 -4.90 -57.30 -43.20

Malaysia 3.58 0.20 -1.10 -11.50

Korea, Rep. of 3.82 3.00 3.00 3.00

Philippines 5.17 0.92 2.41 8.70

Singapore 1.63 2.00 3.00 0.00

Thailand 3.19 0.50 -2.10 -10.10

Viet Nam 12.41 0.00 0.10 -8.60

Markets

basis point change fromLatestClosing

16.10

16.40

4.00

-2.00

-9.50

-5.70

-57.30

-1.10

3.00

2.41

3.00

-2.10

0.10

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 toolTHong Kong, China IndonesiaChina, Peoples Rep. of

Source: Based on data from Bloomberg.

JapanEUUS

Viet NamThailandSingapore

PhilippinesMalaysiaKorea, Republic of

2.40

2.65

2.90

3.15

3.40

3.65

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

Yield(%)

Time to maturity (years)

20- Jan -12 13- Jan -12 06- Jan -12

0.0

0.5

1.0

1.5

2.0

0 2 4 6 8 10 12 14 16

Yield(%)


20- Jan -12 13- Jan -12 06- Jan -12

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

8.0

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

Yield(%)


20- Jan -12 13- Jan -12 06- Jan -12

3.00

3.25

3.50

3.75

4.00

4.25

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

Yield(%)


20- Jan -12 13- Jan -12 06- Jan -12

2.8

3.0

3.2

3.4

3.6

3.8

4.0

4.2

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

Yield(%)


0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

0 3 6 9 12 15 18 21 24 27

Yield(%)


20 -J an -1 2 13- Ja n- 12 0 6- Ja n- 1220- Jan -12 13- Jan -12 06- Jan -12

0.0

0.5

1.0

1.5

2.0

2.5

0 3 6 9 12 15 18 21

Yield(%)


20- Jan -12 13- Jan -12 06- Jan -12

2.8

3.1

3.3

3.6

3.8

0 2 4 6 8 10 12 14 16

Yield(%)


12.0

12.3

12.5

12.8

13.0

1 2 3 4 5 6 7 8 9 1 0 11 12 13 14 15 16

Yield(%)


20-J an -12 13- Jan -12 06- Jan -12 20- Jan -12 13- Jan -12 06- Jan -12

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

0 4 8 12 16 20 24 28 32

Yield(%)


20- Jan -12 13-J an -12 06- Jan -12

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

0 5 10 15 20 25 30

Yield(%)


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

Yield(%)


20- Jan -12 13- Jan -12 06- Jan -122 0-Ja n-1 2 13 -Jan -12 0 6-Ja n-12

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2-versus-10 Yield Spread Chart

table using the Acrobat zoom toolTip: Zoom-in on theYield Spread between the Two- and Ten-Year Government Bonds

-50 0 50 100 150 200 250 300 350

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

20-Jan-12

13-Jan-12

6-Jan-12

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 toolT

China, Peoples 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

4.10

1-yearLending Rate

6.56

-4

-2

0

2

4

6

8

10

Jan-06 Oct-06 Jul-07 Apr-08 Jan-09 Oct-09 Jul-10 Apr-11 Jan-12

Inflation Rate

5.70

HKMA BaseRate

0.50

-4

-2

0

2

4

6

8


Inflation Rate

9.11

RepurchaseCut-off Yield

8.50

-2

0

2

4

6

8

10

12


Inflation Rate

3.00

OvernightPolicy Rate

3.00

-4

-2

0

2

4

6

8

10


Inflation Rate

4.20

7-Day RepoRate

3.25

0

4

6

8


2

Inflation Rate 3.79

6.00

0

2

4

6

8

10

12

14

16

18

20


BI Rate

InflationRate

4.20

OvernightReverse

Repo Rate

4.25

0

2

4

6

8

10

12


Inflation Rate

3.53

1-Day RepoRate

3.25

-6

-4

-2

0

2

4

6

8

10


Inflation Rate

18.13

PrimeLending Rate

9.00

0

3

6

9

12

15

18

21

24

27

30


8


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Credit Default Swap Spreads & Exchange Rate Indexes

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

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

* In USD currency and basedon sovereign bonds

Source: Thomson Reuters

Midspre

adinbasispoints

Source: ADB-OREI staffcalculations based onBloomberg data.

