1. No category

6 April 2015
C
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Key Developments in Asian Local Currency Markets
onsumer price inflation in Indonesia stood at 6.4% year-on-year (y-o-y) in March, up slightly from 6.3% y-o-y in
February, amid relatively high price hikes in processed food and utilities. In the Republic of Korea, consumer
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price inflation eased to 0.4% y-o-y in March from 0.5% y-o-y in February: four out of 12 expenditure
categories in
org
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the Consumer Price Index (CPI) recorded price decreases in March, led by transport. In Thailand, the CPI fell
0.6% y-o-y in March, after posting a 0.5% y-o-y drop in February, due to falling transportation costs.
The Republic of Korea’s merchandise trade
surplus reached a record monthly high of
US$8.4 billion in March. Exports of goods fell
4.2% y-o-y to US$47.0 billion and merchandise
imports fell 15.3% y-o-y to US$38.6 billion in
March. Meanwhile, the Republic of Korea’s
current account surplus stood at US$6.4 billion
in February, lower than the surplus of US$6.6
billion in January, but higher than the surplus of
US$4.5 billion in February 2014, according to
The Bank of Korea data.
Thailand’s
current
account
surplus
amounted to US$3.5 billion in February, higher
than the previous month’s surplus of US$2.5
billion, but lower than the surplus of US$4.2
billion in February 2014, according to Bank of
Thailand data.
Manufacturing activity in the People’s
Republic of China (PRC) rebounded in March
as the Purchasing Managers Index (PMI) for
the manufacturing sector inched up to 50.1
from 49.9 in February. Meanwhile, Singapore’s
PMI stood at 49.6 in March, reflecting a
contraction in its manufacturing sector. A PMI
above
50
reflects
an
expansion
in
manufacturing activity.
Industrial production in Japan contracted
2.6% y-o-y and 3.4% month-on-month (m-o-m)
in February, based on data from the Ministry of
Economy, Trade, and Industry. In the Republic
of Korea, industrial production fell 4.7% y-o-y,
but grew 2.6% m-o-m in February, according to
Statistics Korea. Manufacturing production in
Thailand expanded 3.6% y-o-y and 1.7% m-om in February, per data from Bank of Thailand.
Hong Kong Telecommunications (HKT)
priced a US$500 million 10-year bond at a
coupon rate of 3.625% last week. The bond
was rated Baa2 by Moody’s Investor Service
and BBB by Standard and Poor’s. Meanwhile,
Grand China Air (Hong Kong) priced a US$300
million 2-year bond at a coupon rate of 5.5%
last week.
Asia Bond Monitor March 2015
read more
10-Year Selected LCY Government Security Yields
Markets
Close of 3 April 2015
basis point change from
Latest Closing Previous Day*
Previous Week* 1-Jan-15*
US
EU
Japan
PRC
Hong Kong, China
India
Indonesia
Korea, Rep. of
Malaysia
Philippines
Singapore
Thailand
Viet Nam
1.84
0.19
0.37
3.58
1.41
7.74
7.38
2.09
3.87
4.17
2.15
2.64
6.51
-7.28
0.00
2.70
-5.00
0.00
0.00
-0.10
-2.50
0.30
0.00
0.00
0.80
-0.50
-12.26
-1.30
-0.70
-8.40
-3.90
-9.00
-3.30
-1.00
-8.31
-5.70
-12.26
-1.30
-0.70
5.00
5.00
-8.40
-3.90
5.305.30
-9.00
-3.30
-1.00
-8.31
-5.70
0.00
0.00
-33.23
-34.70
3.90
-7.00
-48.40
-14.30
-44.40
-52.00
-28.10
30.17
-13.29
-9.10
-71.80
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
Siam Cement in Thailand raised THB30 billion from a dual-tranche
debenture sale last week: a THB15 billion 3-year debenture carrying a
coupon rate of 3.75% and a THB15 billion 4-year debenture at 3.9%.
The bonds were rated A(tha) by Fitch Ratings (Thailand). Land and
Houses in Thailand issued a THB7 billion 3-year debenture at a
coupon rate of 2.81% and a THB1 billion 5-year debenture at 3.31%
last week. The bonds were rated A+ by TRIS Rating.
Government bond yields fell last week for all maturities in the
Republic of Korea and Malaysia and for most tenors in Hong Kong,
China; Singapore; and Thailand. On the other hand, yields rose for all
maturities in the PRC and Indonesia, and for most tenors in the
Philippines. Meanwhile, yield movements were mixed in Viet Nam.
Yield spreads between 2- and 10-year tenors widened in Singapore
while spreads narrowed in Hong Kong, China; Indonesia; the Republic
of Korea; Malaysia; the Philippines; Thailand; and Viet Nam.
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DEBT HIGHLIGHTS
