Weekly Debt Highlights - AsianBondsOnline

asianbondsonline.adb.org

Weekly Debt Highlights - AsianBondsOnline

24 June 2013 asianbondsonline.adb.orgKey Developments in Asian Local Currency MarketsTreasury bond yields in the US rose sharply last week after Federal Reserve Chairman Ben Bernanke suggestedthat economic growth may be strong enough to allow the Federal Reserve to slow down its current bondbuyingprogram in the latter part of this year and possibly end it sometime in 2014. This had the immediateeffect of pushing up bond yields in Asia as well as in many other markets across the globe. Most equity marketsin Asia–except for Japan–fell during the week.Asia Bond Monitor June 2013read moreConsumer price inflation in Hong Kong,China slowed to 3.9% year-on-year (y-o-y) inMay from 4.0% in April. In Malaysia, consumerprice inflation rose 1.8% y-o-y, driven by foodand non-alcoholic beverages, which surged3.5%, and non-food items, which rose 1.1%.Meanwhile, the producer price index for theRepublic of Korea fell 2.6% y-o-y and 0.4%month-on-month (m-o-m) in May.Last week, Indonesia's House ofRepresentatives approved the revised 2013state budget, paving the way for thegovernment to raise fuel cost. The revisedbudget includes a deficit target equivalent to2.4% of gross domestic product (GDP), up from1.6% in the original budget. The fuel price hiketook effect on 22 June, with prices for gasolinerising 44% and diesel rising by 22%.Japan's trade deficit widened toJPY993.9 billion in May from JPY881.9 billionin April, mainly due to higher fuel imports whilenuclear plants remain shut down. Singapore’snon-oil domestic exports (NODX) declined4.6% y-o-y in May, following a 1.0% drop inApril, due to a contraction in electronic NODX,which outweighed a rise in non-electronicdomestic exports.In the Republic of Korea, discount storesales fell 4.3% y-o-y in May as sales for five outof six product categories declined. In contrast,department store sales climbed 1.0% y-o-y inMay.Personal remittances from overseasFilipinos rose 7.0% y-o-y in April toUS$2.0 billion. On a cumulative basis,remittances from January to April increased6.4% y-o-y to US$7.7 billion. The UnitedStates, Saudi Arabia, Canada, and UnitedKingdom remained the top sources of cashremittances.In the Philippines, the Bureau of theTreasury plans to issue at least US$500 millionworth of inflation-indexed bonds in the domestic10-Year Selected LCY Government Security Yields Close of 21 June 2013basis point change fromMarkets Latest Closing Previous Day* Previous Week* 1-Jan-13*US 2.53 11.66 40.15 77.36EU 1.73 6.00 21.10 21.10 40.90Japan 0.88 2.00 5.20 5.20 8.50PRC 3.46 0.00 0.000.00 -13.00Hong Kong, China 1.93 4.90 32.70133.40India 7.44 5.40 12.30 12.30 -56.00Indonesia 6.95 7.00 51.20 51.20 175.90Korea, Rep. of 3.58 17.00 39.00 42.00Malaysia 3.62 1.60 16.30 16.30 11.60Philippines 3.65 5.00 35.00 -50.00Singapore 2.43 8.00 34.00113.00Thailand 3.92 1.30 27.80 27.80 40.90Viet Nam 9.50 0.00 0.000.00 -70.00Selected 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 Releasesbond market in 4Q13. In addition, it is planning to borrow US$1 billionin offshore markets in 2014.Toyota Leasing (Thailand) raised a total of THB7.9 billion from amulti-tranche short-term debenture sale last week. CaterpillarFinancial Services issued a CNH1.8 billion 2-year bond at a couponrate of 3.25% last week. Total orders for the bond reachedCNH3 billion. Asian investors took 86% of the deal with the remainderpurchased by European investors. Also, ICICI Bank issued aCNH650 million 3-year bond at a coupon rate of 4.0%. ICICI is ratedBaa2 and BBB by Moody’s and S&P, respectively.Government bond yields rose last week for all tenors in Indonesia,the Republic of Korea, and the Philippines, and for most tenors inother emerging East Asian markets. Yield spreads between 2- and10-year maturities widened in all markets except for thePeople’'s Republic of China, and Viet Nam where spreads narrowed,and the Philippines where they were unchanged.