50

60

70

80

90

100

110

120

130

50

60

70

80

90

100

110

120

130

Jan-07 Sep -07 Jun - 08 Feb-09 Nov-09 Ju l-10 Apr-11 Jan-12


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

D ec-07 Jun-08 No v-0 8 M ay-09 O ct-09 M ar-10 S ep-10 F eb-11 Ju l-11 Jan -12


Hong Kong, China

Indonesia

Korea, Rep. of

Japan

Malaysia

Phil ippines

Thailand

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Selected Debt Security Issuances (16 - 20 January 2012)

ip: Zoom-in on the table using the Acrobat zoom toolT

HK 17-Jan 91-day Exchange Fund Bills 0.26 25.25 25.25

182-day Exchange Fund Bills 0.28 9.00 9.00

JP 17-Jan 1-year Treasury Discount Bills 0.10 2,500.00 2,499.91

30-year Japan Government Bonds 1.92 2.00 700.00 699.10

18-Jan 3-month Treasury Discount Bil ls 0.10 6,000.00 6,029.83

19-Jan 5-year Japan Government Bonds 0.33 0.30 2,500.00 2,499.40

KR 16-Jan 91-day Monetary Stabilization Bonds 3.44 1,200.00 1,210.00

182-day Monetary Stabilization Bonds 3.43 500.00 540.00

10-year Treasury Bonds 3.78 4.25 1,600.00 1,683.00

MY 16-Jan 91-day BNM Notes 2.95 1.50 1.50

154-day BNM Islamic Notes 2.98 1.50 1.50

210-day BNM Notes 2.92 2.00 2.0018-Jan 91-day BNM Islamic Notes 2.98 1.50 1.50

364-day BNM Notes 2.96 1.50 1.50

364-day BNM Notes 2.88 2.00 2.00

PH 17-Jan 10-year Fixed Rate Treasury Notes 5.17 5.75 9.00 9.00

SG 16-Jan 91-day Treasury Bills 0.23 4.00 4.00

TH 17-Jan 28-day BOT Bills 3.08 20.00 20.00

91-day BOT Bills 3.03 20.00 20.00

182-day BOT Bills 3.09 20.00 20.00

18-Jan 5-year Government Bond 3.10 3.25 16.00 16.00

Sources: LocalmarketsourcesandBloomberg,LP.

C o u p o n(in % ) A m o unt O f fe r e dL C Y B i llio n s

A m o u n t Is s u e dL CY B i l l i onsarkets

A uc t i onD ate T y p e o f S e c u rity

A v e r a g eY i e ld ( % )


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Tip: Zoom-in on the table using the Acrobat zoom toolSelected Asia Data Releases (24 - 30 January 2012)

Source: AsianBondsOnline, Bloomberg LP, and Reuters.

JAN 12/11: 7.5%

Viet Nam

Industrial Production Index

y-o-y, %

01/30-01/31 12/10: 16.2%

01/11: 16.1%

11/11: 8.1%

Grow th in Viet Nams industrial production index eased to 7.5% y-o-y in December

from 8.1% in November.

Viet Nam

Exports YTD

y-o-y, %

JAN

01/30-01/31 12/10: 26.6%

01/11: 18.1%

11/11: 34.7%

12/11: 33.3%

Amid uncertainties in the global economy, Viet Nams export grow th for the w hole

of 2011 eased to 33.3% y-o-y from the 34.7% growth registered during the first

11 months of the year.

