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Key Developments In Asian Local Currency Markets - April 2016

Mohd Noordin
By Mohd Noordin
6 years ago


Islam, Mal, Sukuk , Reserves, Sales


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  1. 11 April 2016 C asianbondsonline .adb.org Key Developments in Asian Local Currency Markets onsumer price inflation in the Philippines climbed to 1.1% year-on-year (y-o-y) in March from 0.9% y-o-y in February, largely induced by an accelerated hike in y-o-y food price. The March y-o-y headline inflation rate was asiandbonsonline.adb. asiandbonsonline.adb.org within the Bangko Sentral ng Pilipinas’ forecast for the month of 0.6%–1.4%. On a month-on-month (m-o-m) and org asiandbonsonline.adb.org seasonally adjusted basis, the Consumer Price Index inched up 0.1% in March. Japan’s current account balance ballooned to JPY2.4 trillion in February from JPY521 billion in January. The goods and services account posted a JPY585 billion surplus in February, a reversal from the JPY638 billion deficit posted in January. Malaysia’s trade surplus widened to MYR7.4 billion in February from MYR5.4 billion a month earlier as imports decreased at a faster pace than exports. Exports contracted 8.3% m-o-m in February to MYR56.7 billion from MYR61.9 billion in January. Imports decreased 12.6% m-o-m in February to MYR49.4 billion from MYR56.5 billion in the previous month. Hong Kong, China’s Purchasing Managers Index (PMI) fell to 45.5 in March from 46.4 in February, indicating a further contraction in business activity. Singapore’s PMI rose to 49.4 in March from 48.5 in February, showing slight improvement while still falling below the threshold for expansion. The People’s Republic of China‘s (PRC) foreign exchange reserves rose in March to USD3.21 trillion from USD3.20 trillion in February. The increase was due to a weakening US dollar, as well as tighter currency restrictions limiting capital outflows. Indonesia’s foreign exchange reserves climbed to USD107.5 billion at end-March from USD104.5 billion at end-February. The increase came afrom the proceeds of sovereign global sukuk (Islamic bond) issuance and Bank Indonesia foreign exchange bills. The gross international reserves of the Philippines rose to USD82.6 billion at end-March from USD81.9 billion at end-February on the back of a monthly increase in the national government's net foreign currency deposits. Last week, CK Hutchison issued a multitranche EUR-denominated bond. The EUR1.7 billion 7-year tranche was issued at a coupon rate of 1.25%, while the EUR650 million 12year tranche was issued at a coupon rate of 2.0%. Also last week, the Korea National Oil Corporation raised USD1 billion from a dual- Asia Bond Monitor March 2016 read more 10-Year Selected LCY Government Security Yields Close of 8 April 2016 basis point change from Markets Latest Closing Previous Week* 1-Jan-16* Previous Day* asiandbonsonline.adb.org US EU Japan PRC Hong Kong, China India Indonesia Korea, Rep. of Malaysia Philippines Singapore Thailand Viet Nam 1.72 0.10 -0.08 2.91 1.27 7.45 7.57 1.80 3.83 4.71 1.89 1.63 7.04 2.78 0.60 -2.30 0.00 -0.20 0.20 -0.90 -0.60 1.50 -3.00 -0.36 6.50 -0.30 -5.38 -3.90 -1.60 -1.70 -2.10 -9.83 asiandbonsonline.adb. -5.38 -55.27 -3.90 -53.40 org -1.60 3.00 3.00 1.00 1.00 -1.70 -2.10 0.00 0.00 4.60 4.60 -9.83 4.11 4.11 2.50 2.50 2.70 2.70 -34.00 5.00 -31.40 -28.20 -118.30 -29.00 -36.00 60.67 -70.34 -87.20 -13.80 Selected Government Security Yields Benchmark Yield