……………………………………………………………………………………………………………..……………..……1


asianbondsonline.adb.orgASIANBONDSONLINEDEBT HIGHLIGHTS………………………………………………………………………..…………………………………………………..........Summary Text of News ArticlesMay Consumer Price Inflation Eases in Hong Kong, China and Rises in Malaysia;Producer Prices in the Republic of Korea Fall in May.......................................................................................................................Consumer price inflation in Hong Kong, China eased to 3.9% year-on-year (y-o-y) in May from 4.0% in April. The largestincrease in consumer prices came from housing, which rose 6.1%, followed by utilities, which rose 5.9%. Thegovernment said that the slightly lower inflation rate was due to lower prices for vegetables. Food, excluding mealspurchased away from home, rose 3.6%.Consumer price inflation in Malaysia continued to rise in May, increasing 1.8% y-o-y, slightly ahead of expectations of a1.7% gain. The rise in the CPI was driven by food and non-alcoholic beverages, which surged 3.5%, and non-fooditems, which rose 1.1%. On a month-on-month (m-o-m) basis, Malaysia's inflation climbed 0.3%.The producer price index for the Republic of Korea fell 2.6% y-o-y and 0.4% m-o-m in May. This largely stemmed frommanufactured products, which saw a 4.4% y-o-y fall and a 0.5% m-o-m decline in prices. Meanwhile, the price index foragricultural, forestry, and marine products dropped 9.7% y-o-y and 2.8% m-o-m; electric power, gas, and water supplyrose 6.9% y-o-y but fell 0.1% m-o-m; while services increased 0.1% on both y-o-y and m-o-m bases.For inflation trends in Hong Kong, China, refer to this link:http://asianbondsonline.adb.org/hongkong/data/marketwatch.php?code=policy_rate_and_inflation_trendsFor inflation trends in Malaysia, refer to this link:http://asianbondsonline.adb.org/malaysia/data/marketwatch.php?code=policy_rate_and_inflation_trendsIndonesia's House of Representatives Approves Revised 2013 State Budget.......................................................................................................................Last week, Indonesia's House of Representatives approved the revised 2013 state budget, paving the way for thegovernment to raise fuel cost. The revised budget includes a deficit target equivalent to 2.4% of gross domestic product(GDP), up from 1.6% in the original budget. The fuel price hike took effect on 22 June, with prices for gasoline rising44% and diesel rising by 22%. Bank Indonesia (BI) earlier said the fuel price hike may result in inflation reaching 7.8%.Japan's Trade Deficit Widens in May;Singapore's NODX Slip Further in May.......................................................................................................................Japan's trade deficit widened to JPY993.9 billion in May from JPY881.9 billion in April. Total exports increased 10.1%y-o-y to JPY5.8 trillion, while imports increased 10.0% y-o-y to JPY6.8 trillion. The increase in the trade deficit wasmainly attributed to higher fuel