Viet Nam

Retail Sales YTD

y-o-y, %

JAN

01/30-01/31 12/10: 24.5%

01/11: 22.1%

11/11: 23.5%

12/11: 24.2%

Accumulated retail sales grow th in Viet Nam for the w hole of 2011 rose to 24.2%

y-o-y from 23.5% grow th during the first 11 months of 2011 on the back of strong

domestic demand.

Thailand

Manufacturing Production Index

y-o-y, %

DEC

01/27 11/10: 5.7%

12/10: -3.4%

10/11: -30.1%

11/11: -48.6%

The manufacturing production index of Thailand plunged 48.6% y-o-y in November

follow ing a 30.1% decline in October.

Philippines

GDPy-o-y, %

4Q11

01/30 3Q10: 7.3%

4Q10: 6.1%2Q11: 3.1%

3Q11: 3.2%

The grow th of the Philippine economy w as tepid in both 2Q11 and 3Q11 at 3.1%

and 3.2% y-o-y, respectively.

Republic of Korea

Current Account

US$ million

DEC

01/27 11/10: 1,934.4

12/10: 2,114.4

10/11: 4,132.9

11/11: 5,045.9

The Republic of Koreas current ac count surplus rose to US$5.0 billion in

November from US$4.1 billion in October.

Malaysia

M3 Money Supply

y-o-y, %

DEC

01/27 11/10: 7.9%

12/10: 6.8%

10/11: 11.5%

11/11: 12.4%

Malaysias M3 money supply expanded at 12.4% y -o-y in November, an increase

from 11.4% grow th in October.

Hong Kong, China

Exports

y-o-y, %

DEC

01/26 11/10: 16.6%

12/10: 12.5%

10/11: 11.5%

11/11: 2.0%

Hong Kong, Chinas exports fell to 2.0% y-o-y in November from 11.5% in October

due to w eakness in global markets, particularly in the United States and Europe.

Japan

BOJ Target Rate

%

24 JAN

01/24 12/10: 0.10%

01/11: 0.10%

11/11: 0.10%

12/11: 0.10%

The Bank of Japan has kept its policy rate unchanged at 0.10% since December

2008 to support the economy.

11/10: 9.1%

12/10: 12.9%

10/11: -3.8%

11/11: -4.5%

Japans merchandise trade expor t grow th further w eakened in November to

4.5% year-on-year (y-o-y) from 3.8% in October due to the impact of the global

economic slowdow n.

01/25Japan

Merchandise Trade Exports

y-o-y, %

DEC

Philippines

Trade Balance

US$ million

NOV

01/25 10/10: -116

11/10: -810

09/11: -1,179

10/11: -932

01/25

01/26 3Q10: 4.4%

4Q10: 4.7%

2Q11: 3.4%

3Q11: 3.5%

The real GDP grow th rate of the Republic of Korea leveled off at 3.5% y-o-y in

3Q11, a marginal increase from the previous quarters grow th rate of 3.4%.

Republic of Korea

Real GDP

y-o-y, %

4Q11

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

The Philippines trade deficit improved slightly to US$932 million in October from a

deficit of US$1.2 billion in September as imports s low ed.

11/10: 3.8%

12/10: 4.6%

10/11: 5.4%

11/11: 5.7%

Consumer price inflation in Singapore accelerated to 5.7% y-o-y in November from

5.4% in October.

Singapore

CPI

y-o-y, %

DEC

01/25 12/10: 2.00%01/11: 2.25%

11/11: 3.25%

12/11: 3.25%

Thailand1-Day Repurchase Rate

%

25 JAN

Thailands 1-day repurchase rate remained unchanged for the secondconsecutive month in December at 3.25%.

Japan

Retail Trade

y-o-y, %

DEC

01/27 11/10: 1.5%

12/10: -2.1%

10/11: 1.9%

11/11: -2.2%

Retail trade sales in Japan fell 2.2% y-o-y in November follow ing1.9% grow th in

October.

Singapore

Industrial Production

y-o-y, %

DEC

01/26 11/10: 41.2%

12/10: 8.8%

10/11: 22.2%

11/11:-9.6%

Singapores industrial production fell 9.6% y-o-y in November after registering

22.2% growth in October.

