asian bonds online - weekly highlights - july 25, 2011

8/6/2019 Asian Bonds Online - Weekly Highlights - July 25, 2011

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25 July 2011 asianbondsonline.adb.org

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Key Developments in Asian Local Currency Markets

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onsumer price inflation in Malaysia accelerated to 3.5% year-on-year (y-o-y) in June, the highest level in 27months, on the back of rising food and transportation prices. On a month-on-month (m-o-m) basis, consumerprice inflation stood at 0.3% in June. In Hong Kong, China, the composite consumer price index rose 5.6% y-o-yin June, after climbing 5.2% in May, primarily driven by increasing food and housing rental prices.

The Bank of Korea has restricted foreignexchange agencies investments in foreign-currency-denominated bonds issueddomestically by local enterprises for thepurpose of Korean won financing, effective 25July.

Last week, Korea Housing FinanceCorporation priced a USD500 million 5.5-yearcovered bond at a coupon rate of 3.50% andSamsung Securities issued a KRW300 billion3-year bond at a coupon rate of 4.33%. In thePhilippines, power conglomerate First GenCorporation offered PHP10 billion worth ofperpetual preferred shares last week with adividend rate of 8% per annum. In Thailand,real estate developer Sansiri issued a THB1billion 5-year bond carrying a coupon rate of5.4%.

In Singapore last week, water treatmentcompany Hyflux issued a SGD100 million 5-year bond carrying a coupon rate of 3.5%; realestate developer Joynote issued a SGD180million 5-year bond and a SGD320 million 7-year bond at coupon rates of 2.585% and3.408%, respectively; and Singapores HousingDevelopment Board sold a SGD600 million 10-year bond at a coupon rate of 2.815%.

The ExportImport Bank of China plans toissue CNY24 billion worth of bonds in twotranches. The China Three Gorges Projectplans to issue a 3-year CNY5 billion medium-term note. In Indonesia, Medco EnergiInternasional plans to auction USD50 million USD100 million worth of bonds, whilePermodalan Nasional Madani and Nippon

Indosari Corpindo plan to sell IDR300 billionand IDR500 billion worth of bonds, respectively.Meanwhile, the Treasury Department ofThailand announced its plan to issue a THB3billion securitized bond to finance propertydevelopment projects.

Japan recorded a trade surplus of JPY70.7billion in June after posting a deficit ofJPY855.8 billion in May. Singapores non-oil

domestic export growth eased to 1.1% y-o-y in June from 7.6% in May,due to lower shipments of electronic goods and declining sales ofpharmaceutical products. The Philippines balance of paymentssurplus soared to USD5 billion in 1H11 on the back of strong portfolioinflows and overseas Filipino remittances.

Indonesias car sales fell 0.3% y-o-y in June, while domesticmotorcycle sales rose 0.8% y-o-y. In Thailand, total car salesdecreased 0.4% y-o-y in June, following a 10.2% fall in May. In Japan,department store sales rose 0.3% y-o-y in June after registering a2.4% decline in May.

Government bond yields fell last week for most tenors in Indonesia,the Philippines and Thailand, while yields rose for all tenors in thePeoples Republic of China (PRC), the Republic of Korea, and VietNam and for most tenors in Malaysia. Yield movements were mixed inHong Kong, China; and Singapore. Yield spreads between 2- and 10-year maturities widened in Hong Kong, China; Indonesia; Malaysia;Singapore; and Thailand, while spreads narrowed in most otheremerging East Asian markets.

C Asia Bond Monitor March 2011 read more

10-Year Selected LCY Government Security Yields Close of 22 July 2011 basis point change from

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

SelectedBenchmark Yield Curves - Local Currency Government Bonds

Policy Rate versus Inflation Rate Charts

Government Security Yields

Credit Default Swap Spreads & Exchange Rate IndexesSelected Debt Security Issuances Selected Asia Data Releases