imports as nuclear plants remain shut down. The continued depreciation of the yenimproved export performance in May but was not enough to outweigh the increase in imports.Singapore's Non-Oil Domestic Exports (NODX) declined 4.6% y-o-y in May, following a 1.0% decrease in April, due to acontraction in electronics exports that outweighed an increase in non-electronics. Electronic NODX contracted 13.2% inMay after a 9.0% decline in the previous month. On a m-o-m and seasonally adjusted basis, NODX contracted 1.1% inMay, compared with the previous month's expansion of 1.1%.The Republic of Korea Has Mixed Retail Sales Performance in May.......................................................................................................................In the Republic of Korea, discount store sales fell 4.3% y-o-y in May as sales in five out of six product categoriesdeclined. In contrast, department store sales climbed 1.0% y-o-y in May as household goods sales were robust anddemand for outdoor products and apparel strengthened.………………………………………………………………………………………..…………………………………..……2


asianbondsonline.adb.orgASIANBONDSONLINEDEBT HIGHLIGHTS………………………………………………………………………………………………………………………..……......Summary Text of News ArticlesRemittances to the Philippines Rise 7.0% y-o-y in April.......................................................................................................................Personal remittances from overseas Filipinos rose 7.0% y-o-y in April to US$2.0 billion. On a cumulative basis,remittances from January to April increased 6.4% y-o-y to US$7.7 billion. This was driven by the increase in remittancesfrom land-based overseas Filipino workers with work contracts of 1 year or more, who account for approximatelythree-fourths of the total value of remittances. The Bangko Sentral ng Pilipinas (BSP) also cited the continuedexpansion of bank and non-bank service providers' international market coverage abroad as an additional contributionto the steady flow of remittances. The United States, Saudi Arabia, Canada, and United Kingdom remained the topsources of cash remittances.The Philippines' Bureau of the Treasury Plans to Issue Inflation-Indexed Bonds in 4Q13 and Borrow US$1 Billion in 2014.......................................................................................................................The Philippines' Bureau of the Treasury (BTR) plans to issue at least US$500 million worth of inflation-indexed bonds inthe domestic market in 4Q13. In addition, it is planning to borrow US$1 billion in offshore markets in 2014. BTR willobserve an 85%-15% borrowing mix in favor of domestic sources next year.Toyota Leasing (Thailand) Raises THB7.9 Billion from Multi-Tranche Short-Term Debenture Sale;Caterpillar and ICICI Bank Issue CNH Bonds.......................................................................................................................Toyota Leasing (Thailand) raised a total of THB7.9 billion from a multi-tranche short-term debenture sale last week. Thedebentures comprised (i) a 90-day tenor worth THB3.6 billion, (ii) a 95-day tenor worth THB1.1 billion, (iii) a 181-daytenor worth THB895 million, (iv) a 186-day tenor worth THB1.5 billion, and (v) a 202-day tenor worth THB840 million.Caterpillar Financial Services issued a CNH1.8 billion 2-year bond at a coupon rate of 3.25%. Total orders for the bondreached CNH3 billion. Asian investors took 86% of the deal with the remainder purchased by European investors. Thecompany is rated A2, A, and A by Moody's, S&P, and Fitch, respectively. Also, ICICI Bank issued a CNH650 million3-year bond at a coupon rate of 4.0% last week. ICICI is rated Baa2 and BBB by Moody's and S&P, respectively.