Key Developments in Asian Local Currency Markets

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Key Developments in Asian Local Currency Markets

29 March 2010 asianbondsonline.adb.orgKey Developments in Asian Local Currency MarketsConsumer price inflation climbed in several emerging East Asian markets last week. In Hong Kong, China,consumer price inflation rose to 2.8% year-on-year (y-o-y) in February from 1.0% in January, largely due todemand during the Lunar New Year. Singapore's consumer price inflation in February rose to 1.0% y-o-y from0.2% in January due to higher costs for transportation, food, and education. In Viet Nam, consumer priceinflation increased to 9.46% y-o-y in March from 8.46% in February on the back of price increases in electricity, coal,steel, and petrol. Meanwhile, Japan's consumer price inflation stood at -1.1% y-o-y in February compared to -1.3% in theprevious month.Corporate bond issuance in the Republic ofKorea (Korea) surged 34.5% month-on-month(m-o-m) to KRW6.7 trillion (USD5.8 billion) inFebruary from KRW5.0 trillion (USD4.3 billion)in January, largely due to a sharp rise in bondissues by non-financial companies. Malaysia'sAmBank raised MYR1.42 billion (USD429million) last week from its sale of notes withtenors ranging between 1 and 5 years. Finally,Viet Nam's State Treasury successfully soldVND600 billion (USD31.5 million) of 2- and 3-year bonds.Indonesia's state power company,Perusahaan Listrik Negara (PLN), plans toraise IDR3 trillion of bonds between June andJuly of this year, while Sarana MultigriyaFinansial (SMF), an Indonesian financecompany, plans to issue up to IDR940 billionworth of bonds this year. Singapore Post Ltd.(Singpost) announced its plan to issue SGD200million of 10-year fixed-rate notes. Viet Nam'sPhu My Bridge (PMC) plans to issue stateguaranteedbonds worth USD700 million in theglobal market.The Philippine fiscal deficit grew 14.5% y-oyto PHP33.2 billion in February from PHP29.0billion in January. Meanwhile, lower treasuryissuance in 2Q10 for the Philippines isexpected due to the upcoming issuance ofretail bonds targeting overseas Filipino workersand the disbursement of official developmentassistance loans.Korea reported real GDP growth in 2009 of0.2% y-o-y, down from 2.3% in 2008, amidyearly declines in exports and investment. Thelow growth rate for the year was on the back ofyearly increases in government spending andprivate consumption.Hong Kong, China's exports grew 28.5% y-o-y in February, compared to 18.4% in January;Asia Bond Monitor March 2010read more10-Year Selected LCY Government Security Yields Close of 26 March 2010basis point change fromMarkets Latest Closing Previous Day* Previous Week* 1-Jan-10*US 3.85 -3.09 15.76 1.18EU 3.15 -0.20 4.10 4.10 -23.70Japan 1.39 1.60 1.50 1.50 9.00PRC 3.44 2.00 5.00 5.00 -20.00Hong Kong, China 2.71 -1.00 4.2 0 4.20 13.00India 7.86 -0.40-2.50-2.50 28.20Indonesia 9.17 1.90 9.40 9.40 -89.30Malaysia 4.19 -0.70-1.00-1.00 -9.30Korea, Rep. of 4.91 5.00 019.00 -48.00Philippines 7.95 0.00-2.50-2.50 -5.00Singapore 2.73 1.006.006.00 7.00Thailand 3.97 -0.301.301.30 -21.70Viet Nam 12.50 0.000.000.00 105.00Selected Government Security YieldsBenchmark Yield Curves - Local Currency Government Bonds2-versus-10 Yield Spread ChartPolicy Rate versus Inflation Rate ChartsCredit Default Swap Spreads & Exchange Rate IndexesSelected Debt Security IssuancesSelected Asia Data Releaseswhile imports rose 22.4% for the