Curves - Local Currency Government Bonds 2-versus-10 Yield Spread Chart Policy Rate versus Inflation Rate Charts Credit Default Swap Spreads & Exchange Rate Indexes Selected Debt Security Issuances Selected Asia Data Releases tranche US dollar-denominated bond sale. This included a USD500 million 5-year bond tranche at a 2.125% coupon and a USD500 million 10-year bond tranche at 2.625%. Last week, Fitch Ratings reported that it has affirmed the Philippines' Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BBB-' and Long-Term Local Currency IDR at 'BBB'. The outlook to these ratings remained Positive. The more interesting data releases this week include first quarter of 2016 gross domestic product growth for the PRC and Singapore, trade balances for the PRC and Indonesia, merchandise exports for the Philippines, and retail sales and non-oil domestic exports for Singapore. Government bond yields fell last week for most tenors in Indonesia, Malaysia, and Thailand. Yields rose for most tenors in the PRC; Hong Kong, China; the Rep. of Korea; the Philippines; Singapore; and Viet Nam. Yield spreads between the 2-year and 10year tenors narrowed for Hong Kong, China; Indonesia; the Rep. of Korea; and Singapore. Yield spreads widened for the PRC, Malaysia, the Philippines, Thailand, and Viet Nam. ……………………………………………………………………………………………………………..……………..…… 1
  2. ASIANBONDSONLINE asianbondsonline .adb.org DEBT HIGHLIGHTS ………………………………………………………………………..…………………………………………………....... Summary Text of News Articles asiandbonsonline.adb.org Consumer Price Inflation Climbs in the Philippines in March ........................................................................................................................................ Consumer price inflation in the Philippines climbed to 1.1% year-on-year (y-o-y) in March from 0.9% y-o-y in February, largely induced by faster y-o-y food price hikes, according to the latest inflation data of the Philippine Statistics Authority. The March y-o-y headline inflation rate was within the Bangko Sentral ng Pilipinas’ (BSP) inflation forecast for the month of 0.6%–1.4%. On a month-on-month (m-o-m) and seasonally adjusted basis, the Consumer Price Index (CPI) inched up 0.1% in March. On a year-to-date basis, average inflation stood at 1.1% y-o-y, below the Philippine government’s 2016 inflation rate target of 2.0%–4.0%. For inflation rate trends in the Philippines, refer to this link: https://asianbondsonline.adb.org/philippines/data/marketwatch.php?code=policy_rate_and_inflation_trends Japan’s Current Account Surplus Widens in February; Malaysia’s Trade Surplus Widens in February ........................................................................................................................................ Japan’s current account balance ballooned to JPY2.4 trillion in February from JPY521 billion in January. The goods and services account posted a JPY585 billion surplus in February, a reversal from the JPY638 billion deficit posted in January. The primary income surplus increased to JPY2.0 trillion in February from JPY1.3 trillion in January. Meanwhile, the secondary income account deficit widened to JPY195 billion from JPY173 billion a month earlier. Malaysia’s trade surplus widened to MYR7.4 billion in February from MYR5.4 billion a month earlier as imports decreased at a faster pace than exports. Exports contracted 8.3% m-o-m in February to MYR56.7 billion from MYR61.9 billion in January, led by m-o-m decreases in exports of