…………………………………………………………………………………………………………………………..………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-13*Day* Week*US 0.04 0.00 0.00 0.00 0.00EU 0.04 -0.50 0.70 0.70 1.00Japan 0.09 0.50 0.50 0.50 -1.00PRC 2.66 0.00 0.00 0.00 -19.00Hong Kong, China 0.13 0.00 2.00 2.00 8.00India 7.45 -1.76 3.20 3.20 -67.82Korea, Rep. of 2.63 4.00 13.00-11.00Malaysia 3.01 0.10 -0.10 -0.10 -2.60Philippines 2.15 2.50 65.0065.00185.00Singapore 0.25 0.000.000.00 2.00Thailand 2.54 0.00-0.36-0.36 -21.55Close of 21 June 2013Close of 21 June 201310-Year Selected LCY Government Bond YieldsMarketsbasis point change fromLatestPrevious PreviousClosing1-Jan-13*Day* Week*US 2.53 11.66 40.15 40.15 77.36EU 1.73 6.00 21.1040.90Japan 0.88 2.00 5.20 5.20 8.50PRC 3.46 0.00 0.00 0.00 -13.00Hong Kong, China 1.93 4.90 32.70 133.40India 7.44 5.40 12.30 12.30 -56.00Indonesia 6.95 7.00 51.20 51.20 175.90Korea, Rep. of 3.58 17.00 39.00 39.00 42.00Malaysia 3.62 1.60 16.30 16.30 11.60Philippines 3.65 5.00 35.00 35.00 -50.00Singapore 2.43 8.00 34.00 113.00Thailand 3.92 1.30 27.80 40.90Viet Nam 9.50 0.000.000.00 -70.00EU = European Union, LCY =local currency, PRC = People’s Republic of China, US = United States.Source: Based on data from Bloomberg, LP.…………………………………………………………………………………………………………………………………4


asianbondsonline.adb.orgASIANBONDSONLINEDEBT HIGHLIGHTS…………………………………………………………………………………………………………………………….......Benchmark Yield Curves – LCY Government BondsTip: Zoom-in on the table using the Acrobat zoom toolYield (%)4.03.53.02.52.01.51.00.5USYield (%)2.82.42.01.61.20.80.4EUYield (%)2.32.01.81.51.31.00.80.50.3Japan0.00 4 8 12 16 20 24 28 320.00 5 10 15 20 25 300.00 4 8 12 16 20 24 28 32 36 40Time to maturity (years)Time to maturity (years)Time to maturity (years)21-Jun-13 14-Jun-13 07-Jun-1321-Jun-13 14-Jun-13 07-Jun-1321-Jun-13 14-Jun-13 07-Jun-133.73.4China, People’s Rep. of2.52.0Hong Kong, China8.07.57.0IndonesiaYield (%)3.12.8Yield (%)1.51.00.5Yield (%)6.56.05.55.02.50 1 2 3 4 5 6 7 8 9 10 11Time to maturity (years)21-Jun-13 14-Jun-13 07-Jun-130.00 2 4 6 8 10 12 14 16Time to maturity (years)21-Jun-13 14-Jun-13 07-Jun-134.50 3 6 9 12 15 18 21 24 27 30 33Time to maturity (years)21-Jun-13 14-Jun-13 07-Jun-133.8Korea, Republic of4.1Malaysia5.5Philippines3.63.94.8Yield (%)3.43.23.02.8Yield (%)3.73.53.3Yield (%)4.03.32.52.63.11.82.40 2 4 6 8 10 12 14 16 18 20 222.90 2 4 6 8 10 12 14 16 18 20 221.00 3 6 9 12 15 18 21 24 27Time to maturity (years)Time to maturity (years)Time to maturity (years)21-Jun-13 14-Jun-13 07-Jun-1321-Jun-13 14-Jun-13 07-Jun-1321-Jun-13 14-Jun-13 07-Jun-133.5Singapore4.3Thailand9.8Viet Nam3.04.09.0Yield (%)2.52.01.51.0Yield (%)3.73.43.1Yield (%)8.27.46.60.52.85.80.00 3 6 9 12 15 18 212.50 2 4 6 8 10 12 14 165.01 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16Time to maturity (years)Time to maturity (years)Time to maturity (years)21-Jun-13 14-Jun-13 07-Jun-1321-Jun-13 14-Jun-13 07-Jun-1321-Jun-13 14-Jun-13 07-Jun-13EU = European Union, LCY = local currency US = United States.Source: Based on data from Bloomberg.…………………………………………………………………………………………………………………………………5