month, compared to 39.5% inJanuary. Hong Kong, China's trade deficit stood at HKD19.7 billion forthe month, compared to HKD29.5 billion in January.The State Bank of Viet Nam announced last week that it will keepits base interest rate unchanged at 8.0%.Government bond yields fell for most maturities in Malaysia, VietNam, and the Philippines, while they rose for most longer-datedmaturities in Hong Kong, China; Korea; and Singapore. Yieldmovements were mixed in the PRC, Thailand, and Indonesia. Yieldspreads between 2- and 10-year maturities widened in the People'sRepublic of China (PRC), Indonesia, Korea, Thailand, and Viet Nam,while they narrowed in most other emerging East Asian markets.……………………………………………………………………………………………………………..……………..……1


asianbondsonline.adb.orgASIANBONDSONLINEDEBT HIGHLIGHTS………………………………………………………………………………………………………………………..……......Summary Text of News ArticlesConsumer Price Inflation Accelerates in Hong Kong, China; Singapore; and Viet Nam;Japan's Consumer Price Inflation Still in Negative Territory........................................................................................................................................Consumer price inflation in Hong Kong, China rose to 2.8% year-on-year (y-o-y) in February from 1.0% in January. Thehigher inflation rate in February was attributed to the timing of the Lunar New Year, which resulted in higher food prices.For the first 2 months of 2010, consumer price inflation was at 1.9% y-o-y. According to a news release from theCensus and Statistics Department, overall price pressures have inched up but remain tame in early 2010. However,inflation will most likely accelerate amid a pick-up in economic activity while still remaining relatively modest in the nearterm.Singapore's consumer price inflation in February rose to 1.0% y-o-y from 0.2% in January. The increase was mainly dueto higher costs for transportation, food, and education. Transportation costs increased 7.6% y-o-y due to higher pricesfor automobiles and petrol, while food prices rose 1.2% y-o-y on the back of higher prices for seafood and preparedmeals. For 2010, the government expects consumer price inflation to range between 2.0% and 3.0%.Viet Nam's consumer price inflation for the month of March climbed to 9.46% y-o-y from 8.46% in February. On amonth-on-month (m-o-m) basis, consumer price inflation fell to 0.75% in February from 1.96% in January. The rise ininflation has been attributed to rising prices for electricity, coal, steel, and petrol. Furthermore, prices in 10 out of 11groups of commodities rose, with a decline recorded only in the postal and telecommunications services sector. Thehousing and construction materials group recorded the highest increase in prices.In Japan, consumer price inflation remained in negative territory for the 13th straight month, standing at -1.1% y-o-y inFebruary compared to -1.3% in January. On an m-o-m basis, consumer prices dropped 0.1% in February.Corporate Bond Issuance Surges in the Republic of Korea;Malaysia's AmBank Sells MYR1.42 Billion of Bonds; Viet Nam's State Treasury Issues VND600 Billion of Bonds........................................................................................................................................Corporate bond issuance in the Republic of Korea (Korea) rose 34.5% m-o-m to KRW6.7 trillion (USD5.8 billion) inFebruary from KRW5.0 trillion (USD4.3 billion) in January. About 61% of total