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Summary Text of News Articles
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Consumer Price Inflation Rises in Indonesia, Eases in the Republic of Korea, Turns Negative in Thailand in March
........................................................................................................................................
Consumer price inflation inched up slightly in Indonesia to 6.4% year-on-year (y-o-y) in March from 6.3% y-o-y in
February. The inflation rate for processed food rose the most at 8.3% y-o-y, while housing and utilities gained 7.6% y-oy. On a month-on-month (m-o-m) basis, consumer prices rose 0.2% in March, after declining 0.4% in February. Bank
Indonesia targets inflation to range between 3.0% and 5.0% for 2015.
Consumer price inflation in the Republic of Korea remained low in March; inflation based on the Consumer Price Index
(CPI) slipped to 0.4% for the month from 0.5% in February, according to Statistics Korea data released last week. The
low y-o-y rate of increase in the CPI was largely due to decreases in four out of 12 product categories in the index, with
the biggest drop felt in transport prices.
In Thailand, the inflation rate was negative for the third consecutive month in March, with the CPI decreasing 0.6%
y-o-y, driven by falling transportation costs, according to data from the Ministry of Commerce. Between February and
March, the CPI inched up 0.2% m-o-m.
For inflation trends in Indonesia, refer to this link:
http://asianbondsonline.adb.org/indonesia/data/marketwatch.php?code=policy_rate_and_inflation_trends
For inflation trends in the Republic of Korea, refer to this link:
http://asianbondsonline.adb.org/korea/data/marketwatch.php?code=policy_rate_and_inflation_trends
For inflation trends in Thailand, refer to this link:
http://asianbondsonline.adb.org/thailand/data/marketwatch.php?code=policy_rate_and_inflation_trends
The Republic of Korea’s Merchandise Trade Surplus Reaches a Record High in March;
Thailand’s Current Account Surplus Up m-o-m, Down y-o-y in February
........................................................................................................................................
The Republic of Korea’s merchandise trade surplus reached a record monthly high of US$8.4 billion in March, buoyed
by a relatively sharper fall in imports than in exports. Overseas shipments fell 4.2% y-o-y to US$47.0 billion in February
and merchandise imports plunged 15.3% y-o-y to US$38.6 billion.
Thailand’s current account surplus amounted to US$3.5 billion in February, up from the previous month’s surplus of
US$2.5 billion but lower than February 2014’s surplus of US$4.2 billion, according to Bank of Thailand data. The
country’s merchandise trade surplus stood at US$2.6 billion in February, up from US$1.4 billion in January but down
from US$3.9 billion in February 2014. The monthly increase stemmed from a lower m-o-m drop in merchandise exports
vis-à-vis imports: merchandise exports decreased 0.5% m-o-m to US$17.1 billion while merchandise imports dropped
8.1% m-o-m to US$14.5 billion. The y-o-y decline was on the back of a 6.0% y-o-y fall in merchandise exports and a
1.6% y-o-y increase in imported goods.
The PRC’s Manufacturing Activity Rebounds in March;
Singapore’s Manufacturing Sector Contracts in March;
February’s Industrial Production Down in Japan, Mixed in the Republic of Korea, Up in Thailand
........................................................................................................................................
Manufacturing activity in the People’s Republic of China (PRC) rebounded in March, as the Purchasing Managers Index
(PMI) rose to 50.1 from 49.9 in February.
Industrial production in Japan was down in February, with its PMI contracting 2.6% y-o-y and 3.4% m-o-m, based on
data from the Ministry of Economy, Trade, and Industry. The shipments index fell 3.1% y-o-y and 3.4% m-o-m in
February. In contrast, the index for inventories climbed 7.3% y-o-y and 0.5% m-o-m.
In the Republic of Korea, industrial production exhibited a mixed performance in February per Statistics Korea data
released last week. On a y-o-y basis, industrial production contracted 4.7% for the month—amid a 4.8% y-o-y fall in