electrical and electronics products, palm oil and palm-based products, timber and timber-based products, crude petroleum, and natural rubber. Imports decreased 12.6% m-o-m in December to MYR49.4 billion from MYR56.5 billion in the previous month, driven by fewer imports of capitals goods, consumption goods, and intermediate goods. March PMI Falls in Hong Kong, China; Rises in Singapore ........................................................................................................................................ Hong Kong, China’s Purchasing Managers Index (PMI) fell to 45.5 in March from 46.4 in February, indicating a further contraction in business activity. The fall was driven by declines in new orders and output. A fall in employment and purchasing activity also dragged down the index. Singapore’s PMI rose to 49.4 in March from 48.5 in February, showing slight improvement but still falling below the threshold for expansion. The increase was due to improvements in most areas such as new orders, output, employment, and exports. Foreign Exchange Reserves Rise in the PRC, Indonesia, and the Philippines in March ........................................................................................................................................ The People’s Republic of China‘s (PRC) foreign exchange reserves rose in March to USD3.21 trillion from USD3.20 trillion in February. The improvement was due to weakness in the US dollar, as well as tighter currency restrictions limiting capital outflows. Indonesia’s foreign exchange reserves climbed to USD107.5 billion at end-March from USD104.5 billion at endFebruary. The increase came about from the proceeds of sovereign global sukuk (Islamic bond) issuance and Bank Indonesia foreign exchange bills. At current levels, Indonesia’s foreign exchange reserves can cover 8 months of imports or 7.8 months of imports and the government’s external debt payments. The gross international reserves of the Philippines rose to USD82.6 billion at end-March from USD81.9 billion at endFebruary on the back of a monthly increase in the national government's net foreign currency deposits, according to a BSP announcement last week. The BSP reported that the net foreign currency deposits include the proceeds from the national government's global bond issuance. ………………………………………………………………………………………..……………………………..……...… 2
  3. ASIANBONDSONLINE asianbondsonline .adb.org DEBT HIGHLIGHTS ………………………………………………………………………………………………………………………..…....... Summary Text of News Articles asiandbonsonline.adb.org CK Hutchison Issues EUR-Denominated Bond; KNOC Raises USD1 Billion from Dual-Tranche USD-Denominated Bond Sale ........................................................................................................................................ Last week, CK Hutchison issued a multi-tranche EUR-denominated bond. The EUR1.7 billion 7-year tranche was issued at a coupon rate of 1.25%, while the EUR650 million 12-year tranche was issued at a coupon rate of 2.0%. The majority of the bond was purchased by European investors, with Asian investors taking less than 10% of the deal. Also last week, the Korea National Oil Corporation (KNOC) raised USD1 billion from a dual-tranche USD-denominated bond sale. This included a USD500 million 5-year bond tranche at a 2.125% coupon, and a USD500 million 10-year bond tranche at 2.625%. The 5-year tranche garnered 55% of its purchases from investors in Asia, 23% from Europe, and 22% from the United States (US). For the 10-year tenor, 82% of purchases came from Asia, 14% from Europe, and 4% from the US. By investor type, asset managers took the bulk of the 5-year bond with a 51% share, while insurance companies and pension funds were the dominant investor group for the 10-year security with a 56% share. ………………………………………………………………………………………………………………………..………. 3