corporate bond issues in February werenon-financial issues, which surged 55.5% m-o-m to KRW4.1 trillion from KRW2.6 trillion in January. Bond issuance fromfinancial companies rose 16.5% m-o-m to KRW2.2 trillion in February from KRW1.9 trillion in the previous month, whileasset-backed securities (ABS) issues dropped 12.5% m-o-m to KRW392 billion in February from KRW448 billion inJanuary.Meanwhile, Malaysia's AmBank raised MYR1.42 billion (USD429 million) from its bond sale last week, which was lessthan planned issuance of MYR2.5 billion. This issuance included MYR1.143 billion of 5-year notes and MYR276 millionworth of 1-, 2-, 3- and 4-year notes. The bank said it may raise an additional MYR1 billion from private placements. Theissuance is part of AmBank's MYR7 billion Senior Notes Program and the bonds have been rated AA3 by RAM Ratings.Also, Viet Nam's State Treasury sold VND600 billion (USD31.5 million) of bonds after a series of failed auctions earlierthis year. The winning bids included VND430 billion (of VND500 billion offered) for 2-year bonds and VND170 billion (ofVND500 billion offered) for 3-year bonds.Planned Issuance from Indonesia's PLN and SMF; Singapore's Singpost; and Viet Nam's PMC........................................................................................................................................Indonesia's state power firm, Perusahaan Listrik Negara (PLN), plans to raise bonds totaling IDR3 trillion between Juneand July of this year. Proceeds from the bonds will be used to finance the company's transmission infrastructure. Thebonds to be issued will be a combination of conventional and Islamic (sukuk) bonds. Also, Sarana Multigriya Finansial(SMF), an Indonesian finance company, plans to issue up to IDR940 billion worth of bonds this year to refinance itsmaturing debt.Singapore Post Ltd. (Singpost) announced its plan to issue SGD200 million of fixed-rate notes. The proposed 10-yearnotes will be issued in denominations of SGD250,000. Singpost has appointed DBS Bank Ltd. and UBS AG Singaporeas joint lead managers. The proceeds of the issue will be used to finance new investments as well as for capitalexpenditure and working capital requirements.…………………………………………………………………………………………………………………………..………2


asianbondsonline.adb.orgASIANBONDSONLINEDEBT HIGHLIGHTS………………………………………………………………………………………………………………………..……......Summary Text of News ArticlesPlanned Issuance from Indonesia's PLN and SMF; Singapore's Singpost; and Viet Nam's PMC (cont…)........................................................................................................................................In Viet Nam, a Ho Chi Minh City-based contractor, Phu My Bridge Joint Stock Company (PMC), has requestedpermission from the Ministry of Finance to issue state-guaranteed bonds in the global market worth USD700 million.Proceeds of the bonds will be used to raise capital for three major transport infrastructure projects, including the Build-Operate-Transfer (BOT) Sai Gon Bridge II (USD136 million), BOT Tramway I (USD246 million), and BOT Nhon TrachBridge (USD246 million). If approved, PMC will become the first private enterprise in Viet Nam to issue bonds overseas.Fiscal Deficit Climbs in the Philippines; Expected Lower Treasury Issuance in 2Q10........................................................................................................................................The Philippines' fiscal deficit grew 