manufacturing production—following a 1.7% increase in January. On the other hand, industrial production expanded
2.6% m-o-m in February—led by a 2.8% y-o-y hike in manufacturing production—after recording a 3.8% m-o-m decline
in January.
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DEBT HIGHLIGHTS
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Summary Text of News Articles
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The PRC’s Manufacturing Activity Rebounds in March;
Singapore’s Manufacturing Sector Contracts in March;
February’s Industrial Production Down in Japan, Mixed in the Republic of Korea, Up in Thailand (cont…)
........................................................................................................................................
Singapore’s PMI fell below the 50-point threshold for the fourth month in a row in March to a reading of 49.6, indicating
a generally contracting manufacturing economy. The continued weakness in overall PMI was due mainly to lower new
orders and new export orders in March. Meanwhile, the electronics PMI returned to a generally expanding condition
with the reacting at 50.1 in March due to an increase in new orders.
Manufacturing production in Thailand improved its performance in February. According to data from the Bank of
Thailand released last week, the country’s non-seasonally adjusted Manufacturing Production Index rose to 171.9 in
February from 169.1 in January on a 1.7% monthly increase, and rose 3.6% y-o-y in February after recording a 0.8% yo-y decline in January. The Bank of Thailand reported that the improvement in manufacturing during February was
driven by inventory investment and increased production of hard disk drives.
Hong Kong Telecom Prices US$500 Million 10-Year Bond;
Grand China Air Prices US$300 Million 2-Year Bond;
Siam Cement Raises THB30 Billion from Dual-Tranche Bond Sale
........................................................................................................................................
Hong Kong Telecommunications priced a US$500 million 10-year bond at a coupon rate of 3.625% last week. Investors
in Asia bought 79% of the bonds while the rest went to investors in Europe. The bond was rated Baa2 by Moody’s
Investor Service and BBB by Standard and Poor’s.
Grand China Air (Hong Kong) priced a US$300 million 2-year bond at a coupon rate of 5.5% last week. Proceeds from
the bond sale will be used for working capital and general corporate purposes.
Siam Cement in Thailand raised THB30 billion from a dual-tranche debenture sale last week: a THB15 billion 3-year
debenture carrying a coupon rate of 3.75% and a THB15 billion 4-year debenture at 3.9%. The bonds were rated A(tha)
by Fitch Ratings (Thailand).
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DEBT HIGHLIGHTS
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Selected Government Security Yields
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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
0.01
-0.15
0.00
3.15
0.07
8.31
1.71
3.20
2.34
1.03
1.76
basis point change from
Previous
Previous
1-Jan-15*
Day*
Week*
-2.54
0.00
-2.54
-2.54
1.20
1.10
1.20
-11.50
-1.80
-0.20
-1.80
0.20
12.00
10.00 10.00
-51.00
0.00
0.00
0.00
-0.80
0.00
0.00
0.00
0.00
-4.30
0.00
-4.30
-36.20
-1.30
0.00
-1.30
-16.30
2.67
0.00
2.67
-3.33
8.00
0.00
8.00
35.50
-0.30
-0.23
-0.30
-28.27
Close of 3 April 2015
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
1.84
0.19
0.37
3.58
1.41
7.74
7.38
2.09
3.87
4.17
2.15
2.64
6.51
basis point change from
Previous
Previous
1-Jan-15*
Day*
Week*
-7.28 -12.26
-12.26
-33.23
-1.30-1.30
0.00
-34.70
-0.70-0.70
2.70
3.90
5.00
-5.00
5.00
-7.00
-8.40
0.00
-8.40
-48.40
-3.90
0.00
-3.90
-14.30
-0.10
5.30 5.30
-44.40
-9.00
-2.50
-9.00
-52.00
-3.30 -3.30
0.30
-28.10
-1.00-1.00
0.00
30.17
-8.31
0.00
-8.31
-13.29
-5.70
0.80
-5.70
-9.10
0.00
-0.50
0.00
-71.80
Close of 3 April 2015
EU = European Union, LCY =local currency, PRC = People’s Republic of China, US = United States.
Source: Based on data from Bloomberg, LP.
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DEBT HIGHLIGHTS
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Benchmark Yield Curves – LCY Government Bonds
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US
EU
1.8
Yield (%)
Yield (%)
2.3
1.3
Japan
0.9
1.5
0.6
1.1
Yield (%)
2.8
0.3
0.3
0.0
0.8
0
0.3
0.00