  4. ASIANBONDSONLINE asianbondsonline .adb.org DEBT HIGHLIGHTS ……………………………………………………………………………………………………………………………....... Selected Government Security Yields Tip: Zoom-in on the table using the Acrobat zoom tool asiandbonsonline.adb.org 3-Month Selected LCY Government Security Yields Latest Closing Markets US EU Japan PRC Hong Kong, China India Korea, Rep. of Malaysia Philippines Singapore Thailand 0.22 -0.43 -0.48 2.07 0.10 8.31 1.49 2.48 1.60 0.74 1.36 basis point change from Previous Previous 1-Jan-16* Day* Week* 0.00 -0.51 0.00 6.11 0.00 -1.00 -1.00 1.50 -36.00 -36.20 -36.00 -43.80 0.00 -2.00 -2.00 -11.00 0.00 0.00 0.00 3.00 0.00 0.00 0.00 0.00 0.00 -1.00 -1.00 -6.40 -5.50 2.00 -5.50 -38.00 -16.40 -28.47 -16.40 -106.74 0.90 -3.00-3.00 -15.30 -0.28 -1.65-1.65 -13.92 Close of 8 April 2016 10-Year Selected LCY Government Bond Yields Markets US EU Japan PRC Hong Kong, China India Indonesia Korea, Rep. of Malaysia Philippines Singapore Thailand Viet Nam Latest Closing 1.72 0.10 -0.08 2.91 1.27 7.45 7.57 1.80 3.83 4.71 1.89 1.63 7.04 basis point change from Previous Previous 1-Jan-16* Day* Week* -5.38 2.78 -5.38 -55.27 -3.90 0.60 -3.90 -53.40 -1.60 -1.60 -2.30 -34.00 3.00 0.00 3.00 5.00 -0.20 1.001.00 -31.40 -1.70 -1.70 0.20 -28.20 -2.10 -0.90 -2.10 -118.30 0.00 -0.60 0.00 -29.00 1.50 4.60 4.60 -36.00 -3.00 -9.83 -9.83 60.67 -0.36 4.11 4.11 -70.34 6.50 2.50 2.50 -87.20 2.70 -0.30 2.70 -13.80 Close of 8 April 2016 EU = European Union, LCY =local currency, PRC = People’s Republic of China, US = United States. Source: Based on data from Bloomberg, LP. ………………………………………………………………………………………………………………………………… 4
  5. ASIANBONDSONLINE asianbondsonline .adb.org DEBT HIGHLIGHTS ……………………………………………………………………………………………………………………………....... Benchmark Yield Curves – LCY Government Bonds Tip: Zoom-in on the table using the Acrobat zoom tool asiandbonsonline.adb.org US EU 3.0 1.2 2.5 0.8 2.0 0.4 Japan 0.6 1.5 1.0 Yield (%) Yield (%) Yield (%) 0.3 0.0 0.5 -0.3 -0.8 0 4 8 12 16 20 24 28 0 32 5 10 Time to maturity (years) 08-Apr-16 15 20 25 30 0 4 8 12 16 01-Apr-16 25-Mar-16 08-Apr-16 China, People’s Rep. of 20 24 28 32 36 40 Time to maturity (years) Time to maturity (years) 01-Apr-16 08-Apr-16 25-Mar-16 Hong Kong, China 3.0 01-Apr-16 25-Mar-16 Indonesia 1.7 9.0 2.8 8.5 2.6 2.4 1.1 Yield (%) Yield (%) Yield (%) 0.0 -0.4 0.5 2.2 8.0 7.5 7.0 2.0 -0.1 0 1 2 3 4 5 6 7 8 9 10 11 6.5 0 2 4 6 Time to maturity (years) 08-Apr-16 01-Apr-16 8 10 12 14 16 0 3 6 9 12 Time to maturity (years) 25-Mar-16 08-Apr-16 Korea, Republic of 01-Apr-16 25-Mar-16 08-Apr-16 Malaysia 2.0 15 18 21 24 27 30 33 Time to maturity (years) 01-Apr-16 25-Mar-16 Philippines 4.8 6.0 4.4 5.0 1.7 3.6 Yield (%) Yield (%) Yield (%) 4.0 3.2 2.8 2.0 0 2 4 6 8 10 12 14 16 18 20 22 1.0 0 2 4 6 Time to maturity (years) 08-Apr-16 01-Apr-16 8 10 12 14 16 18 20 22 0 3 6 9 25-Mar-16 08-Apr-16 Singapore 01-Apr-16 12 15 18 21 24 27 Time to maturity (years) Time to maturity (years) 08-Apr-16 25-Mar-16 01-Apr-16 Thailand 25-Mar-16 Viet Nam 3.0 3.0 8.0 7.5 2.6 2.5 7.0 1.8 1.4 Yield (%) Yield (%) 2.2 Yield (%) 3.0 2.0 2.4 1.4 4.0 2.0 6.5 6.0 5.5 1.5 1.0 5.0 1.0 0.6 0 3 6 9 12 15 18 21 24 27 30 4.5 0 2 4 6 8 Time to maturity (years) Time to maturity (years) 08-Apr-16 01-Apr-16 10 12 14 16 18 20 22 24 26 28 30 32 25-Mar-16 08-Apr-16 01-Apr-16 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Time to maturity (years) 25-Mar-16 08-Apr-16 01-Apr-16 25-Mar-16 EU = European Union, LCY = local currency US = United States. Source: Based on data from Bloomberg. ………………………………………………………………………………………………………………………………… 5