2-versus-10 Yield Spread Chart

US 2.96 -5.15 5.63 -33.14EU 2.83 -4.90 13.30 -13.50Japan 1.10 0.60 1.20 -2.40PRC 4.11 1.00 17.00 20.00Hong Kong, Ch ina 2.29 2.60 6.00 -56.40India 8.31 3.40 4.60 38.80Indonesia 7.26 -2.20 -5.70 -35.00Malaysia 3.89 2.00 3.20 -14.40Korea, Rep. of 4.18 1.00 1.00 -34.00Philippines 6.11 -2.65 -3.75 22.52Singapore 2.18 -4.00 7.00 -53.00Thailand 4.03 0.90 -1.50 29.90Viet Nam 12.56 -11.00 0.70 80.70

5.6 3

13.30

1.20

17.00

6.00

4.60

-5.70

3.20

1.00

-3.75

7.00

-1.50

0.70
http://asianbondsonline.adb.org/documents/abm_mar_2011.pdf?src=wdhhttp://asianbondsonline.adb.org/documents/abm_mar_2011.pdf?src=wdhhttp://asianbondsonline.adb.org/documents/abm_mar_2011.pdf?src=wdh


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Summary Text of News Articles

Consumer Price Inflation Accelerates in Malaysia and Hong Kong, China in June........................................................................................................................................Malaysias consumer price inflation accelerated to 3.5% year-on-year (y-o-y) in June, the highest level in 27 months,driven by rising food and transportation prices. The price index for food and non-alcoholic beverages rose 4.7% y-o-y,while that of transportation increased 5.8%. On a month-on-month (m-o-m) basis, consumer price inflation in Malaysiastood at 0.3% in June.

In Hong Kong, China, the composite consumer price index (CCPI) rose 5.6% y-o-y in June after increasing 5.2% in May.According to the government of the Special Administrative Region, the increase in consumer prices was driven primarilyby increases in food and housing rental prices, which accounted for 70% of the CCPI hike. Housing rentals rose 6.7% y-o-y and food prices increased 7.2%.

For statistics on Malaysias consumer price inflation, refer to this link:http://asianbondsonline.adb.org/malaysia/data/macroeconomic_credit.php

For statistics on Hong Kong, Chinas consumer price inflation, refer to this link:http://asianbondsonline.adb.org/hongkong/data/macroeconomic_credit.php

Foreign Exchange Agencies Investment in Foreign-Currency-DenominatedBonds Issued in Domestic Market Restricted in the Republic of Korea

........................................................................................................................................The Bank of Korea has restricted foreign exchange agencies investments in foreign-currency-denominated bondsissued domestically by local enterprises for the purpose of Korean won financing, effective 25 July. The step was takenas part of The Bank of Koreas recent measures to enhance regulations on foreign-currency-denominated loans byrequiring them to be used for overseas purposes only. The Bank of Korea has noted that domestic foreign-currency-denominated bond issuance by local enterprises has increased recently, with the issuers converting 70% of theirproceeds into the local currency.

KHFC Prices USD500 Million 5.5-Year Covered Bond;Samsung Securities Issues KRW300 Billion 3-Year Bond;

Philippines First Gen Corporation Issues PHP10 Billion Perpetual Preferred Shares; Thailands Sansiri Issues THB1 Billion 5-Year Bond

........................................................................................................................................Korea Housing Finance Corporation (KHFC) priced a USD500 million 5.5-year covered bond last week. The couponrate was set at 3.50%. Investors from the Asia-Pacific region purchased 48% of the bondsled by Hong Kong, Chinaand Singapore with investor shares of 16% and 15%, respectivelywhile investors from the United States (US) bought41% of the total. The remaining 11% were bought by European investors. The bond was rated Aa3 by MoodysInvestors Service. Meanwhile, Samsung Securities issued KRW300 billion worth of 3-year bonds at a coupon rate of4.33%.

First Gen Corporationa Philippine power industry conglomeratelaunched the sale of its PHP10 billion (USD233million) perpetual preferred shares with a dividend rate of 8% per annum. The shares will be sold via private placementand will have a call option with a step-up rate in the seventh year. The issue date has been set for 25 July. The solebookrunner is BDO Capital, with RCBC Capital and Standard Charted as co-arrangers.

In Thailand, real estate developer Sansiri issued THB1 billion of 5-year bonds last week. The bonds carry a coupon rateof 5.4%.

