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ast week the Philippines accepted a total of US$1.3 billion in a buyback of EUR- and US$-denominated bonds. In line with the buyback exercise, the government raised US$50 million through the reopening of its bonds maturing on 23 October 2034 with a coupon of 6.375%. The Bureau of the Treasury also launched its second retail treasury bond offering of the year. On the corporate front, Banco De Oro Unibank Inc. issued PHP6.5 billion worth of unsecured subordinated notes that qualify as Tier 2 capital. Finally, in response to the weakening global economy the Philippine government unveiled a PHP72.1 billion fiscal stimulus package to boost the country's growth through the first half of 2012.
In the People's Republic of China (PRC), the Ministry of Railways sold CNY10 billion worth of 5-year bonds and CNY10 billion worth of 20-year bonds. These bonds qualify for the 50% reduction in the tax on interest income as recently announced by the National Development Reform Council. The ExportImport Bank of Korea issued KRW170 billion worth of 1-year zero-coupon bonds and Shinhan Bank issued KRW100 billion of 2-year bonds. In Malaysia, Kuala Lumpur Kepong sold MYR300 million worth of 5-year Islamic bonds, while TRIplc issued MYR240 million worth of medium-term notes in several tranches that were guaranteed by Danajamin Nasional. Bank Indonesia's Board of Governors cut the benchmark rate by 25 basis points to 6.50% in its meeting on 11 October. The Bank of Korea's Monetary Policy Committee decided to maintain its 7-day repurchase rate at 3.25% in its meeting on 13 October. The Monetary Authority of Singapore announced that it will continue with a policy of modest and gradual appreciation of the Singapore dollar, but will reduce the slope of the policy band to the prevailing level of the nominal effective exchange rate. Inflation in the PRC fell in September to 6.1% year-on-year (y-o-y) from 6.2% in August. Growth in the PRC's producer price index also eased to 6.5% y-o-y from 7.3% in August. Singapore's economy expanded 5.9% y-o-y in 3Q11, according to advance estimates released last week by the Ministry of Trade and Industry. Meanwhile, Malaysia's industrial production index rose 3.0% y-o-y in August following a revised 0.5% y-o-y decline in July. Also, manufacturing sales posted 10.8% y-o-y growth in August compared with revised 9.5% growth in July.
basis point change from Latest Closing Previous Day* Previous Week* 1-Jan-11*
2.25 2.20 1.02 3.78 1.33 8.79 6.35 3.69 3.77 5.77 1.62 3.49 12.55 6.43 9.40 -0.40 -1.00 -3.50 6.60 -5.80 0.00 -1.00 -0.63 -1.00 2.70 5.00 17.13 17.13 19.70 19.70 3.10 3.10 -15.00 7.50 7.50 21.20 21.20 -51.70 0.30 0.30 -6.00 -12.60 -1.00 -7.10 -9.30 -104.58 -76.40 -10.90 -13.00 -153.10 87.10 -125.40 -34.50 -75.00 -12.04 -109.00 -23.80 80.00
US EU Japan PR C H ong Kong, C hina India Indones ia Malays ia Korea, R ep. of Philippines Singapore Thailand Viet N am
-15.00
-51.70
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
The PRC posted a trade surplus of US$14.5 billion in September, the smallest since May, due to weakening demand from developed economies. Export growth fell to 17.1% y-o-y in September from 24.5% in August. In the Philippines, exports fell 15.1% y-o-y to US$4.1 billion in August, the steepest decline since September 2009. The M3 money supply in the Philippines grew 9.4% y-o-y to PHP4.3 trillion in August. Liquidity was fueled by the expansion of net foreign assets at a pace of 21.7% y-o-y on sustained inflows from overseas Filipino remittances and portfolio and direct investments. Government bond yields fell for all tenors in Indonesia and for most tenors in the PRC, the Republic of Korea, Malaysia, the Philippines, Singapore, Thailand, and Viet Nam. The yield spread between the 2-year and 10-year maturities narrowed for most emerging East Asian markets while it widened for Hong Kong, China; Malaysia, and Thailand.