  6. ASIANBONDSONLINE asianbondsonline .adb.org DEBT HIGHLIGHTS ……………………………………………………………………………………………………………………………....... 2- versus 10- Year Yield Spread Chart Tip: Zoom-in on the table using the Acrobat zoom tool asiandbonsonline.adb.org US EU 8-Apr-16 Japan 1-Apr-16 25 -Mar-16 China, People's Rep. of Hong Kong, China Indonesia Korea, Rep. of Malaysia Philippines Singapore Thailand Viet Nam 0 20 40 60 80 100 120 140 160 180 200 basis points EU = European Union, US = United States. Source: Based on data from Bloomberg LP. ………………………………………………………………………………………………………………………………… 6
  7. ASIANBONDSONLINE asianbondsonline .adb.org DEBT HIGHLIGHTS ……………………………………………………………………………………………………………………………....... Policy Rate versus Inflation Rate Tip: Zoom-in on the table using the Acrobat zoom tool asiandbonsonline.adb.org China, People’s Rep. of Hong Kong, China Indonesia 10 6 6 9 BI Rate 8 1-year Lending Rate 4.35 4 4 7 3.10 Inflation Rate 6.75 6 2.30 2 2 5 4.45 HKMA Base Rate Inflation Rate 0 Jan-12 Jul-12 0.75 Jan-13 Aug-13 Feb-14 Aug-14 Mar-15 Sep-15 Apr-16 0 Jan-12 The PRC uses the 1-year lending rate as one of its policy rates. Source: Bloomberg LP. Jul-12 Jan-13 Aug-13 Feb-14 Aug-14 Mar-15 Sep-15 Apr-16 Jul-12 Philippines 5 6 c 4 Jan-13 Aug-13 Feb-14 Aug-14 Mar-15 Sep-15 Apr-16 Bank Indonesia uses its reference interest rate (BI rate) as its policy rate. Source: Bloomberg LP. Malaysia 5 Overnight Policy Rate 4 3 3 Jan-12 The Hong Kong Monetary Authority maintains a Discount Window Base Rate. Source: Bloomberg LP. Korea, Republic of Inflation Rate 4 Overnight Reverse Repo Rate 4.20 5 3.25 4 4.00 3 7-day Repo Rate 3 2 2 2 1.50 1.00 1 1 Inflation Rate Inflation Rate 1 1.10 Inflation Rate 0 Jan-12 Jul-12 Jan-13 Aug-13 Feb-14 Aug-14 Mar-15 Sep-15 Apr-16 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. 0 Jan-12 Jul-12 Jan-13 Aug-13 Feb-14 Aug-14 Mar-15 Sep-15 Apr-16 Bank Negara Malaysia uses the overnight policy rate (OPR) as its policy rate. Source: Bloomberg LP. Thailand 0 Jan-12 Jul-12 Jan-13 Aug-13 Feb-14 Aug-14 Mar-15 Sep-15 Apr-16 Bangko Sentral uses the Philippine overnight reverse repurchase agreement rate as one of its policy instruments. Source: Bloomberg LP. Viet Nam 20 5 16 1-day Repo Rate 4 3 12 Prim e Lending Rate 1.50 2 9.00 8 Inflation Rate 1 -0.46 -1 -2 Jan-12 Jul-12 Jan-13 Aug-13 Feb-14 Aug-14 Mar-15 Sep-15 Apr-16 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. 4 Inflation Rate 0 Jan-12 Jul-12 1.69 Jan-13 Aug-13 Feb-14 Aug-14 Mar-15 Sep-15 Apr-16 The State Bank of Viet Nam uses a benchmark prime lending rate as its policy rate. Source: Bloomberg LP. ………………………………………………………………………………………………………………………………… 7