Hyflux, Joynote, and Housing Development Board Issue LCY Bonds in Singapore........................................................................................................................................In Singapore, water treatment company Hyflux issued SGD100 million of 5-year bonds at a coupon rate of 3.5% lastweek. Proceeds from the bonds will be used for general corporate purposes. DBS, HSBC, and Standard Charteredwere the joint book runners. Real estate developer Joynote issued a total of SGD500 million worth of bonds including aSGD180 million 5-year bond and a SGD320 million 7-year bond with coupon rates of 2.585% and 3.408%, respectively.Meanwhile, the Housing Development Boards (HDB) 10-year bond offering received a strong response, with the deal


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Hyflux, Joynote, and Housing Development Board Issue LCY Bonds in Singapore (cont)........................................................................................................................................size finalized at SGD600 million from an original size of SGD400 million. The bonds were priced at 2.815%, or 32.5basis points higher than HDBs SGD500 million 10-year bond sold in March.

Planned Bond Issues in the PRC, Indonesia, and Thailand........................................................................................................................................The ExportImport Bank of China last week announced that it will issue CNY24 billion worth of bonds in two tranches: a3-year tranche worth CNY12 billion and a 5-year tranche worth CNY12 billion. The China Three Gorges Project said itwill issue CNY5 billion worth of medium-term notes. The notes will have a tenor of 3 years and a coupon that will be setvia bookbuilding. Jiangxi Xinxin Industrial Company said that it plans to issue CNY500 million of 3-year notes on theinterbank market as a means to replenish working capital.

In Indonesia, oil and gas firm Medco Energi Internasional announced last week that it plans to issue USD50 million USD100 million worth of bonds in October after issuing USD50 million on 14 July. The company plans to issue a total ofUSD150 million within 2 years. Bahana Securities was appointed as the underwriter for the bond sale. The plannedbond issue will carry a tenor of 5 years and a coupon of 6.05%. Proceeds from this second bond issue will be used torefinance the company's debts and for capital expenditures.

Also in Indonesia, Permodalan Nasional Madani plans to issue IDR300 billion worth of bonds in 4Q11. Proceeds fromthe bond sale will be used to finance small and micro enterprises. Meanwhile, Nippon Indosari Corpindo plans to issueIDR500 billion worth of bonds to fund its business expansion.

The Treasury Department of Thailand announced plans to issue THB3 billion worth of securitized bonds intended tofinance property development projects, including construction of government office buildings in Soi Ratchakru,Phaholyothin Road with an estimated construction cost of THB2 billionTHB3 billion. If approved by the government,this would be the second time Thailand had issued securitized bonds since a THB21 billion issuance in 2005.

Japan Records Trade Surplus; Singapores NODX Growth Eases;Philippines Posts BOP Surplus

........................................................................................................................................Japans trade balance recorded a surplus of JPY70.7 billion in June, overturning deficit expectations and reversing ahuge deficit of JPY855.8 billion in May. Exports fell 1.6% y-o-y to JPY5.8 trillion in June, which was an improvementover the 10.3% decline in May. Meanwhile, the growth of imports eased to 9.8% y-o-y in June from 12.3% in May.Exports to the Peoples Republic of China (PRC) and the European Union rose 1.2% and 8.0% y-o-y, respectively,while US-bound exports fell 6.1% in June.

Singapores non-oil domestic export (NODX) growth eased to 1.1% y-o-y in June after posting 7.6% growth in May. Theslower growth was attributed to declining shipments of electronic goods and lower sales of pharmaceutical products.Electronic shipments dropped 17.6% y-o-y in June, following a 15.0% decline in May. Growth in non-electronicshipments, which include petrochemicals and pharmaceuticals, eased to 12.0% y-o-y in June from 23.0% in May. On am-o-m basis, NODX declined 4.5% in June, following a 7.4% expansion in May. Total exports grew 6.2% y-o-y in Juneafter a 9.6% expansion in May, while total imports rose 3.7% y-o-y in June compared with 18.0% in May.

The Philippines balance of payments (BOP) surplus soared to USD5 billion in the first half of 2011, up 52.7% from thesame period last year. The growth in the BOP surplus was attributed to strong portfolio inflows and overseas Filipinoremittances. For the month of June, the BOP surplus totaled USD222 million, down 59.2% y-o-y. The countrys grossinternational reserves jumped 41.7% y-o-y to USD69.0 billion at end-June due to the central banks strong earningsfrom investments abroad as well as gains from its gold holdings amid surging prices in the world market.