14.5% y-o-y to PHP33.2 billion in February from PHP29.0 billion in January, asgovernment revenue reached PHP76.7 billion and government expenditure amounted to PHP109.9 billion. For the first2 months of this year, the country's fiscal deficit stood at PHP70.3 billion, up 5.0% from the same period last year.Meanwhile, the Philippine government plans to issue a lower volume of Treasury bills and bonds in 2Q10 due to theavailability of funding sources such as the upcoming retail bond issues for overseas Filipino workers and officialdevelopment assistance loans.2009 Real GDP Growth Slows in the Republic of Korea........................................................................................................................................Korea's real gross domestic product (GDP) grew 0.2% y-o-y in 2009, down from 2.3% in 2008. The low growth rate wasdue to yearly declines in facilities investment and the export of goods and services, partially offsetting y-o-y increases inprivate consumption, government spending, and construction investment. Most major sectors in the Korean economyposted positive yearly growth rates in 2009, led by electricity, gas, and water (4.9%) and construction (1.9%).Meanwhile, manufacturing contracted 1.6% y-o-y.Hong Kong, China Posts Strong Export Growth........................................................................................................................................Hong Kong, China's exports grew 28.5% y-o-y in February, compared to 18.4% in January, due to large yearlyincreases in the export of electrical products, office machines, and clothing. Hong Kong, China's imports climbed 22.4%y-o-y for the month, compared to 39.5% in January, on the back of strong y-o-y import growth in electrical products,telecommunications equipment, and office machines. The trade deficit fell to HKD19.7 billion in February from HKD29.5billion in January.Viet Nam Keeps Its Base Interest Rate Steady........................................................................................................................................The State Bank of Viet Nam (SBV) announced last week that it will keep its base interest rate unchanged at 8.0%. SBVlast raised its policy rate in December by 100 basis points.…………………………………………………………………………………………………………………………..………3


asianbondsonline.adb.orgASIANBONDSONLINEDEBT HIGHLIGHTS…………………………………………………………………………………………………………………………….......Selected Government Security YieldsTip: Zoom-in on the table using the Acrobat zoom tool3-Month Selected LCY Government Security YieldsMarketsbasis point change fromLatestPrevious PreviousClosing1-Jan-10*Day*Week*US 0.13 0.51 -0.91 -0.91 7.91EU 0.26 0.00 -2.50 -2.50 -10.60Japan 0.12 0.000.000.00 -0.50PRC 1.35 0.00-3.00-3.00 8.00Hong Kong, China 0.10 0.000.000.00 3.00India 4.50 0.0025.0025.00 120.00Malaysia 2.17 0.006.106.10 16.50Korea, Rep. of 2.08 0.00-1.00-1.00 -26.00Philippines 3.90 -2.50-10.00-10.00 -16.74Singapore 0.35 0.00-2.00-2.00 -20.00Thailand 1.25 0.770.570.57 11.24Close of 26 March 201010-Year Selected LCY Government Bond YieldsLatestbasis point change fromMarketsPrevious PreviousDay*Week*1-Jan-10*US 3.85 -3.09 15.761.18EU 3.15 -0.20 4.10 4.10 -23.70Japan 1.39 1.601.501.50 9.00PRC 3.44 2.005.005.00 -20.00Hong Kong, China 2.71 -1.004.204.20 13.00India 7.86 -0.40-2.50-2.50 28.20Indonesia 9.17 1.909.409.40 -89.30Malaysia 4.19 -0.70-1.00-1.00 -9.30Korea, Rep. of 4.91 5.00 19.00-48.00Philippines 7.95 0.00-2.50-2.50 -5.00Singapore 2.73 1.006.006.00 7.00Thailand 3.97 -0.301.301.30 -21.70Viet Nam 12.50 0.000.000.00 105.00Close of 26 March 2010Source: Based on data from Bloomberg, LP.…………………………………………………………………………………………………………………………………4