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Summary Text of News Articles Philippines Accepts US$1.3 billion in Bond Buyback, Launches Retail Treasury Bond; Banco de Oro Issues PHP6.5 billion of Unsecured Subordinated Notes; Philippine Government Announces PHP72 billion Fiscal Stimulus Package to Boost Growth
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The Philippine government accepted a total of US$1.3 billion in a buyback of outstanding EUR- and US$-denominated bonds last week. The government aims to convert its foreign currency (FCY) obligations to local currency (LCY) bonds as part of its debt liability management efforts. The government has a total of US$17.5 billion of outstanding FCYdenominated bonds eligible for repurchase. In line with the buyback exercise, the government raised US$50 million through a reopening of its bonds maturing on 23 October 2034 with a coupon of 6.375% per annum. The bonds were sold at a price of 117.5 to yield at 5.077%. The proceeds from the sale will be used to partially fund the repurchase of eligible bonds under the buyback program. The Bureau of the Treasury launched its second retail treasury bond (RTB) offering for the year. The price-setting auction was held on 10 October with 10-year RTBs at 5.75% per annum and 15-year RTBs at 6.25%. The government may sell as much as PHP250 billion worth of RTBs, including PHP10 billion for state-owned corporations, and has set a daily cap of PHP40 billion throughout the 6-day offer period lasting until 17 October. The RTBs pay a quarterly coupon and will be issued at par on 20 October. Banco De Oro Unibank Inc. (BDO) successfully issued PHP6.5 billion worth of unsecured subordinated notes that qualify as Tier 2 capital. The notes were priced at 6.375 % per annum and have a maturity of 10 years and 3 months from issue date. The Tier 2 notes have a call option exercisable by the Bank after 5 years and 1 day, subject to prior approval by Bangko Sentral ng Pilipinas (BSP). Deutsche Bank AG (Manila) and HSBC acted as joint lead arrangers and selling agents for the transaction. Standard Chartered Bank, BDO Private Bank Inc., and Multinational Investment Bancorporation were the selling agents for the issue. Philippine President Aquino unveiled a PHP72.1 billion fiscal stimulus package in response to weakening global economy to boost the country's growth through the first half of 2012. Of the total amount, PHP37.9 billion will be released to national government agencies, PHP7.3 billion to local government units, and PHP26.9 billion to state-owned corporations. Public works and poverty reduction projects in the package include the rehabilitation of roads and bridges damaged by recent typhoons, funding for the peace process in the southern Philippines, and the resettlement of informal settlers.
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PRC's Ministry of Railways Sells 5- and 20-Year Bonds; ICBC, Citic Bank, and China Construction Bank Issues Certificate of Deposits in Hong Kong, China; LCY Bond Issuance in the Republic of Korea and Malaysia
The Ministry of Railways in the People's Republic of China (PRC) sold CNY10 billion worth of 5-year bonds with a coupon of 5.59% and CNY10 billion worth of 20-year bonds with a coupon of 6.0%. The bonds were sold at 30-45 basis points below the current yield on Ministry of Railway bonds traded on the secondary market. The National Development Reform Council (NDRC) recently announced that bonds issued by the Ministry of Railways between 2011 and 2013 would have a 50% reduction in the tax on interest income. The NDRC also issued a letter clarifying that the Ministry of Railway issuance enjoys a government-guarantee. In Hong Kong, China, Industrial and Commercial Bank of China (ICBC) issued CNH125.5 million in certificates of deposit (CDs) at a coupon rate of 1.57%. Citic Bank International and China Construction Bank, respectively, issued CDs amounting to HKD100 million with a 2.0% coupon rate and HKD109 million with a 1.6% coupon rate. All three issues carried a maturity of 1 year. The Export -Import Bank of Korea issued KRW170 billion worth of 1-year zero-coupon bonds. The bonds were priced to yield 3.46%. Korea Electric Power issued KRW150 billion worth of 5-year bonds with a coupon of 4.08% and LG U+, a telecom company under the LG Group, issued KRW150 billion worth of 30-year bonds at a coupon of 4.24%. Shinhan Bank issued KRW100 billion worth of 2-year bonds with a coupon of 3.84%.
