1. No category

11 May 2015
G
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Key Developments in Asian Local Currency Markets
ross domestic product (GDP) growth in Indonesia slipped to 4.7% year-on-year (y-o-y) in 1Q15 from 5.0% y-oy in 4Q14 to record the slowest pace of growth since 3Q09. Weak exports and falling crude oil prices dragged
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down growth according to Statistics Indonesia. Government spending also slowed to 2.2%
y-o-y in 1Q15 from
org
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2.8% y-o-y in 4Q14. On the other hand, private consumption, which accounts for 56.0% of GDP, grew by 5.0%
y-o-y, the same pace as in 4Q14.
The People’s Bank of China lowered policy
rates by 25 basis points (bps) to bring the oneyear lending rate to 5.1% and the one-year
deposit rate to 2.25% with effect on 11 May.
This marked the third cut since November as
PBOC aims to boost the economy. Meanwhile,
consumer price inflation in the People’s
Republic of China (PRC) increased to 1.5% yo-y in April from 1.4% in March.
The Purchasing Managers Index (PMI) in
Singapore stayed below the 50-point threshold
for the fifth month in a row, posting a reading of
49.4 in April. The PRC’s non-manufacturing
PMI slipped to 53.4 in April from 53.7 in March.
Consumer price inflation in Indonesia inched
up to 6.8% y-o-y in April from 6.4% y-o-y in
March. The uptick was due mainly to increases
in fuel costs and food prices. In the Philippines,
consumer price inflation eased further to 2.2%
y-o-y in April from 2.4% y-o-y in March. The
lower inflation rate was mainly due to the
slower annual increase in the food and nonalcoholic beverages index.
Malaysia’s trade surplus widened to
MYR7.9 billion in March from MYR4.6 billion in
February as exports increased at a more rapid
pace than imports. Exports rose 25.0% monthon-month (m-o-m) in March to MYR66.5 billion,
while imports increased 20.6% m-o-m to
MYR58.6 billion. The Republic of Korea’s
current account surplus widened to US$10.4
billion in March from US$6.4 billion in February,
led by a monthly increase in the merchandise
trade surplus and a monthly decline in the
services account deficit, according to data from
The Bank of Korea.
Last week, the Monetary Policy Committee
of Bank Negara Malaysia (BNM) decided to
maintain the overnight policy rate at 3.25%.
BNM stated that the global economy is
expected to improve at a moderate pace.
Meanwhile, the domestic economy continues to
be supported by domestic demand. Inflation
Asia Bond Monitor March 2015
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10-Year Selected LCY Government Security Yields
Markets
Close of 8 May 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
2.15
0.55
0.42
3.45
1.67
7.98
8.19
2.40
3.90
4.41
2.41
2.78
6.62
-3.22
-4.30
-0.90
1.00
-7.10
-1.20
-0.40
-15.10
1.20
-7.33
-7.08
-0.70
1.70
3.43
17.40
5.80
1.00
15.50
12.20
-2.50
4.70
9.67
16.36
-3.30
3.43
17.40
5.80
1.00
15.50
12.20
47.9047.90
-2.50
4.70
9.67
16.36
30.10
30.10
-3.30
-2.34
0.60
9.20
-20.00
-22.20
10.20
36.50
-20.60
-24.80
54.67
12.90
4.70
-61.30
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
eased in 1Q15 due to lower oil prices, but is expected to increase with
implementation of the Goods and Services Tax (GST) on 1 April 2015,
though it will be partially offset by continued low global oil prices.
Last week, the Hong Kong Monetary Authority issued HKD1.5
billion worth of 10-year HKSAR bonds via a reopening of an existing
10-year HKSAR bond. The bonds carry a coupon of 2.22% and were
issued at an average yield of 1.851%. Shinsegae, a department store
operator in the Republic of Korea, sold a US$300 million 30-year
bond. The bond has a coupon rate of 2.625% and is priced at a yield
of 125 basis points above US Treasuries. The bond is callable in 5
years and has a guarantee from Kookmin Bank. Fitch Ratings
assigned the bond an expected rating of A.
Government bond yields rose last week for all tenors in Indonesia;
and for most tenors in Hong Kong, China; Malaysia; Philippines;
Singapore; Thailand; and Viet Nam. Yields fell for most tenors in the
PRC and the Republic of Korea. Yield spreads between 2- and 10year tenors narrowed in the Republic of Korea, Philippines, and Viet
Nam; while spreads widened in the PRC; Hong Kong, China;
Indonesia; Malaysia; Singapore; and Thailand.
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DEBT HIGHLIGHTS
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Summary Text of News Articles
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Economic Growth in Indonesia Slows to 4.7% y-o-y in 1Q15
........................................................................................................................................
Gross domestic product (GDP) growth in Indonesia slipped to 4.7% year-on-year (y-o-y) in 1Q15 from 5.0% y-o-y in
4Q14 to record the slowest pace of growth since 3Q09. Weak exports and falling crude oil prices dragged down growth
according to Statistics Indonesia. Government spending also slowed to 2.2% y-o-y in 1Q15 from 2.8% y-o-y in 4Q14.