asianbondsonline.adb.orgASIANBONDSONLINEDEBT HIGHLIGHTS…………………………………………………………………………………………………………………………….......Benchmark Yield Curves – Local Currency Government BondsTip: Zoom-in on the table using the Acrobat zoom toolChina, People’s Rep. ofHong Kong, ChinaIndonesia4.003.012.03.502.511.0Yield (%)3.002.502.00Yield (%)2.01.51.0Yield (%)10.09.01.500.58.01.000 1 2 3 4 5 6 7 8 9 10 11 12Time to maturity (years)26-Mar-10 19-Mar-10 12-Mar-100.07.00 1 2 3 4 5 6 7 8 9 10 11 120 2 4 6 8 10 12 14 16 18 20 22Time to maturity (years)Time to maturity (years)26-Mar-10 19-Mar-10 12-Mar-10 26-Mar-10 19-Mar-10 12-Mar-10Yield (%)Korea, Republic of6.005.505.004.504.003.503.002.502.001.500 2 4 6 8 10 12 14 16 18 20 22Time to maturity (years)26-Mar-10 19-Mar-10 12-Mar-10Yield (%)Malaysia4.84.33.83.32.82.31.80 2 4 6 8 10 12 14 16 18 20 22Time to maturity (years)26-Mar-10 19-Mar-10 12-Mar-10Yield (%)Philippines10.09.08.07.06.05.04.03.00 3 6 9 12 15 18 21 24 27Time to maturity (years)26-Mar-10 19-Mar-10 12-Mar-10Yield (%)Singapore3.83.32.82.31.81.30.80.31 4 7 10 13 16 19 22Time to maturity (years)26-Mar-10 19-Mar-10 12-Mar-10Yield (%)ThailandViet Nam5.04.512.812.54.012.33.512.03.011.82.511.52.011.31.511.01.010.80 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 170 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17Time to maturity (years)Time to maturity (years)26-Mar-10 19-Mar-10 12-Mar-10 26-Mar-10 19-Mar-10 12-Mar-10Yield (%)Yield (%)US5.04.54.03.53.02.52.01.51.00.50 4 8 12 16 20 24 28 32Time to maturity (years)26-Mar-10 19-Mar-10 12-Mar-10Yield (%)EUJapan2.54.52.34.02.03.51.83.01.52.51.32.01.01.50.81.00.50.50.30.00.00 5 10 15 20 25 300 4 8 12 16 20 24 28 32Time to maturity (years)Time to maturity (years)26-Mar-10 19-Mar-10 12-Mar-10 26-Mar-10 19-Mar-10 12-Mar-10Yield (%)Source: Based on data from Bloomberg.…………………………………………………………………………………………………………………………………5


asianbondsonline.adb.orgASIANBONDSONLINEDEBT HIGHLIGHTS…………………………………………………………………………………………………………………………….......2-versus-10 Yield Spread ChartTip: Zoom-in on the table using the Acrobat zoom toolYield Spread between the Two- and Ten-Year Government BondsChina, People's Rep. ofHong Kong, ChinaIndonesia26-Mar-1019-Mar-1012-Mar-10Korea, Rep. ofMalaysiaPhilippinesSingaporeThailandViet NamU.S.E.U.JapanSource: Based on data from Bloomberg.0 50 100 150 200 250 300 350 400basis points…………………………………………………………………………………………………………………………………6


asianbondsonline.adb.orgASIANBONDSONLINEDEBT HIGHLIGHTS…………………………………………………………………………………………………………………………….......Policy Rate versus Inflation Rate ChartsTip: Zoom-in on the table using the Acrobat zoom toolChina, People’s Rep. of Hong Kong, China India1086420-2Inflation Rate1-yearLending Rate5.312.786420-2HKMA BaseRateInflation Rate2.80.514121086420RepurchaseCut-off Yield5.0Inflation Rate 1.51-4Jan-05 Sep-05 Jun-06 Mar-07 Dec-07 Sep-08 Jun-09 Mar-10-4Jan-05 Sep-05 Jun-06 Mar-07 Dec-07 Sep-08 Jun-09 Mar-10-2Jan-05 Sep-05 Jun-06 Mar-07 Dec-07 Sep-08 Jun-09 Mar-10PRC uses 1-year lending rate as one of its policy rates.Source: Bloomberg, LP.The Hong Kong Monetary Authority maintains a DiscountWindow Base Rate. Source: Bloomberg, LP.The Reserve Bank of India uses the repurchase (repo) cutoffyield as its policy