5
10
15
20
25
30
-0.1 0
-0.3
4.00
8.00
12.00
16.00
20.00
24.00
28.00
4
8
12
20
24
28
32
36
40
Time to maturity (years)
Time to maturity (years)
27-Mar-15
16
32.00
Time to maturity (years)
03-Apr-15
0.7
20-Mar-15
03-Apr-15
China, People’s Rep. of
27-Mar-15
03-Apr-15
20-Mar-15
Hong Kong, China
3.6
27-Mar-15
20-Mar-15
Indonesia
1.9
8.2
8.0
1.5
3.2
7.8
Yield (%)
Yield (%)
Yield (%)
3.4
1.1
0.7
7.6
7.4
7.2
7.0
6.8
0.3
6.6
3.0
-0.1
0
1
2
3
4
5
6
7
8
9
10
11
6.4
0
2
4
6
Time to maturity (years)
03-Apr-15
27-Mar-15
8
10
12
14
16
0
3
6
9
Time to maturity (years)
20-Mar-15
03-Apr-15
Korea, Republic of
27-Mar-15
12
15
18
21
24
27
30
33
Time to maturity (years)
20-Mar-15
03-Apr-15
Malaysia
27-Mar-15
20-Mar-15
Philippines
4.5
5.5
2.4
4.2
4.5
2.0
1.8
3.9
Yield (%)
Yield (%)
Yield (%)
2.2
3.6
3.3
1.6
3.0
0
2
4
6
8
10
12
14
16
18
20
22
27-Mar-15
2
4
6
8
10
12
14
16
18
20
22
0
3
6
9
20-Mar-15
03-Apr-15
27-Mar-15
03-Apr-15
20-Mar-15
3.2
2.8
3.0
2.5
15
18
27-Mar-15
Thailand
3.0
12
21
24
27
Time to maturity (years)
Time to maturity (years)
Singapore
20-Mar-15
Viet Nam
7.5
7.0
Yield (%)
2.8
2.3
2.6
2.0
Yield (%)
Yield (%)
2.5
1.5
0
Time to maturity (years)
03-Apr-15
3.5
1.8
1.5
1.3
2.4
2.2
6.5
6.0
5.5
2.0
1.0
0.8
1.8
0.5
1.6
0
3
6
9
12
15
18
21
24
27
30
5.0
4.5
0
2
4
27-Mar-15
8
10
12
14
Time to maturity (years)
Time to maturity (years)
03-Apr-15
6
20-Mar-15
03-Apr-15
27-Mar-15
16
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Time to maturity (years)
20-Mar-15
03-Apr-15
27-Mar-15
20-Mar-15
EU = European Union, LCY = local currency US = United States.
Source: Based on data from Bloomberg.
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5
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2- versus 10- Year Yield Spread Chart
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US
EU
3-Apr-15
Japan
27 -Mar-15
20 -Mar-15
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.
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DEBT HIGHLIGHTS
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Policy Rate versus Inflation Rate
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China, People’s Rep. of
Hong Kong, China
India
12
6
6
11
5.35
4.60
4
Inflation Rate
10
1-year Lending Rate
4
9
8
Inflation Rate
7.75
7
2
2
HKMA Base Rate
0.50
0
Jan-12
Jul-12
Jan-13
Aug-13
Mar-14
Sep-14
Apr-15
Repurchase Cut-off Yield
6
1.40
Inflation Rate
0
Jan-12
The PRC uses the 1-year lending rate as one of its policy
rates.
Source: Bloomberg LP.
5.11
5
4
Jul-12
Jan-13
Aug-13
Mar-14
Sep-14
Apr-15
Jan-12
The Hong Kong Monetary Authority maintains a Discount
Window Base Rate.
Source: Bloomberg LP.
Indonesia
Jul-12
Jan-13
Jan-14
Jul-14
Feb-15
The Reserve Bank of India uses the repurchase (repo) cutoff yield as its policy rate.
Source: Bloomberg LP.
Korea, Republic of
10
Jul-13
Malaysia
5
5
9
c
4
4
8
Overnight Policy Rate
7.50
7-day Repo Rate
3
7
BI Rate
6.38
6
2
5
Inflation Rate
3.25
3
1.75
1
Inflation Rate
2
1
4
0.40
Inflation Rate
3
Jan-12
Jul-12
Jan-13
Aug-13
Mar-14
Sep-14
Apr-15
0
Jan-12
Jul-12
Jan-13
Aug-13
Mar-14
Sep-14
Apr-15
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.
Philippines
Thailand
Overnight Reverse Repo Rate
Aug-13
Mar-14
Sep-14
Apr-15
Bank Negara Malaysia uses the overnight policy rate
(OPR) as its policy rate.
Source: Bloomberg LP.
16
1-day Repo Rate
3
4.00
4
Jan-13
20
4
5
0.10
Jul-12
Viet Nam
5
6
0
Jan-12
Prim e Lending Rate
12
2
1.75
9.00
8
3
Inflation Rate
2.50
2
1
Inflation Rate
4
0
Inflation Rate
-0.57
1
Jan-12
Jul-12
Jan-13
Aug-13
Mar-14
Sep-14
Apr-15
Bangko Sentral uses the Philippine overnight reverse
repurchase agreement rate as one of its policy
instruments.
Source: Bloomberg LP.
-1
Jan-12
Jul-12
Jan-13
Aug-13
Mar-14
Sep-14
Apr-15
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.
0.93
0
Jan-12
Jul-12
Jan-13
Aug-13
Mar-14
Sep-14
Apr-15
The State Bank of Viet Nam uses a benchmark prime
lending rate as its policy rate.
Source: Bloomberg LP.
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Credit Default Swap Spreads and Exchange Rate Indexes
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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 US$ and based
on sovereign bonds
0
Jan-13
Source: Bloomberg
Mar-13
Jun-13
Sep-13
Nov-13
Feb-14
May-14
Jul-14
Oct-14
Jan-15
Apr-15
Exchange Rate Indexes (vis-à-vis US$, 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-08