On the other hand, private consumption, which accounts for 56.0% of GDP, grew 5.0%, the same pace as in 4Q14.
Bank Indonesia projects economic growth to improve in 2Q15 as the government is expected to increase spending on
infrastructure projects.
Singapore’s Manufacturing PMI at 49.4 in April;
The PRC’s Non-Manufacturing PMI Falls in April
........................................................................................................................................
The Purchasing Managers Index (PMI) in Singapore stayed below the 50-point threshold for the fifth month in a row,
posting a reading of 49.4 in April. A reading below 50 indicates a generally contracting manufacturing economy.
According to the Singapore Institute of Purchasing and Materials Management, the overall contraction in the PMI was
due to a further decline in new orders and new exports orders. Meanwhile, the PMI for the electronics sector had a
reading of 49.1 in April, down one point from 50.1 in March.
The People’s Republic of China’s (PRC) non-manufacturing PMI slipped to 53.4 in April from 53.7 in March. The drop
was mostly due to a decline in the new orders sub-index, which fell to 49.1 from 50.3. The employment sub-index also
fell marginally to 48.9 from 49.0.
Consumer Prices in Indonesia Rise 6.8% y-o-y in April;
Consumer Price Inflation in the Philippines Eases Further in April
........................................................................................................................................
Consumer price inflation in Indonesia inched up to 6.8% y-o-y in April from 6.4% y-o-y in March. The uptick in inflation
was due mainly to increases in fuel costs and food prices. April inflation, however, was in line with Bank Indonesia’s (BI)
estimate and remained on a path toward BI’s 2015 target range of 3.0%–5.0%. Between March and April, consumer
prices rose 0.4%.
In the Philippines, consumer price inflation eased to 2.2% y-o-y in April from 2.4% y-o-y in March. The lower inflation
rate was mainly due to a slower annual price increase in the food and non-alcoholic beverages index of 3.9% y-o-y
compared with 4.3% y-o-y in March. Other indices that posted lower annual price increases include clothing and
footwear, health, and restaurants and miscellaneous. Meanwhile, the housing, water, electricity, gas, and other fuels
index posted a slower annual decline in April. The remaining commodity groups posted the same annual price changes
in April as in March.
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 Philippines, refer to this link:
http://asianbondsonline.adb.org/philippines/data/marketwatch.php?code=policy_rate_and_inflation_trends
Malaysia’s Trade Surplus Widens in March;
The Republic of Korea’s Current Account Surplus Widens in March
........................................................................................................................................
Malaysia’s trade surplus widened to MYR7.9 billion in March from MYR4.6 billion in February as exports increased at a
more rapid pace than imports. Exports rose 25.0% month-on-month (m-o-m) in March to MYR66.5 billion from MYR53.2
billion in February as all main commodity indexes posted monthly increases. Electrical and electronics products, which
account for 36.1% of total exports, rose 30.2% m-o-m; liquefied natural gas (8.2% of the total) increased 11.7% m-o-m;
and palm oil and palm-based products (7.3% of the total) rose 22.2% m-o-m. Meanwhile, imports increased 20.6% m-om to MYR58.6 billion due to a rise in imports of capital goods, intermediate goods, and consumption goods.
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DEBT HIGHLIGHTS
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Summary Text of News Articles
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Malaysia’s Trade Surplus Widens in March;
The Republic of Korea’s Current Account Surplus Widens in March (cont…)
........................................................................................................................................
The Republic of Korea’s current account surplus widened to US$10.4 billion in March from US$6.4 billion in February,
led by an increase in the merchandise trade surplus and a decline in the services account deficit, according to data from
The Bank of Korea. Between February and March, the merchandise trade surplus climbed from US$7.3 billion to
US$11.2 billion as exports of goods surged 22.1% m-o-m to US$49.6 billion, eclipsing the 15.3% m-o-m growth of
merchandise imports, which leveled off at US$38.4 billion. Moreover, the services account deficit narrowed to US$967
million in March from US$2.1 billion in February.
BNM Maintains Overnight Policy Rate
........................................................................................................................................
Last week, the Monetary Policy Committee of Bank Negara Malaysia (BNM) decided to maintain the overnight policy
rate at 3.25%. BNM stated that the global economy is expected to improve at a moderate pace. Meanwhile, the
domestic economy continues to be supported by domestic demand. Despite the possible downward effect of the
implementation of the Goods and Services Tax (GST) on 1 April 2015, private consumption is expected to be supported
by a continued rise in income and employment. Moreover, the effects of reduced oil and gas investments is expected to
be outweighed by capital spending in the services sector and infrastructure projects. Inflation continued to ease in 1Q15
due to lower oil prices, but is expected to increase due to the implementation of the GST, though this will be partially
offset by continued low global oil prices.