For statistics on Japans export and import growth rates, refer to this link:http://asianbondsonline.adb.org/japan/data/macroeconomic_credit.php

For statistics on selected balance of payments indicators for the Philippines, refer to this link:http://asianbondsonline.adb.org/philippines/data/macroeconomic_credit.php


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Car Sales Decline in Indonesia and Thailand;Motorcycle Sales Rise Marginally in Indonesia;

Department Store Sales Improve in Japan........................................................................................................................................Indonesias car sales fell 0.3% y-o-y in June to 70,157 units compared with 70,388 units sold in the same period a yearago. On a m-o-m basis, however, car sales registered 14.9% growth. Meanwhile, domestic motorcycle sales increaseda marginal 0.8% y-o-y to 658,817 units in June. This was a sharp slowdown from double-digit growth posted in mostmonths in the first half of the year.

In Thailand, total car sales fell 0.4% y-o-y to 70,259 units in June, an improvement from the 10.2% y-o-y decline in May.On a m-o-m basis, total car sales rose 25.8% in June after a 17.0% contraction in May. Improving car sales signal thatcar manufacturers have come close to normalizing car production following the supply chain disruption caused by the11 March earthquake in Japan. In terms of company rankings, Toyota sold 25,348 units in June, followed by Isuzu(12,888), Mitsubishi (6,635), and Nissan (6,024).

In Japan, department store sales rose for the first time in 4 months in June. The 0.3% y-o-y increase was buoyed bysales of casual business clothing as the country experienced earlier-than-usual summer heat. In Tokyo, the combinedsales of 26 department stores rose 0.4% y-o-y in June, a potential indication of improving consumer sentiment.

For statistics on Indonesia's car sales, refer to this link:http://asianbondsonline.adb.org/indonesia/data/macroeconomic_credit.php


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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

10-Year Selected LCY Government Bond Yields

Close of 22 July 2011

Close of 22 July 2011

Source: Based on data from Bloomberg, LP.

PreviousDay*

PreviousWeek* 1-Jan-11*

US 0.03 -0.51 2.53 -8.93EU 1.09 3.60 1.00 69.30Japan 0.10 0.00 0.00 -2.40PRC 3.48 1.00 20.00 30.00Hong Kong, China 0.06 0.00 -2.00 -22.00India 8.05 0.00 -5.00 95.00

Malaysia 2.95 0.20 1.20 17.30Korea, Rep. of 3.32 1.00 1.00 81.00Philippines 2.60 20.01 -24.50 140.50Singapore 0.26 0.00 -4.00 -13.00Thailand 3.26 -0.34 14.83 128.83

basis point change fromLatest ClosingMarkets

2.53

1.00

0.00

20.00

-2.00

-5.00

1.20

1.00

-24.50

-4.00

14.83

PreviousDay*

PreviousWeek*

1-Jan-11*

US 2.96 -5.15 5.63 -33.14EU 2.83 -4.90 13.30 -13.50Japan 1.10 0.60 1.20 -2.40PRC 4.11 1.00 17.00 20.00Hong Kong, China 2.29 2.60 6.00 -56.40India 8.31 3.40 4.60 38.80Indonesia 7.26 -2.20 -5.70 -35.00Malaysia 3.89 2.00 3.20 -14.40Korea, Rep. of 4.18 1.00 1.00 -34.00Philippines 6.11 -2.65 -3.75 22.52Singapore 2.18 -4.00 7.00 -53.00Thailand 4.03 0.90 -1.50 29.90Viet Nam 12.56 -11.00 0.70 80.70

Latest ClosingMarketsbasis point change from

5.63

13.3 0

1.20

17.00

6.00

4.60

-5.70

3.20

1.00

-3.75

7.00

-1.50

0.70


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Tip: Zoom-in on the table using the Acrobat zoom tool 2-versus-10 Yield Spread Chart

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

Source: Based on data from Bloomberg LP.