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Summary Text of News Articles PRC's Ministry of Railways Sells 5- and 20-Year Bonds; ICBC, Citic Bank, and China Construction Bank Issues Certificate of Deposits in Hong Kong, China; LCY Bond Issuance in the Republic of Korea and Malaysia (cont)
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In Malaysia palm oil producer Kuala Lumpur Kepong sold MYR300 million worth of 5-year Islamic bonds last week. The issuance was priced at 3.88% and rated AA1 by RAM Ratings. Meanwhile, TRIplc issued MYR240 million worth of medium-term notes in several tranches that were backed by Malaysia's bond guarantee agency Danajamin Nasional. The notes were issued with 5-, 6-, 7-, 8-, 9-, 10- and 15-year maturities at MYR20 million each, and 11-, 12- 13- and 14year maturities at MYR25 million each. All notes were rated AAA(fg) due to the Danajamin guarantee. It was the first time that Danajamin guaranteed a bond issue that funds a privately financed initiative, with proceeds from the issuance to be used to partially finance the second phase of construction of Universiti Teknologi MARA's Puncak Alam Campus academic facilities and infrastructure.
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Bank Indonesia Cuts Benchmark Rate 25 bps to 6.50%; Bank of Korea Holds 7-Day Repurchase Rate Steady at 3.25%; MAS to Continue Policy of Modest and Gradual Appreciation of the Singapore Dollar
In its meeting on 11 October, Bank Indonesia's Board of Governor's cut its benchmark rate 25 basis points (bps) to 6.5%. The rate cut reversed a 25 bps hike in February and brought the benchmark rate back to a record low level. The decision was taken given the Board's confidence that inflation will remain below 5% in 2011 and 2012. The Monetary Policy Committee of The Bank of Korea decided last week to leave its policy rate unchanged at 3.25%. The committee cited as key reasons for its decision continued growth in the Korean economy, albeit with potential risks from the current weakness in developed economies, and expectations that the future pace of inflation would be moderate. In its latest policy statement, the Monetary Authority of Singapore (MAS) announced that it will continue a policy of modest and gradual appreciation of the Singapore dollar, but will reduce the slope of the policy band to the prevailing level of the nominal effective exchange rate. However, there will be no changes in the width of the policy band and the level at which it is centered. For policy rate trends in Indonesia, refer to this link: http://asianbondsonline.adb.org/indonesia/data/marketwatch.php?code=policy_rate_and_inflation_trends For policy rate trends in the Republic of Korea, refer to this link: http://asianbondsonline.adb.org/korea/data/marketwatch.php?code=policy_rate_and_inflation_trends
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Singapore's Advance GDP Estimate for 3Q11 is 5.9%; Industrial Production and Manufacturing Sales in Malaysia Rise in August
According to the advance estimate released last week by the Ministry of Trade and Industry (MTI), Singapore's economy expanded 5.9% y-o-y in 3Q11, an improvement over the 1.0% growth posted in 2Q11. The higher growth in 3Q11 was due to a turnaround in the manufacturing sector driven by biomedical manufacturing. In 3Q11, the manufacturing sector expanded 13.2% y-o-y after contracting 5.8% in the previous quarter. The construction sector posted marginal growth of 0.4% during the period. Meanwhile, the services sector registered 3.6% y-o-y growth in 3Q11, slightly lower than the 4.0% growth in 2Q11. MTI expects gross domestic product (GDP) growth of about 5.0% for the full-year 2011. Malaysia's industrial production index (IPI) rose 3.0% y-o-y in August, an improvement from the revised 0.5% decline in July. The manufacturing and electricity indices increased 4.8% and 1.4% y-o-y, respectively, while the mining index dropped 1.4%. Meanwhile, manufacturing sales increased 10.8% y-o-y in August, up slightly from a revised 9.5% growth rate in July. On a month-on-month (m-o-m) basis, manufacturing sales rose 0.2% in August.
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Summary Text of News Articles PRC Posts Trade Surplus of US$14.5 Billion in September; Export Growth in the Philippines Falls 15.1% in August
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The PRC posted a trade surplus of US$14.5 billion in September, the smallest since May, due to weakening demand from developed economies. Export growth fell to 17.1% y-o-y in September from 24.5% in August, led by a decline in the growth of exports to Europe from 22.0% to 9.8%. Meanwhile, imports grew 20.9% y-o-y in September. In the Philippines, exports fell 15.1% y-o-y to US$4.1 billion in August, the steepest decline since September 2009. On a m-o-m basis, exports fell 8.5%. Total receipts from merchandise exports in January-August grew 0.7% y-o-y to reach US$33.2 billion. Electronic products, which accounted for 51.2% of total export revenue during the period, posted a 30.6% y-o-y decline to US$2.1 billion. The export of manufactured goods, which comprised about 84% of total receipts in August, decreased 18.3% y-o-y to US$3.4 billion. Japan was the top export destination, comprising 16.1% of total exports and generating a 7.3% y-o-y increase in export receipts. The Philippines' other top export destinations-the United States (US); PRC; Singapore; and Hong Kong, China-all recorded lower revenue in August.