  8. ASIANBONDSONLINE asianbondsonline .adb.org DEBT HIGHLIGHTS ……………………………………………………………………………………………………………………………....... Credit Default Swap Spreads and Exchange Rate Indexes Tip: Zoom-in on the table using the Acrobat zoom tool asiandbonsonline.adb.org Credit Default Swap Spreads — Senior 5-Year* 350 China, People's Rep. of Indonesia 300 Korea, Rep. of Japan Malaysia Mid spread in basis points 250 Philippines Thailand 200 Viet Nam 150 100 50 * In USD and based on sovereign bonds Source: Bloomberg 0 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Exchange Rate Indexes (vis-à-vis USD, 2 January 2007=100) 130 130 China, People's Rep. of Indonesia 120 120 Korea, Rep. of Malaysia 110 110 Philippines 100 100 Thailand Singapore 90 90 80 80 70 70 60 60 50 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Aug-11 Feb-12 Aug-12 Feb-13 Aug-13 Mar-14 Sep-14 Mar-15 Sep-15 Viet Nam Source: AsianBondsOnline calculations based on Bloomberg data. 50 Apr-16 ………………………………………………………………………………………………………………………………… 8
  9. ASIANBONDSONLINE asianbondsonline .adb.org DEBT HIGHLIGHTS ……………………………………………………………………………………………………………………………....... Selected Debt Security Issuances (4 – 8 April 2016) Tip: Zoom-in on the table using the Acrobat zoom tool asiandbonsonline.adb.org Markets Auction Date CN 6-Apr HK ID JP KR Type of Security Average Yield (%) Coupon (%) Amount Offered (LCY billion) Amount Issued (LCY billion) 1-year Treasury Bonds 2.10 2.22 26.00 26.00 10-year Treasury Bonds 2.86 2.85 33.00 33.15 91-day Exchange Fund Bills 0.08 42.36 42.36 182-day Exchange Fund Bills 0.22 15.00 6-month Islamic Treasury Bills 5.63 2-year Project-Based Suk uk 7.52 7.75 4-year Project-Based Suk uk 7.75 8.25 7-year Project-Based Suk uk 8.00 8.75 610.00 15-year Project-Based Suk uk 8.31 8.88 1,665.00 3-month Treasury Discount Bills -0.09 10-year Treasury Bonds -0.07 6-Apr 6-month Treasury Discount Bills 7-Apr 3-month Treasury Discount Bills 4-Apr 91-day Monetary Stabilization Bonds 5-Apr 5-Apr 5-Apr 182-day Monetary Stabilization Bonds 15.00 500.00 2,260.00 4,000.00 750.00 4,400.00 4,349.98 2,400.00 2,538.70 -0.17 3,500.00 3,499.98 -0.12 4,400.00 4,349.97 1.51 900.00 1,080.00 720.00 0.10 1.52 600.00 3-year Korea Treasury Bonds 1.44 1.75 1,100.00 1,092.00 5-Apr 30-year Korea Treasury Bonds 1.89 2.00 1,200.00 1,200.00 6-Apr 2-year Monetary Stabilization Bonds 1.46 2,500.00 2,500.00 1,000.00 63-day Treasury Bills 1.46 1.51 1,000.00 MY 7-Apr 7-year Government Investment Issue 3.93 3.50 3.50 PH 4-Apr 91-day Treasury Bills 1.55 8.00 8.00 182-day Treasury Bills 1.76 6.00 2.35 364-day Treasury Bills 1.78 6.00 6.00 28-day MAS Bills 0.21 0.50 0.50 84-day MAS Bills 0.47 3.80 3.80 7-Apr 168-day MAS Bills 0.72 2.00 2.00 4-Apr 91-day Bank of Thailand Bonds 1.36 40.00 40.00 182-day Bank of Thailand Bonds 1.38 40.00 40.00 363-day Bank of Thailand Bonds 1.37 60.00 60.00 4.22-year Government Bonds 1.37 2.55 20.00 20.00 28.24-year Government Bonds 2.17 4.68 10.00 9.80 SG TH 5-Apr 5-Apr 4.39 LCY = local currency, MAS = Monetary Authority of Singapore. Sources: Local market sources and Bloomberg, LP. ………………………………………………………………………………………………………………………………… 9
  10. ASIANBONDSONLINE asianbondsonline .adb.org DEBT HIGHLIGHTS ……………………………………………………………………………………………………………………………....... Selected Asia Data Releases (12 – 18 April 2016) Tip: Zoom-in on the table using the Acrobat zoom tool asiandbonsonline.adb.org Economy and Variable Singapore GDP Advance Estim ate y-o-y, % 1Q 2016 Philippines Exports y-o-y, % FEB China, People’s Rep. of Trade Balance USD million MAR China, People’s Rep. of GDP y-o-y, % 1Q 2016 Indonesia Trade Balance USD million MAR Singapore Retail Sales y-o-y, % FEB Singapore NODX y-o-y, % MAR Release Date Historical Data Recent Trends 04/07 to 04/14 Q4 2014: 2.8% Q1 2015: 2.7% Q3 2015: 1.8% Q4 2015: 1.8% 01/15: 0.0% 02/15: −3.0% 12/15: −3.0% 01/16: −3.9% 02/15: 60.6 03/15: 3.1 01/16: 63.3 02/16: 32.6 Q4 2014: 7.2% Q1 2015: 7.0% Q3 2015: 6.9% Q4 2015: 6.8% 02/15: 662.7 03/15: 1,025.6 01/16: 13.6 02/16: 1,136.1 01/15: −5.3% 02/15: 14.4% 12/15: 2.8% 01/16: 7.5% 02/15: −9.7% 03/15: 18.5% 01/16: −10.1% 02/16: 2.1% Real gross domestic product (GDP) grow th in Singapore stood at 1.8% year-on-year (y-o-y) in the fourth quarter (Q4) of 2015, the same pace of grow th as in the third quarter (Q3) of 2015. 