0 50 100 150 200 250 300

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

22-Jul-11

15-Jul-11

8-Jul-11


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Tip: Zoom-in on the table using the Acrobat zoom tool Policy Rate versus Inflation Rate Charts

Philippines Thailand

China, Peoples Rep. of Hong Kong, China India

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 itspolicy 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 reverserepurchase agreement rate as one of its policy instruments. 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.

Inflation Rate

6.40

1-yearLending Rate

6.56

-4

-2

0

2

4

6

8

10

Jan-05 Sep-05 Jun-06 Mar-07 Nov-07Aug-08 May-09 Jan-10 Oct-10 Jul-11

Inflation Rate

5.6HKMA Base

Rate

0.5

-4

-2

0

2

4

6

8

Jan-05 Sep-05 Jun-06 Mar-07 Nov-07 Aug-08 May-09 Jan-10 Oct-10 Jul-11

Inflation Rate

9.44RepurchaseCut-off Yield

7.50

-2

0

2

4

6

8

10

12

Jan-05 Sep-05Jun-06 Mar-07 Nov-07Aug-08 May-09 Jan-10 Oct-10 Jul-11

Inflation Rate

3.50

OvernightPolicy Rate

3.00

-4

-2

0

2

4

6

8

10

Jan-05 Sep-05 Jun-06 Feb-07 Nov-07Aug-08 Apr-09 Jan-10 Sep-10 Jun-11

Inflation Rate

4.40

7-Day RepoRate

3.25

0

2

4

6

8

Jan-05 Sep-05Jun-06 Mar-07 Nov-07 Aug-08May-09 Jan-10 Oct-10 Jul-11

Inflation Rate

5.54

6.75

0

24

6

8

10

12

14

16

18

20

Jan-05 Sep-05Jun-06 Mar-07Nov-07Aug-08May-09 Jan-10 Oct-10 Jul-11

BI Rate

InflationRate

4.60

OvernightReverse

Repo Rate

4.50

0

2

4

6

8

10

12

14

Jan-05 Sep-05 Jun-06 Mar-07 Nov-07Aug-08May-09 Jan-10 Oct-10 Jul-11

Inflation Rate

4.06

1-Day RepoRate

3.25

-6

-4

-2

0

2

4

6

8

10

Jan-05 Sep-05 Jun-06 Mar-07 Nov-07Aug-08May-09 Jan-10 Oct-10 Jul-11

Inflation Rate

20.82

PrimeLending Rate

9.00

0

3

6

9

12

15

18

21

24

27

30

Jan-05 Sep-05Jun-06 Mar-07Nov-07Aug-08May-09Jan-10 Oct-10 Jul-11


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Credit Default Swap Spreads & Exchange Rate Indexesip: Zoom-in on the table using the Acrobat zoom tool T

Credit 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

M i d s p r e a

d i n b a s i s p o

i n t s

Source: ADB-OREI staff calculations based onBloomberg data.

50

60

70

80

90

100

110

120

130

50

60

70

80

90

100

110

120

130

Jan-07 Aug -07 Ap r-08 D ec-08 Ju l-09 M ar-10 N ov-10 Ju l-11

China, People 's Rep. of

Indonesia

Malaysia

Philippines

Thailand

Singapore

Korea, Rep. of

Viet Nam

0

20 0

40 0

60 0

80 0

1,000

1,200

1,400

Dec-07 M ay-08 N ov-08 Apr-09 S ep-09 M ar-10 Aug-10 Jan-11 Jul-11

China, People 's Rep. of

Hong Kong, China

Indonesia

Korea, Rep. of

Japan

Malaysia

Philippines

Thailand

9


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Tip: Zoom-in on the table using the Acrobat zoom tool Selected Debt Security Issuances (18 22 July 2011)

PRC 19-Jul 1-year PBOC Bills 3.50 5.00 4.0020-Jul 10-year China Government Bonds 4.06 30.00 30.0021-Jul 3-month PBOC Bills 3.08 6.00 6.00

HK 19-Jul 91-day Exchange Fund Bills 0.09 25.20 25.20 182-day Exchange Fund Bills 0.11 9.00 9.00

364-day Exchange Fund Bills 0.14 3.00 3.00ID 19-Jul 3-month Treasury Bills 4.18 7,000.00 550.00