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The Philippines' M3 money supply (domestic liquidity) expanded 9.4% y-o-y to PHP4.3 trillion in August based on a report from the Bangko Sentral ng Pilipinas (BSP). Liquidity was fueled by the expansion of net foreign assets at 21.7% y-o-y on sustained inflows from overseas Filipino remittances and portfolio and direct investments. Net inflows from foreign direct investment fell to US$26 million in July, which was a 9-month low. Net foreign portfolio inflows stood at US$150 million in September, down 69.7% y-o-y and 62.0% m-o-m. Concerns over Europe's debt crisis and a slowing US recovery weighed on investor sentiment.
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Markets US EU Japan PRC Hong Kong, China India Malaysia Korea, Rep. of Philippines Singapore Thailand
Markets US EU Japan PRC Hong Kong, China India Indones ia Malays ia Korea, Rep. of Philippines Singapore Thailand Viet Nam
ASIANBONDSONLINE
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DEBT HIGHLIGHTS
Indonesia
.......
1.5
Yield (%)
1.0
0.5
0.0 0 2 4 6 8 10 12 14 16
12
15
18
21
24
27
30
33
Korea, Republic of
4.25 4.00 3.75 3.50 3.25 3.00 0 2 4 6 8 10 12 14 16 18 20 22 4.2 4.0 3.8
Yield (%)
Yield (%)
Malaysia
8.0 7.0 6.0
Yield (%)
Philippines
Singapore
2.5 2.0 1.5 1.0 0.5 0.0 0 3 6 9 12 15 18 21
4.0
Thailand
12.8
Viet Nam
3.8
Yield (%) Yield (%)
12.5
Yield (%)
3.5
12.3
3.3
3.0 0 2 4 6 8 10 12 14 16
12.0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
US
3.5 3.0 2.5
Yield (%)
3.0 2.5 2.0
EU
2.3 2.0 1.8 1.5
Yield (%)
Japan
Yield (%)
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Hong Kong, China Indonesia Korea, Rep. of Malaysia Philippines Singapore Thailand Viet Nam U.S. E.U. Japan 0 50 100 150 200 250 300
7-Oct-11 30-Sep-11
350
400
basis points
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DEBT HIGHLIGHTS
India
.......
9.72 8.25
Dec-06
Dec-07
Nov-08
Nov-09
Oct-1 0
Oct-1 1
Dec-06
Dec-07
Nov-08
Nov-09
Oct-1 0
Oct-1 1
Dec-06
Dec-07
Nov-08
Nov-09
Oct-1 0
Oct-1 1
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) cutoff yield as its policy rate. Source: Bloomberg LP.
Indonesia
20 18 16 14 12 10 8 6 4 2 0 Jan-06 Dec-06 Dec-07 Nov-08 Nov-09 Oct-1 0 Oct-1 1 0 Jan-06 Dec-06 Inflation Rate 6.5 4.61 2 4 BI Rate 6 8
Korea, Republic of
10
c
Malaysia
8 6 4 2 0
4.30 3.25
3.30 3.00
Inflation Rate
-2 -4 Jan-06
Inflation Rate
Dec-07
Nov-08
Nov-09
Oct-1 0
Oct-1 1
Dec-06
Dec-07
Nov-08
Nov-09
Oct-1 0
Oct-1 1
Bank Indonesia uses its reference interest rate (BI rate) as its policy rate. Source: Bloomberg LP.
The Bank of Korea shifted its policy rate from the overnight repurchase (repo) rate to the 7-day repo rate in March 2008. Source: Bloomberg LP.
Bank Negara Malaysia uses the overnight policy rate (OPR) as its policy rate. Source: Bloomberg LP.