04/12 04/13 04/15 04/15 04/15 04/18 Philippine merchandise exports fell 3.9% y-o-y in January, the 10th consecutive month of y-o-y decline. Five of the top ten export items for the month recorded negative y-o-y grow th. The People’s Republic of China (PRC) recorded a USD32.6 million trade surplus in February, compared w ith a trade surplus of USD63.3 million in January. GDP grow th in the PRC eased to 6.8% y-o-y in Q4 2015 compared w ith 6.9% y-o-y grow th in Q3 2015. Indonesia reported a trade surplus of USD1,136.1 million in February, up from only USD13.6 million in January. Retail sales grow th climbed to 7.5% y-o-y in January, follow ing 2.8% y-o-y grow th in December. Non-oil domestic exports (NODX) in Singapore climbed 2.1% y-o-y in February, a reversal from the 10.1% y-o-y decline in January. Source: AsianBondsOnline , Bloomberg LP, and Reuters. ………………………………………………………………………………………………………………………………… 10
  11. ASIANBONDSONLINE asianbondsonline .adb.org DEBT HIGHLIGHTS ……………………………………………………………………………………………………………………………....... News Articles: Sources for Further Reading Tip: Click on link to open a new browser (Acrobat Reader 8); for older versions right-click to open a new browser) asiandbonsonline.adb.org Consumer Price Inflation Climbs in the Philippines in March  Summary Inflation Report Consumer Price Index (2006 = 100): March 2016 Philippine Statistics Authority (5 April 2016)  March Inflation Higher at 1.1 Percent Bangko Sentral ng Pilipinas (5 April 2016) Japan’s Current Account Surplus Widens in February; Malaysia’s Trade Surplus Widens in February  Balance of Payments (Preliminary) Ministry of Finance Japan (8 April 2016)  Monthly External Trade Statistics February 2016 Department of Statistics Malaysia (6 April 2016) March PMI Falls in Hong Kong, China; Rises in Singapore  Hong Kong PMI tumbles further as China orders shrink Financial Times (6 April 2016)  March PMI recorded improved reading of 49.4 albeit in contraction, with the Electronics index at 49.0 Singapore Institute of Purchasing and Materials Management (4 April 2016) Foreign Exchange Reserves Rise in the PRC, Indonesia, and the Philippines in March  China Foreign Exchange Reserves Rise for First Time in Five Months Bloomberg (7 April 2016)  Official Reserve Assets Recorded at US$107.5 Billion as of end-March 2016 Bank Indonesia (7 April 2016)  End-March 2016 GIR Level Reaches US$82.60 Billion Bangko Sentral ng Pilipinas (7 April 2016) CK Hutchison Issues EUR-Denominated Bond; KNOC Raises USD1 Billion from Dual-Tranche USD-Denominated Bond Sale  BONDS: Revamped CK Hutchison matches euro record IFRAsia (6 April 2016)  PSA, Olam and KNOC grease dollar bond market FinanceAsia (6 April 2016)  BONDS: KNOC prices fives and 10s at same spread IFRAsia (6 April 2016) 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 materials found 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 information contained 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 in articles 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 conditions regarding the use of the AsianBondsOnline website, which also apply. ………………………………………………………………………………………………………………………………… 11