rate. Source: Bloomberg, LP.Indonesia Korea, Republic of Malaysia201816141210BI Rate86.564Inflation Rate3.8120Jan-05 Sep-05 Jun-06 Mar-07 Dec-07 Sep-08 Jun-09 Mar-1086427-Day RepoRateInflation Rate0Jan-05 Sep-05 Jun-06 Mar-07 Dec-07 Sep-08 Jun-09 Mar-102.7021086420-2-4Inflation RateOvernightPolicy RateJan-05 Sep-05 Jun-06 Mar-07 Dec-07 Sep-08 Jun-09 Mar-102.251.2Bank Indonesia uses its reference interest rate (BI rate) as itspolicy rate. Source: Bloomberg, LP.The Bank of Korea shifted its policy rate from the overnightrepurchase (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.PhilippinesThailandViet Nam14121086420OvernightReverse RepoRateInflation RateJan-05 Sep-05 Jun-06 Mar-07 Dec-07 Sep-08 Jun-09 Mar-104.24.01086420-2-41-Day RepoRateInflation Rate-6Jan-05 Sep-05 Jun-06 Mar-07 Dec-07 Sep-08 Jun-09 Mar-103.701.2530272421181512963PrimeLending RateInflation Rate0Jan-05 Sep-05 Jun-06 Mar-07 Dec-07 Sep-08 Jun-09 Mar-108.468.0Bangko Sentral uses the Philippine overnight reverserepurchase agreement rate as one of its policyinstruments. Source: Bloomberg, LP.The Bank of Thailand replaced the 14-day repurchaserate with the 1-day repurchase rate in January 2007 asits policy rate. Source: Bloomberg, LP,The State Bank of Viet Nam uses a benchmark primelending rate as its policy rate. Source: Bloomberg, LP.…………………………………………………………………………………………………………………………………7


asianbondsonline.adb.orgASIANBONDSONLINEDEBT HIGHLIGHTS…………………………………………………………………………………………………………………………….......Credit Default Swap Spreads & Exchange Rate IndexesTip: Zoom-in on the table using the Acrobat zoom toolCredit Default Swap Spreads - Senior 5-year*14001400 China, People's Rep. ofHong Kong, China12001200Korea, Rep. of10001000Mid spread in basis points800600800600JapanMalaysiaPhilippinesThailand400400Indonesia200200* In USD currency and basedon sovereign bonds0Jan-07 Jul-07 Jan-08 Aug-08 Feb-09 Aug-09 Mar-100Source: Thomson DataStreamExchange Rate Indexes (vis-à-vis US$, 2 January 2007=100)130130China, People's Rep. of120120IndonesiaKorea, Rep. of110110MalaysiaPhilippines100100Thailand9090SingaporeViet Nam808070706060Source: ADB-OREI staffcalculations based onBloomberg data.50Jan-07 Jul-07 Jan-08 Aug-08 Feb-09 Sep-09 Mar-10…………………………………………………………………………………………………………………………………850


asianbondsonline.adb.orgASIANBONDSONLINEDEBT HIGHLIGHTS…………………………………………………………………………………………………………………………….......Selected Debt Security Issuances (Week of March 22 – 26, 2010)Tip: Zoom-in on the table using the Acrobat zoom toolMarkets Auction Date Type of SecurityAverage Yield(%)Coupon(in %)Amount Offered LCYBillionsAmount Issued LCYBillionsPRC 23-Mar 1-year PBOC Bills 1.93 78.0 78.010-year China Development Bank Floating Rate Notes 2.23 60.0 60.025-Mar 91-day PBOC Bills 1.4088 160.0 160.0HK 23-Mar 91-day Exchange Fund Bills 0.12 27.2 27.2182-day Exchange Fund Bills 0.16 9.0 9.0ID 23-Mar 364-day Treasury Bills 6.88 2,950.015-year Treasury Bonds 9.80 800.0* 5,000.020-year Treasury Bonds 10.41 1,625.028-year Treasury Bonds 10.60 2,100.024-Mar 49-day Shari'a SBI 6.32 545.050-day SBI 6.32 11,000.0* 48,000.077-day SBI 6.55 25,118.0167-day SBI 6.68 3,917.8KR 22-Mar 28-day Monetary Stabilization Bonds 2.09 4,000.0 3,200.091-day Monetary Stabilization Bonds 2.19 1,500.0 1,500.020-year Treasury Bonds 4.87 1,600.0 822.0JP 24-Mar 3-month Treasury Discount Bills 0.12 5,700.0 5,282.925-Mar 2-year Government Bonds 0.16 2,600.0 2,425.1MY 22-Mar 364-day BNM Notes 2.63 1.5 1.524-Mar 91-day