Philippines
12 10 8 6 4.80 4 2 0 Jan-06 4.50 0 -2 Overnight Reverse Repo Rate 10 8 Inflation Rate 6 4 2 1-Day Repo Rate
Thailand
30 Inflation Rate 27 24 4.03 3.50 15 12 9 6 -4 -6 Jan-06 3 Dec-06 Dec-07 Nov-08 Nov-09 Oct-1 0 Oct-1 1 0 Jan-06 Dec-06 Dec-07 21 18 Prime Lending Rate
Viet Nam
9.00
Dec-06
Dec-07
Nov-08
Nov-09
Oct-1 0
Oct-1 1
Nov-08
Nov-09
Oct-1 0
Oct-1 1
Bangko Sentral uses the Philippine overnight reverse repurchase agreement rate as one of its policy instruments. Source: Bloomberg LP.
The Bank of Thailand replaced the 14-day repurchase rate with the 1-day repurchase rate in January 2007 as its policy rate. Source: Bloomberg LP.
The State Bank of Viet Nam uses a benchmark prime lending rate as its policy rate. Source: Bloomberg LP.
ASIANBONDSONLINE
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DEBT HIGHLIGHTS
.......
1,200
Indone s ia
K ore a , R e p. of
1,000
J a pa n
M a la ys ia
800
P hilippine s
600
Tha ila nd
400
200
0 Dec-07
Dec-08
No v-09
O ct-10
O ct-11
Indone s ia
120
120
Ma la ys ia
P hilippine s
110
110
Tha ila nd
100
100
S inga pore
Kore a , Re p. of
90
90
V ie t N a m
80
80
70
70
60
60
50 Jan - 07
A u g -07
M ar- 08
O ct-08
M ay- 09
D ec-09
Ju l-10
F eb -11
50 O ct-11
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DEBT HIGHLIGHTS
Amount Issued LCY Billions
10.00 30.00 7.00 20.00 27.31 9.00 5.00 420.00 370.00 2,499.82 5,109.83 699.40 1,200.00 800.00 1,600.00 1.50 0.50 0.50 1.50 3.20 17.00 17.00 15.00 65.00
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Markets
PRC
Auction Date
11-Oct 12-Oct 13-Oct 11-Oct
Type of Security
1-year PBOC Bills 7-year Government Bonds 3-month PBOC Bills 3-year PBOC Notes 91-day Exchange Fund Bills 182-day Exchange Fund Bills 364-day Exchange Fund Bills 6-month Islamic Treasury Bills 1-year Treasury Bills 2-month Treasury Discount Bills 3-month Treasury Discount Bills 30-year Japan Government Bonds 91-day Monetary Stabilization Bonds 1-year Monetary Stabilization Bonds 5-year Treasury Bonds 91-day BNM Notes 126-day BNM Islamic Notes 154-day BNM Islamic Notes 364-day BNM Notes 3-year Malaysian Government Securities 28-day BOT Bills 91-day BOT Bills 182-day BOT Bills 14-day BOT Bills
Coupon (in %)
HK
ID JP
2.00
KR
MY
TH
13-Oct
10
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DEBT HIGHLIGHTS
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C o u n tr y /V a r ia b le
Pe ople s Re public of China GDP y-o-y , % 3Q11 Pe ople s Re public of China Indus tr ial Pr oduction y-o-y , % SEP Pe ople s Re public of China Re tail Sale s y-o-y , % SEP Hong Kong, China Une m ploym e nt Rate y-o-y , % SEP Philippine s Balance of Paym e nts USD billion SEP Thailand 1-Day Re pur chas e Rate % 19 OCT Philippine s Ove r night Bor r ow ing Rate % 20 OCT Hong Kong, China CPI y-o-y , % SEP M alays ia CPI y-o-y , % SEP Philippine s Budge t Balance PHP billion SEP Singapor e CPI y-o-y , % SEP V ie t Nam CPI y-o-y , % OCT
R e le a s e D a te
10/18
H is to r ic a l D a ta
2Q10: 10.3% 3Q10: 9.6% 1Q11: 9.7% 2Q11: 9.5% 08/10: 13.9% 09/10: 13.3% 07/11: 14.0% 08/11: 13.5% 08/10: 18.4% 09/10: 18.8% 07/11: 17.2% 08/11: 17.0% 08/10: 4.3% 09/10: 4.2% 07/11: 3.4% 08/11: 3.2% 08/10: 0.4 09/10: 3.1 07/11: 1.3 08/11: 2.7 09/10: 1.75% 10/10: 1.75% 08/11: 3.50% 09/11: 3.50% 09/10: 4.00% 10/10: 4.00% 08/11: 4.50% 09/11: 4.50% 08/10: 3.0% 09/10: 2.6% 07/11: 7.9% 08/11: 5.7% 08/10: 2.0% 09/10: 1.8% 07/11: 3.4% 08/11: 3.3% 08/10: 1.3 09/10: 31.7 07/11: 26.5 08/11: 9.2 08/10: 3.3% 09/10: 3.7% 07/11: 5.4% 08/11: 5.7% 09/10: 8.9% 10/10: 9.7% 08/11: 23.0% 09/11: 22.4%
R ec en t T ren d s
The Peoples Republic of Chinas (PRC) gross domestic product (GDP) grow th rate expanded 9.5% y ear-on-year (y-o-y ) in 2Q11, dow n slightly f rom 9.7% grow th in 1Q11. The PRCs industrial production grow th declined s lightly to 13.5% y -o-y in A ugust f rom 14.0% in July.