1-year Treasury Bills 5.00 900.0010-year Treasury Bonds 7.30 1,950.0021-year Treasury Bonds 8.48 3,000.00

30-year Treasury Bonds 8.92 1,050.00JP 19-Jul 3-month Treasury Discount Bills 0.10 4,800.00 4,759.87

20-Jul 2-month Treasury Discount Bills 0.10 2,500.00 2,499.8921-Jul 20-year Japan Government Bonds 1.90 1,100.00 1,098.80

KR 18-Jul 91-day Monetary Stabilization Bonds 3.43 1,000.00 1,100.00182-day Monetary Stabilization Bonds 3.50 500.00 550.0010-year Treasury bonds 4.16 1,600.00 1,600.00

MY 18-Jul 154-day BNM Islamic Notes 3.01 0.50 0.50163-day BNM Notes 2.92 1.00 1.00261-day BNM Notes 2.98 1.00 1.00

20-Jul 124-BNM Islamic Notes 2.95 0.50 0.50210-day BNM Notes 2.90 2.00 2.00

210-day BNM Notes 2.96 1.00 1.00PH 19-Jul 4-year Fixed Rate Treasury Notes 4.70 4.88 9.00 9.00SG 18-Jul 91-day Treasury Bills 0.17 3.90 3.90TH 19-Jul 28-day BOT Bills 3.02 20.00 20.00

91-day BOT Bills 3.25 20.00 12.71182-day BOT Bills 3.50 20.00 12.35363-day BOT Bills 3.72 30.00 30.00

Sources: Local market sources and Bloomberg, LP.

Coupon(in %)

Amount OfferedLCY Billions

Amount IssuedLCY Billionsarkets

AuctionDate Type of Security

AverageYield (%)


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Tip: Zoom-in on the table using the Acrobat zoom tool Selected Asia Data Releases (26 July 1 August 2011)

Country /Vari ab l e Release Date Recent Trend s

Source: AsianBondsOnline, Bloomberg LP, and Reuters.

Republic of KoreaReal GDPy-o-y, %2Q11 P

7/27 1Q10: 8.5%2Q10: 7.5%4Q10: 4.7%1Q11: 4.2%

Real gross domestic product (GDP) grow th in the Republic of Korea eas ed to 4.2% year-on-y ear (y-o-y ) in 1Q11 from 4.7% in the previous quarter.

Hong Kong, ChinaExportsy-o-y, %JUN

05/10: 24.4%06/10: 26.7%04/11: 4.1%05/11: 10.1%

Export grow th in Hong Kong, China accelerated to 10.1% y-o- y in May from 4.1% in the previousmonth.

7/28

Republic of KoreaCurrent AccountUSD millionJUN

7/28 05/10: 3,998.906/10: 4,330.004/11: 1,277.605/11: 2,259.9

8/01 06/10: 5.1%07/10: 6.2%05/11: 6.0%06/11: 5.5%

7/29

The Republic of Koreas current account surplus rose to USD2.3 billion in May from USD1.3 billion inApril.

05/10: 9.0%06/10: 7.3%04/11: 11.0%05/11: 10.8%

Singapores M2 money supply grow th rate eased slightly to 10.8% y-o- y in May from 11.0% in April.

PhilippinesOvernight Borrowing Rate

%JUL 28

7/28 06/10: 4.00%07/10: 4.00%

05/11: 4.50%06/11: 4.50%

The Philippines overnight borrow ing rate remained steady at 4.50% in June.

JapanConsumer Price Indexy-o-y, %JUN

7/29 05/10: 0.9%06/10: 0.7%04/11: 0.3%05/11: 0.3%

Consumer price inflation in Japan remained unchanged from the previous month at 0.3% y-o-y inMay.

MalaysiaM3 Money Supplyy-o-y, %JUN

7/29 05/10: 9.3%06/10: 8.8%04/11: 10.1%05/11: 11.1%

Grow th in Malaysias M3 money supply accelerated to 11.1% y-o-y in May from 10.1% in theprevious month.

SingaporeM2 Money Supplyy-o-y, %JUN

8/01

Indonesias consumer price inflation eased to 5.5% y-o-y in June from 6.0% in the previous month.