BNM Notes 2.23 3.0 3.0180-day BNM Notes 2.49 2.0 2.0182-day BNM Islamic Notes 2.51 1.0 1.025-Mar 364-day Treasury Bills 2.57 0.1 0.1PH 22-Mar 91-day Treasury Bills 3.90 2.0 1.7182-day Treasury Bills 4.04 3.0 3.0364-day Treasury Bills 4.39 3.5 3.5SG 22-Mar 91-day Treasury Bills 0.29 3.5 3.5TH 22-Mar 28-day Treasury Bills 1.16 4.0 4.091-day Treasury Bills 1.21 5.0 5.0182-day Treasury Bills 1.44 5.0 5.023-Mar 28-day BOT Bills 1.17 12.0 12.091-day BOT bills 1.22 12.0 12.0182-day BOT Bills 1.44 12.0 12.03-year BOT Bonds 2.72 20.0 20.024-Mar 19.6-year Government Bonds 4.22 8.0 8.0Sources: Local market sources and Bloomberg, LP.* ‐ Overall indicative target for Indonesia's treasury auction was at IDR5 trillion; SBI auction was at IDR48 trillion.…………………………………………………………………………………………………………………………………9


asianbondsonline.adb.orgASIANBONDSONLINEDEBT HIGHLIGHTS…………………………………………………………………………………………………………………………….......Selected Asia Data Releases (30 March – 5 April 2010)Tip: Zoom-in on the table using the Acrobat zoom toolCountry Variable Release Date Historical Data Recent TrendsHong Kong, ChinaRetail Salesy-o-y %FEBJapanJobless Rate%FEBHong Kong, ChinaM2y-o-y %FEBMalaysiaM3y-o-y %FEBSingaporeM2y-o-y %FEBThailandExportsy-o-y %FEBIndonesiaCPIy-o-y %MARIndonesiaExportsy-o-y %FEBRepublic of KoreaCPIy-o-y %MARRepublic of KoreaExportsy-o-y %MARThailandCPIy-o-y %MARMalaysiaExportsy-o-y %FEBSingaporePurchasing Managers’ Indexy-o-y %MARSource: AsianBondsOnline, Bloomberg LP, and Reuters.03/30 01/09: 7.4%02/09: –12.7%12/09: 16.1%01/10: 6.6%03/30 01/09: 4.2%02/09: 4.4%12/09: 5.2%01/10: 4.9%03/31 01/09: 0.3%02/09: –1.1%12/09: 10.7%01/10: 9.5%03/31 01/09: 9.01%02/09: 7.75%12/09: 9.14%01/10: 7.88%03/31 01/09: 12.8%02/09: 11.2%12/09: 11.3%01/10: 10.8%03/31 01/09: –25.25%02/09: –11.06%12/09: 26.15%01/10: 31.39%04/01 02/09: 8.60%03/09: 7.92%01/10: 3.72%02/10: 3.81%04/01 01/09: –35.5%02/09: –32.8%12/09: 50.0%01/10: 59.0%04/01 02/09: 4.1%03/09: 3.9%01/10: 3.1%02/10: 2.7%04/01 02/09: –18.5%03/09: –22.5%01/10: 45.8%02/10: 30.5%04/01 02/09: –0.1%03/09: –0.2%01/10: 4.1%02/10: 3.7%04/02 01/09: –27.85%02/09: –15.97%12/09: 18.68%01/10: 37.00%04/02 02/09: 45.003/09: 47.101/10: 51.402/10: 51.9Retail sales in Hong Kong, China grew 6.6% year-on-year (y-o-y) in Januarycompared to 7.4% in January 2009.Japan’s jobless rate in January stood at 4.9% compared to 5.2% in the previousmonth and 4.2% in January 2009.Growth in Hong Kong, China’s M2 money supply slowed to 9.5 % y-o-y after havingposted double-digit growth rates since June 2009.Malaysia’s M3 money supply grew 7.88% y-o-y in January after expanding 9.14% inDecember.Singapore’s M2 money supply in January grew 10.8% y-o-y compared to 11.3% inDecember.Thailand’s exports rose 31.39% y-o-y in January after climbing by 26.15% in theprevious month.Indonesia’s inflation, as measured by the consumer price index (CPI), climbed to3.81% y-o-y in February from 3.72% in January.Indonesian exports surged a record-high 59.0% in January following 50.0% growthin December.Consumer price inflation for the Republic of Korea (Korea) decelerated to 2.7% y-o-yin February from 3.1% in January.Korean exports expanded 30.5% y-o-y in February after achieving record-highgrowth of 45.8% in January.Consumer price inflation for Thailand moderated to 3.7% y-o-y in February from4.1% in January.The Malaysian export growth rate rose to a record-high 37.0% y-o-y in January,following 18.7% growth in December.Singapore’s Purchasing Managers’ Index (PMI) stood at 51.9 in February, which wasthe tenth consecutive month the index has been above 50. (A reading above 50indicates an expansion of manufacturing activity.)…………………………………………………………………………………………………………………………………10