10/18
10/18
Retail sales in the PRC grew at a similar pace of 17.0% in A ugust compared w ith 17.2% in the prior month.
10/18
Hong Kong, Chinas rate of unemployment eased in A ugus t to 3.2% f rom 3.4% in July.
10/19
The Philippines balance of pay ments surplus rose to USD2.7 billion in A ugust f rom USD1.3 billion in July .
10/19
The Bank of Thailand rais ed its 1-day repurchase rate to 3.50% on 24 A ugus t, the six th rate hike since January.
10/20
The Monetary Board of Bangko Sentral ng Pilipinas (BSP) has kept its ov ernight policy rate s teady at 4.50% since May.
10/21
Hong Kong, Chinas consumer price inf lation slow ed to 5.7% y-o-y in A ugust f rom 7.9% in July.
10/21
Malaysias c onsumer pric e inf lation eas ed slightly to 3.3% y-o-y in A ugust f rom 3.4% in July.
10/21 to 10/25
The Philippines posted a budget s urplus of PHP9.2 billion in A ugust in a turnaround f rom the def icit of PHP26.5 billion in July.
10/24
Consumer pric e inf lation in Singapore acc elerated to 5.7% y-o-y in A ugust f rom 5.4% in July.
10/24
Consumer pric e inf lation in V iet Nam eased marginally to 22.4% y-o-y in September f rom 23.0% in A ugust.
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DEBT HIGHLIGHTS
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PRC Posts Trade Surplus of USD14.5 Billion in September; Export Growth in the Philippines Falls 15.1% in August China Export Growth Dwindles to Slowest Pace in Seven Months as Yuan Gains Bloomberg (13 October 2011) Merchandise Export Performance* - August 2011 ( Preliminary ) National Statistics Office (11 October 2011)
PRCs Ministry of Railways Sells 5- and 20-Year Bonds; ICBC, Citic Bank, and China Construction Bank Issues Certificate of Deposits in Hong Kong, China; LCY Bond Issuance in the Republic of Korea and Malay Bond Tax Rule Aids China Railway Ministry Wall Street Journal (12 October 2011) BONDS: China pledges full support for railway bonds IFRAsia (14 October 2011) China Upgrades Status of Railway Ministry Bonds Wall Street Journal (14 October 2011) Sukuk for the palm IFR Asia (08 October 2011) Danajamin to guarantee TRIplc Ventures' RM240m bond issue Business Times (11 October 2011) Bonds for education IFR Asia (15 October 2011)
M3 Money Supply in the Philippines Expands 9.3% in August Domestic Liquidity Growth Accelerates in August Bangko Sentral ng Pilipinas (11 October 2011) Foreign Direct Investments Post Net Inflows in July 2011 Bangko Sentral ng Pilipinas (12 October 2011) Foreign Portfolio Investment Transactions Yield Net Inflows in September 2011 Bangko Sentral ng Pilipinas (13 October 2011)
Bank Indonesia Cuts Benchmark Rate 25 bps to 6.50%; Bank of Korea Holds 7-Day Repurchase Rate Steady at 3.25%; MAS to Continue Policy of Modest and Gradual Appreciation of the Singapore Dollar BI Rate Decreased 25 BPS To 6,50% Bank Indonesia (11 October 2011) Monetary Policy Decision Bank of Korea (13 October 2011) MAS Monetary Policy Statement Monetary Authority of Singapore (14 October 2011)
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