Aug-08
Mar-09
Oct-09
Jun-10
Jan-11
Aug-11
Mar-12
Nov-12
Jun-13
Jan-14
Sep-14
Viet Nam
Source: AsianBondsOnline calculations
based on Bloomberg data.
50
Apr-15
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DEBT HIGHLIGHTS
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Selected Debt Security Issuances (30 March – 3 April 2015)
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Markets
Auction
Date
HK
31-Mar
ID
KR
Type of Security
Average
Yield (%)
Coupon
(%)
Amount Offered
(LCY billion)
92-day Exchange Fund Bills
0.03
32.29
182-day Exchange Fund Bills
0.06
11.00
3-month Treasury Bills
5.40
1-year Treasury Bills
6.11
9-year Treasury Bonds
7.44
8.38
19-year Treasury Bonds
7.78
8.38
30-Mar
91-day Monetary Stabilization Bonds
1.77
1-Apr
2-year Monetary Stabilization Bonds
1.71
63-day Treasury Bills
1.77
31-Mar
Amount Issued
(LCY billion)
32.29
11.00
1,000.00
1.71
10,000.00
2,000.00
3,900.00
3,100.00
1,300.00
1,300.00
2,500.00
2,500.00
1,500.00
1,500.00
4.00
4.00
0.60
MY
30-Mar
7.5 year Treasury Bonds
3.80
SG
31-Mar
28-day MAS Bills
0.18
0.60
81-day MAS Bills
0.71
4.80
4.80
20.00
TH
3.80
30-Mar
28-day Treasury Bills
1.75
20.00
31-Mar
91-day Bank of Thailand Bonds
1.75
30.00
30.00
1.76
30.00
30.00
182-day Bank of Thailand Bonds
LCY = local currency, MAS = Monetary Authority of Singapore.
Sources: Local market sources and Bloomberg, LP.
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ASIANBONDSONLINE
asianbondsonline.adb.org
DEBT HIGHLIGHTS
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Selected Asia Data Releases (7 – 13 April 2015)
Tip: Zoom-in on the table using the Acrobat zoom tool
asiandbonsonline.adb.org
Economy and Variable
Philippines
CPI
y-o-y, %
MAR
Japan
Current Account
JPY billion
FEB
Philippines
Exports
y-o-y, %
FEB
Republic of Korea
7-Day Repurchase Rate
%
9-Apr
People’s Republic of China
CPI
y-o-y, %
MAR
People’s Republic of China
PPI
y-o-y, %
MAR
Malaysia
Industrial Production
y-o-y, %
FEB
People’s Republic of China
Exports
y-o-y, %
MAR
People’s Republic of China
Trade Balance
US$ billion
MAR
Japan
PPI
y-o-y, %
MAR
Release
Date
04/07
04/08
04/08
04/09
04/10
04/10
04/10
04/13
04/13
04/13
Historical Data
02/14: 4.1%
03/14: 3.9%
01/15: 2.4%
02/15: 2.5%
01/14: –1,586.1
02/14: 607.7
12/14: 187.2
01/15: 61.4
01/14: –3.0%
02/14: 11.6%
12/14: –3.0%
01/15: –0.5%
03/14: 2.50%
04/14: 2.50%
02/15: 2.00%
03/15: 1.75%
02/14: 2.0%
03/14: 2.4%
01/15: 0.8%
02/15: 1.4%
02/14: –2.0%
03/14: –2.3%
01/15: –4.3%
02/15: –4.8%
01/14: 3.1%
02/14: 6.7%
12/14: 7.4%
01/15: 7.0%
02/14: –18.1%
03/14: –9.2%
01/15: –3.2%
02/15: 48.3%
02/14: –22.6
03/14: 8.0
01/15: 60.0
02/15: 60.6
02/14: 1.8%
03/14: 1.7%
01/15: 0.3%
02/15: 0.5%
Recent Trends
Consumer price inflation in the Philippines rose to 2.5% year-on-year (y-o-y) in
February from 2.4% y-o-y in January.
Japan’s current account surplus declined to JPY61.4 billion in January from
JPY187.2 billion in December.
Merchandise exports from the Philippines
contracting 3.0% y-o-y in December.
fell 0.5% y-o-y in January after
The Bank of Korea’s Monetary Policy Committee decided on 12 March to reduce the
7-day repurchase rate by 25 basis points to 1.75% in order to support economic
grow th amid low inflationary pressures.
Consumer price inflation in the People’s Republic of China (PRC) inched up to 1.4%
y-o-y in February from 0.8% y-o-y in January.
The Producer Price Index (PPI) of the PRC fell 4.8% y-o-y in February follow ing a
4.3% y-o-y drop in January.
Industrial production grow th in Malaysia slipped to 7.0% y-o-y in January, dow n
from 7.4% y-o-y in December, on the back of slow er grow th in manufacturing
production.
Exports from the PRC recovered strongly in February, posting 48.3% y-o-y grow th
after contracting 3.2% y-o-y in January.
The PRC reported a trade surplus amounting to US$60.6 billion in February, almost
the same level as the surplus posted in January.
Japan’s PPI rose 0.5% y-o-y in February follow ing 0.3% y-o-y grow th in January.
Source: AsianBondsOnline , Bloomberg LP, and Reuters.
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10
ASIANBONDSONLINE
asianbondsonline.adb.org
DEBT HIGHLIGHTS
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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 Rises in Indonesia, Eases in the
Republic of Korea, Turns Negative in Thailand in March