asianbondsonline.adb.orgASIANBONDSONLINEDEBT HIGHLIGHTS…………………………………………………………………………………………………………………………….......2- versus 10- Year Yield Spread ChartTip: Zoom-in on the table using the Acrobat zoom toolUSEUJapanChina, People's Rep. of21-Jun-1314-Jun-137-Jun-13Hong Kong, ChinaIndonesiaKorea, Rep. ofMalaysiaPhilippinesSingaporeThailandViet Nam0 50 100 150 200 250 300 350basis pointsEU = European Union, US = United States.Source: Based on data from Bloomberg LP.…………………………………………………………………………………………………………………………………6


asianbondsonline.adb.orgASIANBONDSONLINEDEBT HIGHLIGHTS…………………………………………………………………………………………………………………………….......Policy Rate versus Inflation RateTip: Zoom-in on the table using the Acrobat zoom toolChina, People’s Rep. of Hong Kong, China India10864201-yearLending RateInflation Rate-2Jan-07 Dec-07 Nov-08 Oct-09 Sep-10 Aug-11 Jul-12 Jun-136.002.107531-1Inflation RateHKMA BaseRate-3Jan-07 Dec-07 Nov-08 Oct-09 Sep-10 Aug-11 Jul-12 Jun-133.900.50121086420Inflation RateRepurchaseCut-off Yield-2Jan-07 Dec-07 Nov-08 Oct-09 Sep-10 Aug-11 Jul-12 Jun-137.254.70The PRC uses the 1-year lending rate as one of its policyrates.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 Malaysia161310BI Rate76.005.474Inflation Rate1-2Jan-07 Dec-07 Nov-08 Oct-09 Sep-10 Aug-11 Jul-12 Jun-1386427-Day RepoRateInflation Rate0Jan-07 Dec-07 Nov-08 Oct-09 Sep-10 Aug-11 Jul-12 Jun-132.501.001086420-2OvernightPolicy RateInflation Rate-4Jan-07 Dec-07 Nov-08 Oct-09 Sep-10 Aug-11 Jul-12 Jun-133.001.80Bank 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.12108642PhilippinesOvernightReverseRepo RateInflationRate0Jan-07 Dec-07 Nov-08 Oct-09 Sep-10 Aug-11 Jul-12 Jun-133.502.601086420-2-4ThailandInflation Rate1-Day RepoRate-6Jan-07 Dec-07 Nov-08 Oct-09 Sep-10 Aug-11 Jul-12 Jun-132.502.2730272421181512963Viet NamInflation RatePrimeLending Rate0Jan-07 Dec-07 Nov-08 Oct-09 Sep-10 Aug-11 Jul-12 Jun-139.006.36Bangko 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 and Exchange Rate IndexesTip: Zoom-in on the table using the Acrobat zoom toolCredit Default Swap Spreads — Senior 5-Year*1,400China, People's Rep. ofHong Kong, China1,200IndonesiaMid spread in basis points1,000800600Korea, Rep. ofJapanMalaysiaPhilippinesThailand4002000Jan-08 Sep-08 May-09 Jan-10 Sep-10 May-11 Jan-12 Oct-12 Jun-13* In US$ and basedon sovereign bondsSource: Thomson ReutersExchange Rate Indexes (vis-à-vis US$, 2 January 2007=100)130130China, People's Rep. of120120IndonesiaKorea, Rep. of110110MalaysiaPhilippines100100Thailand9090SingaporeViet Nam80807070605050Jan-07 Apr-08 Jul-09 Nov-10 Feb-12 Jun-13Source: ADB-Office of Regional EconomicIntegration staff calculations based onBloomberg data.…………………………………………………………………………………………………………………………………860


asianbondsonline.adb.orgASIANBONDSONLINEDEBT HIGHLIGHTS…………………………………………………………………………………………………………………………….......Selected Debt Security Issuances (17 – 21 June 2013)Tip: Zoom-in on the table using the Acrobat zoom toolMarketsAuctionDateT ype of SecurityAverageYield (% )Coupon(% )Amount Offered(L C Y b illio n)Amount Issued(L C Y b illio n)PRC 19-Jun 10-year Treasury Bonds 3.38 30.00 30.0020-Jun 3-month PBOC Bills 2.91 2.00 2.00HK 18-Jun 91-day Exchange Fund Bills 0.12 31.87 31.87182-day Exchange Fund Bills 0.14 9.00 9.00364-day Exchange Fund Bills 0.16 3.00 3.00ID 18-Jun 1-year Treasury Bills 5.38 400.0010-year Treasury Bonds 6.52 8,000.00700.0020-year Treasury Bonds 7.25 1,550.00JP 18-Jun 1-year Treasury Discount Bills 0.09 2,500.00 2,499.9518-Jun 20-year Japanese Government Bonds 1.69 1.70 1,200.00 1,374.8020-Jun 3-month Treasury Discount Bills 0.09 5,700.00 5,739.94KR 17-Jun 91-day Monetary Stabilization Bonds 2.55 1,400.00 1,150.0018-Jun 2-year Monetary Stabilization Bonds 2.75 2.76 2,000.00 1,750.00MY 