ThailandExportsy-o-y, %JUN

7/29 05/10: 42.5%06/10: 47.1%04/11: 24.7%05/11: 17.3%

Thailands export grow th slow ed to 17.3% y-o-y in May from 24.7% in April.

IndonesiaConsumer Price Indexy-o-y %JUL

Histor ical Data

06/10: 3.3%07/10: 3.4%05/11: 4.2%06/11: 4.1%

06/10: 52.107/10: 51.205/11: 52.006/11: 50.9

The Purchasing Managers Index (PMI) of the Peoples Republic of China slipped to 50.9 in June from52.0 in May.

IndonesiaExportsy-o-y, %JUN

8/01 05/10: 37.0%06/10: 31.4%04/11: 37.5%05/11: 45.3%

Indonesias exports surged 45.3% y-o-y in May f ollowing 37.5% grow th in April.

Consumer price inflation in Thailand stood at 4.1% y-o-y in June, down slightly f rom 4.2% in theprevious month.

06/10: 2.6%07/10: 2.6%05/11: 4.1%

06/11: 4.4%

Consumer price inflation in the Republic of Korea climbed to 4.4% y-o-y in June from 4.1% in May.

ThailandConsumer Price Indexy-o-y, %JUL

8/01

Peoples Republic of ChinaPurchasing Managers IndexIndexJUL

8/01

Republic of KoreaConsumer Price Indexy-o-y, %

JUL


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News Articles: Sources for Further Reading

Consumer Price Inflation Accelerates in Malaysia and HongKong, China in June

Consumer Price Index Malaysia June 2011Department of Statistics, Malaysia (20 July 2011)

Consumer Price Indices for June 2011Census and Statistics Department (21 July 2011)

Foreign Exchange Agencies Investment in Foreign-Currency-Denominated Bonds Issued in Domestic Market Restricted in theRepublic of Korea

Measures to Restrict Investment in Foreign Currency-denominated Bonds Issued in the Domestic MarketThe Bank of Korea (19 July 2011)

KHFC Prices USD500 Million 5.5-Year Covered Bond; SamsungSecurities Issues KRW300 Billion 3-Year Bond; Philippines FirstGen Corporation Issues PHP10 Billion Perpetual Preferred

Shares; Thailands Sansiri Issues THB1 Billion 5-Year Bond BONDS: KHFC Raises US$500m from Covered Bond

IFR Asia (19 July 2011)

Hyflux, Joynote, and Housing Development Board Issue LCYBonds in Singapore

Re-flux re-actionIFR Asia (16 July 2011)

BONDS: HDB sells lightning 10-year deal at tight 2.815%IFR Asia (20 July 2011)

Planned Bond Issues in the PRC, Indonesia, and Thailand

Export-Import Bank of China to Issue RMB 24 bln in BondsChina Knowledge (19 July 2011)

China Three Gorges to Issue RMB 5 bln 3-year NotesChina Knowledge (20 July 2011)

Jiangxi Xinxin Industrial to Issue RMB 500 mln in NotesChina Knowledge (21 July 2011)

Medco to Issue Phase-2 Bond in OctoberThe Indonesia Today (20 July 2011)

Nippon Indosari to Issue Rp500 Billion BondsThe Indonesia Today (19 July 2011)

PNM to Issue Rp300 Billion BondsThe Indonesia Today (20 July 2011)

Treasury Aims to Issue Bt3 bn BondThe Nation (20 July 2011)

Japan Records Trade Surplus; Singapores NODX GrowthEases; Philippines Posts BOP Surplus

Japan Posts 1st Trade Surplus in 3 MonthsJapan Today (21 July 2011)

First-half Payment Surplus Nears Full-year GoalBusiness World (20 July 2011)

Singapores External Trade June 2011International Enterprise Singapore (18 July 2011)

Car Sales Decline in Indonesia and Thailand; Motorcycle SalesRise Marginally in Indonesia; Department Store Sales Improve inJapan

Japan June Dept Sales +0.3% Y/Y; 1st Gain in Four MonthsMarket News International (19 July 2011)

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asian bonds online - weekly highlights - july 25, 2011

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