Indonesia Update: Inflation Up, Manufacturing Activity
Contracts
Indonesia Investments (1 April 2015)
Hong Kong Telecom Prices US$500 Million 10-Year Bond; Grand
China Air Prices US$300 Million 2-Year Bond; Siam Cement
Raises THB30 Billion from Dual-Tranche Bond Sale

Hong Kong Telecom wires up $500m bond
FinanceAsia (30 March 2015)

Consumer Price Index
Statistics Indonesia`(1 April 2015)

Grand China Air debuts $300m bond
FinanceAsia (31 March 2015)

Consumer Price Index in March 2015
Statistics Korea (1 April 2015)


Consumer Price Index and Core Consumer Price Index: March
2015 and first quarter of year 2015
Ministry of Commerce (1 April 2015)
SCC184B and SCC194A are registered with ThaiBMA on April 1,
2015
ThaiBMA (1 April 2015)
The Republic of Korea’s Merchandise Trade Surplus Reaches a
Record High in March; Thailand’s Current Account Surplus Up
m-o-m, Down y-o-y in February

S. Korea’s trade surplus widens to record high on shrinking
imports
YONHAP News (1 April 2015)

Press Release on Economic and Monetary Conditions for
February 2015
Bank of Thailand (31 March 2015)

Table Attached to Press Release on Economic and Monetary
Conditions for February 2015
Bank of Thailand (31 March 2015)

Balance of Payments (Summary) (US$)
Bank of Thailand (31 March 2015)
The PRC’s Manufacturing Activity Rebounds in March;
Singapore’s Manufacturing Sector Contracts in March;
February’s Industrial Production Down in Japan, Mixed in the
Republic of Korea, Up in Thailand

Chinese Manufacturing Gauge Rebounds in March After
Stimulus
Bloomberg (1 April 2015)

Indices of Industrial Production
Ministry of Economy, Trade and Industry`(30 March 2015)

Monthly Industrial Statistics, February 2015
Statistics Korea (31 March 2015)

March PMI contracted further at 49.6 – The electronics index
returned to expansion at 50.1
SIPMM Academy (2 April 2015)

Press Release on Economic and Monetary Conditions for
February 2015
Bank of Thailand (31 March 2015)

Table Attached to Press Release on Economic and Monetary
Conditions for February 2015
Bank of Thailand (31 March 2015)
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