17-Jun 364-day BNM Notes 2.92 1.00 1.00PH 18-Jun 7-year Treasury Bonds 2.95 3.88 30.00 30.00SG 17-Jun 3-month Treasury Bills 0.16 2.00 2.00TH 18-Jun 28-day BOT Bills 2.48 25.00 25.0091-day BOT Bills 2.52 25.00 25.00182-day BOT Bills 2.53 25.00 25.0019-Jun 4-year Government Bonds 3.25 17.00 17.00VN 20-Jun 2-year Treasury Bonds 6.68 2,000.00 1,650.003-year Treasury Bonds 6.95 2,000.00 1,400.005-year Treasury Bonds 7.65 2,000.00 200.00BNM = Bank Negara Malaysia, BOT = Bank of Thailand, LCY = local currency.Sources: Local market sources and Bloomberg, LP.…………………………………………………………………………………………………………………………………9


asianbondsonline.adb.orgASIANBONDSONLINEDEBT HIGHLIGHTS…………………………………………………………………………………………………………………………….......Selected Asia Data Releases (25 June – 1 July 2013)Tip: Zoom-in on the table using the Acrobat zoom toolEconomy and Variable Release Date Historical Data Recent TrendsHong Kong, ChinaExportsy-o-y, %MAYPhilippinesTrade BalanceUS$ millionAPRPhilippinesBudgetPHP billionMAYViet NamGDPy-o-y, %2Q13Viet NamIndustrial Productiony-o-y, %JUNViet NamExportsy-o-y, %JUNSingaporeIndustrial Productiony-o-y, %MAYRepublic of KoreaCurrent AccountUS$ millionMAYJapanCPIy-o-y, %MAYJapanIndustrial Productiony-o-y, %MAYRepublic of KoreaIndustrial Productiony-o-y, %MAYThailandExportsy-o-y, %MAYThailandCurrent AccountUS$ millionMAYPeople’s Republic of ChinaManufacturing PMIindexJUNIndonesiaCPIy-o-y, %JUNIndonesiaExportsy-o-y, %MAYRepublic of KoreaCPIy-o-y, %JUNRepublic of KoreaExportsy-o-y, %06/2506/25JUNThailandCPIy-o-y, %JUNSource: AsianBondsOnline , Bloomberg LP, and Reuters.04/12: 5.6%05/12: 5.2%03/13: 11.2%04/13: 9.0%03/12: −1,04804/12: −13802/13: −96703/13: −59304/12: 31.005/12: −19.903/13: −35.204/13: 36.81Q12: 4.0%2Q12: 4.4%4Q12: 5.0%1Q13: 4.9%05/12: 6.8%06/12: 8.0%04/13: 5.8%05/13: 5.6%05/12: 24.1%06/12: 22.2%04/13: 16.9%05/13: 15.1%04/12: −1.9%05/12: 6.4%03/13: −3.8%04/13: 4.7%04/12: 1,734.005/12: 3,574.903/13: 4,927.204/13: 3,972.204/12: 0.4%05/12: 0.2%03/13: −0.9%04/13: −0.7%04/12: 15.1%05/12: 7.6%03/13: −7.2%04/13: −3.4%04/12: −0.4%05/12: 3.1%03/13: −2.9%04/13: 1.7%04/12: −1.8%05/12: 9.1%03/13: 4.2%04/13: 3.7%04/12: −1,49805/12: −1,45203/13: 1,93604/13: −3,36105/12: 50.406/12: 50.204/13: 50.605/13: 50.805/12: 4.5%06/12: 4.5%04/13: 5.6%05/13: 5.5%04/12: −2.3%05/12: −8.0%03/13: −12.9%04/13: −9.1%05/12: 2.5%06/12: 2.2%04/13: 1.2%05/13: 1.0%05/12: −1.0%06/12: 0.9%04/13: 0.2%05/13: 3.2%05/12: 2.5%06/12: 2.6%04/13: 2.4%05/13: 2.3%Hong Kong, China’s export grow th fell to 9.0% April year-on-year (y-o-y) from11.2% in March.The Philippines’ trade deficit narrow ed in March to US$593 million from a deficit ofUS$967 million in February.06/25 to 06/29 The Philippine government posted a budget surplus of PHP36.8 billion in Aprilfollow ing a deficit of PHP35.2 billion in March.06/25 to 06/30 Viet Nam’s gross domestic product (GDP) grow th slow ed marginally to 4.9% in1Q13 from 5.0% in 4Q12.06/25 to 06/30 Industrial production grow th in Viet Nam fell to 5.5% y-o-y in May from 5.8% inApril.06/25 to 06/30 Viet Nam’s export grow th moderated to 15.1% y-o-y in May from 16.9% in April.06/26 Singapore’s industrial production grew 4.7% y-o-y in April, reversing a 3.8%contraction posted in March.06/27 The Republic of Korea’s current account surplus narrow ed in April to US$4.0billion from US$4.9 billion in March.06/28 Japan’s deflation rate declined to 0.7% y-o-y in April from 0.9% in March.06/28 Japan’s industrial production fell 3.4% y-o-y in April follow ing a decline of 7.2% inMarch.06/28 