Japan

CPI

y-o-y, %

DEC

01/27 11/10: 0.1%

12/10: 0.0%

10/11: -0.2%

11/11: -0.5%

Consumer prices in Japan fell 0.5% y-o-y in November after f alling 0.2% in

October.


12/12

.....


DEBTHIGHLIGHTS

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News Articles: Sources for Further Reading

Moody's Raises Indonesia's Ratings to InvestmentGrade, Raises Ratings for 9 Indonesian Banks;Affirms Malaysias Rating

Moodys Upgrades Indonesia Sovereign RatingBank Indonesia (18 January 2012)

Nine Indonesian banks have ratings upgraded byMoody'sBisnis Indonesia (18 January 2012)

Moody's Disclosures on Credit Ratings of Malaysia,Government ofMoody's (19 January 2012)

BSP Cuts Policy Rates by 25 bps; BI Reduces FASBIRate by 200 bps; Malaysias CPI Falls to 3.0%

Monetary Board Cuts Policy RatesBangko Sentral ng Pilipinas (19 January 2012)

BI cuts interbank rate to improve liquidityThe Jakarta Post (18 January 2012)

Consumer Price Index Malaysia December 2011Department of Statistics Malaysia (18 January 2012)

PRC 4Q11 GDP Growth and 2011 Industrial ProductionSlows; Japan Industrial Production Falls

National Economy Maintained Steady and FastDevelopment in the Year of 2011National Bureau of Statistics (17 January 2012)

Industrial Production Operation in December 2011National Bureau of Statistics (17 January 2012)

Indices of Industrial Production - Revised Report forNovember, 2011Ministry of Economy, Trade and Industry (Japan)(18 January 2012)

Retail Sales Growth Improves in Republic of Korea inDecember; Philippines BOP surplus fell in 2011;Singapores NODX Growth Accelerates in December

South Korean Department Store Sales Gain Mostin 8 MonthsBloomberg/Businessweek (18 January 2012)

BOP surplus down 29% to $10.18 BPhilippine Star (20 January 2012)

Singapore's External Trade December 2011International Enterprise Singapore (17 January 2012)

Hong Kong, China Eases CNH Risk Limits

Adjustments to Renminbi (RMB) Risk ManagementLimit and Net Open PositionHong Kong Monetary Authority (17 January 2012)

Remittances to Philippines Rises; BSP Eases Regulationson Dollar Outflows

January-November OF Remittances Reach US$18.3BillionBangko Sentral ng Pilipinas (16 January 2012)

BSP eases rule on dollar outflowsPhilippine Star (16 January 2012)

Hong, Kong, China Issues HKSAR bonds; Nang Fung,Lifestyle International, Shinhan Bank, KT Corporation,RCBC Issue US$ Bonds; Sarawak Energy SellsMYR2.5 Billion sukuk; OCBC Issues HKD1 Billion 5-yearNotes; OUE Raises SGD300 Million from Bond Sale

Tender results of the re-opening of 10-year Government

Bonds under the Institutional Bond IssuanceHong Kong Monetary Authority (16 January 2011)

Nan Fung gets debut bond away before EuropeandowngradesFinanceAsia (17 January 2012)

KT Corp and Lifestyle raise $700 million driven by AsiandemandFinanceAsia (17 January 2012)

UPDATE: Lifestyle International Sells US$350 MillionBond To Yield 5.401%Capital.gr (18 January 2012)

Nan Fung launches maiden bond offering ofUSD350 millionThe Asset (16 January 2012)

Shinhan Bank Issues $700 Mln in BondsYONHAP News (19 January 2011)

SEB increases sukuk issuance due to good responseThe Star (18 January 2012)

OUE raises S$300m via 5 yr bonds at 4.95%IFR Asia (18 January 2012)

RCBC raises $200 million from 5-year senior debt saleBusiness World (20 January 2012)

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