asianbondsonline.adb.orgASIANBONDSONLINEDEBT HIGHLIGHTS…………………………………………………………………………………………………………………………….......News Articles: Sources for Further ReadingTip: Click on link to open a new browser (Acrobat Reader 8); for lower versions right-click to open a new browser)Consumer Price Inflation Accelerates in Hong Kong,China; Singapore; and Viet Nam; Japan's ConsumerPrice Inflation Still in Negative Territory• Consumer Price Indices for February 2010Census and Statistics Department (22 March 2010)• Singapore Consumer Price Index February 2010Singapore Department of Statistics (23 March 2010)• February CPI Rises 1% on Year; Beats ExpectationsThe Edge (23 March 2010)• CPI Surges in MarchVoice of Viet Nam News (24 March 2010)• Consumer Price Index (2005-base)" (February 2010,Japan / March 2010, Ku-area of Tokyo(Preliminary))Statistics Bureau (26 March 2010)Corporate Bond Issuance Surges in the Republic ofKorea; Malaysia's AmBank Sells MYR1.42 Billion ofBonds; Viet Nam's State Treasury Issues VND600 Billionof Bonds• Direct Corporate Financing for February 2010Financial Supervisory Service (25 March 2010)• AmBank Sells RM1.42b BondsBusiness Times (22 March 2010)• Private Contractor Wants to Make $700m Bond OfferViet Nam News (23 March 2010)• Bureau of the Treasury May Issue Less Debt Papers inLocal MarketPhilippine Star (24 March 2010)2009 Real GDP Growth Slows in the Republic of Korea• National Accounts in the Year 2009Bank of Korea (26 March 2010)Hong Kong, China Posts Strong Export Growth• External Merchandise Trade Statistics for February 2010The Census and Statistics Department (25 March 2010)Viet Nam Keeps Its Base Interest Rate Steady• Base Interest Rate Remains Unchanged at 8% p.aThe State Bank of Viet Nam (25 March 2010)Planned Issuance from Indonesia's PLN and SMF;Singapore's Singpost; and Viet Nam's PMC• PLN to Issue Rp3 Trillion in Bonds this QuarterThe Jakarta Post (23 March 2010)• SMF to Issue IDR940 Billion BondsBisnis Indonesia (25 March 2010)• Proposed Issue of Up to S$200,000,000 in PrincipalAmount of Fixed Rate NotesSingapore Post Ltd. (23 March 2010)• Private Contractor Wants to Make $700m Bond OfferViet Nam News (23 March 2010)Fiscal Deficit Climbs in the Philippines; Expected LowerTreasury Issuance in 2Q10• January to February Fiscal Deficit at P70.3 BillionBureau of Treasury (22 March 2010)Disclaimer: AsianBondsOnline Newsletter is available to users free of charge. The ADB provides no warranty or undertaking of any kind in respect to the information and materialsfound on, or linked to, AsianBondsOnline Newsletter. The ADB accepts no responsibility for the accuracy of the material posted or linked to the publication, or the informationcontained therein, or for any consequences arising from its use and does not invite or accept reliance being placed on any materials or information so provided. Views expressed inarticles marked with AsianBondsOnline are those of the authors, and not ADB. This disclaimer does not derogate from, and is in addition to, the general terms and conditionsregarding the use of the AsianBondsOnline Web Site, which also apply.…………………………………………………………………………………………………………………………………11

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