Industrial production in the Republic of Korea grew 1.7% y-o-y in April follow ing a2.9% contraction in March.06/28 Thailand’s export grow th moderated to 3.7% y-o-y in April from 4.2% in March.06/28 Thailand recorded a current account deficit of US$3.4 billion in April follow ing asurplus of US$1.9 billion in March.07/01 The People’s Republic of China’s (PRC) manufacturing purchasing managers’ index(PMI) rose to 50.8 in May from 50.6 in April.07/01 Consumer price inflation in Indonesia slow ed to 5.5% y-o-y in May from 5.6% inApril on low er food prices.07/01 Exports from Indonesia dropped 9.1% y-o-y in April follow ing a revised 12.9%decline in March.07/01 Consumer price inflation in the Republic of Korea fell to 1.0% y-o-y in May from1.2% in April.07/01 Export grow th in the Republic of Korea accelerated to 3.2% y-o-y in May from0.2% in April.07/01 Consumer price inflation decelerated in Thailand to 2.3% y-o-y in May from 2.4% inApril.…………………………………………………………………………………………………………………………………10


asianbondsonline.adb.orgASIANBONDSONLINEDEBT HIGHLIGHTS…………………………………………………………………………………………………………………………….......News Articles: Sources for Further ReadingTip: Click on link to open a new browser (Acrobat Reader 8); for older versions right-click to open a new browser)May Consumer Price Inflation Eases in Hong Kong, China andRises in Malaysia; Producer Prices in the Republic of Korea Fallin May• Consumer Price Indices for May 2013Census and Statistics Department (20 June 2013)• Consumer Price Index Malaysia May 2013Department of Statistics Malaysia (19 June 2013)• Producer Price Index during May 2013The Bank of Korea (18 June 2013)Indonesia’s House of Representatives Approves Revised 2013State Budget• Indonesia Approves Revised 2013 Budget, Fuel CompensationPlanBloomberg LP (18 June 2013)• Govt to Raise Fuel Prices on SaturdayJakarta Globe (20 June 2013)Japan’s Trade Deficit Widens in May; Singapore’s NODX SlipFurther in May• Value of Exports and Imports May 2013 (Provisional)Ministry of Finance (19 June 2013)• Singapore’s External Trade – May 2013International Enterprise Singapore (17 June 2013)The Republic of Korea Has Mixed Retail Sales Performancein May• Retail Sales Figures for MayMinistry of Knowledge Economy (20 June 2013)Remittances to the Philippines Rise 7.0% y-o-y in April• Personal Remittances Sustain Growth in April 2013Bangko Sentral ng Pilipinas (17 June 2013)The Philippines’ Bureau of the Treasury Plans to Issue Inflation-Indexed Bonds in 4Q13 and Borrow US$1 Billion in 2014• 2014 borrowing readiedBusiness World (18 June 2013)Toyota Leasing (Thailand) Raises THB7.9 Billion from Multi-Tranche Short-Term Debenture Sale; Caterpillar and ICICI BankIssue CNH Bonds• S-T debentures of TLT will be registered on June 20, 21, and26, 2013ThaiBMA (20 June 2013)• BONDS: ICICI follows Caterpillar back to Dim SumIFRAsia (18 July 2013)• BONDS: ICICI Dim Sum cuts through dollar funding levelIFRAsia (19 June 2013)Disclaimer: AsianBondsOnline Newsletter is available to users free of charge. ADB provides no warranty or undertaking of any kind with respect to the information and materialsfound on, or linked to, the AsianBondsOnline Newsletter. ADB accepts no responsibility for the accuracy of the material posted or linked to in 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 material 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 website, which also apply.…………………………………………………………………………………………………………………………………11

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