For policy rate trends in Malaysia, refer to this link:
http://asianbondsonline.adb.org/malaysia/data/marketwatch.php?code=policy_rate_and_inflation_trends
Hong Kong, China Issues 10-Year HKSAR Bonds;
Shinsegae Sells US$300 Million 30-Year Bond
........................................................................................................................................
Last week, the Hong Kong Monetary Authority issued HKD1.5 billion worth of 10-year HKSAR bonds via a reopening of
an existing 10-year HKSAR bond. The 10-year HKSAR bond carries a coupon of 2.22% and was issued at an average
yield of 1.851%.
Shinsegae, a department store operator in the Republic of Korea, sold a US$300 million 30-year bond. The bond has a
coupon rate of 2.625% and is priced at a yield of 125 basis points above US Treasuries. The bond is callable in 5 years
and has a guarantee from Kookmin Bank. Fitch Ratings assigned the bond an expected rating of A.
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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
-0.19
-0.02
2.55
0.07
8.31
1.71
3.19
2.09
0.95
1.52
basis point change from
Previous
Previous
1-Jan-15*
Day*
Week*
0.51
0.00
0.51
-3.04
-2.50
-0.50
-2.50
-14.80
0.00
0.00
0.00
-1.90
-44.00 105.00
-105.00
-111.00
0.00
0.00
0.00
-0.80
0.00
0.00
0.00
0.00
-1.40
-1.90
-1.40
-35.90
0.70
0.00
0.70
-17.30
-25.36
-5.00
-25.36
-28.36
0.10
-0.80
0.10
27.50
-0.57
-0.02
-0.57
-52.24
Close of 8 May 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
2.15
0.55
0.42
3.45
1.67
7.98
8.19
2.40
3.90
4.41
2.41
2.78
6.62
basis point change from
Previous
Previous
1-Jan-15*
Day*
Week*
3.43
-3.22
3.43
-2.34
17.40
-4.30
17.40
0.60
5.80 5.80
-0.90
9.20
1.00
1.00
1.00
-20.00
15.50
-7.10
15.50
-22.20
12.20
-1.20
12.20
10.20
-0.40
47.90 47.90
36.50
-15.10 -2.50
-2.50
-20.60
4.70 4.70
1.20
-24.80
9.67 9.67
-7.33
54.67
16.36
-7.08
16.36
12.90
30.10
-0.70
30.10
4.70
-3.30
1.70
-3.30
-61.30
Close of 8 May 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
Japan
1.2
1.9
0.9
1.5
0.6
1.1
2.8
1.8
1.3
Yield (%)
Yield (%)
Yield (%)
2.3
0.3
0.3
0.0
0.8
0
0.3
5
10
4
8
12
16
20
24
28
20
25
30
-0.1 0
32
Time to maturity (years)
08-May-15
24-Apr-15
08-May-15
1.5
3.2
3.0
2.8
2.6
4
5
6
7
8
9
10
1.1
0.7
11
0
2
4
6
Time to maturity (years)
08-May-15
01-May-15
8
10
08-May-15
Korea, Republic of
12
14
16
0
3
6
9
01-May-15
24-Apr-15
32
01-May-15
12
15
08-May-15
36
40
24-Apr-15
18
21
24
27
30
33
01-May-15
24-Apr-15
Philippines
4.5
2.6
28
Time to maturity (years)
Malaysia
2.8
24
9.0
8.8
8.6
8.4
8.2
8.0
7.8
7.6
7.4
7.2
7.0
6.8
Time to maturity (years)
24-Apr-15
20
Indonesia
-0.1
3
16
08-May-15
24-Apr-15
0.3
2
12
Time to maturity (years)
01-May-15
Yield (%)
3.4
Yield (%)
1.9
1
8
Hong Kong, China
3.6
0
4
Time to maturity (years)
01-May-15
China, People’s Rep. of
Yield (%)
15
-0.3
0
0.7
5.5
4.2
4.5
2.2
2.0
3.9
Yield (%)
Yield (%)
Yield (%)
2.4
3.6
3.3
1.8
1.6
3.0
0
2
4
6
8
10
12
14
16
18
20
22
01-May-15
2
4
6
8
24-Apr-15
08-May-15
Singapore
Yield (%)
Yield (%)
2.3
2.0
1.8
1.5
1.3
1.0
0.8
9
12
15
18
01-May-15
16
18
20
22
0
3
6
9
01-May-15
21
24
27
30
08-May-15
24-Apr-15
15
18
21
24
27
01-May-15
24-Apr-15
Viet Nam
8.0
7.5
7.0
6.5
6.0
5.5
5.0
0
2
4
6
8
10 12 14 16 18 20 22 24 26 28 30 32
Time to maturity (years)
24-Apr-15
12
Time to maturity (years)
3.8
3.6
3.4
3.2
3.0
2.8
2.6
2.4
2.2
2.0
1.8
1.6
1.4
Time to maturity (years)
08-May-15
14
Yield (%)
2.5
6
12
Thailand
2.8
3
10
Time to maturity (years)
3.0
0
2.5
1.5
0
Time to maturity (years)
08-May-15
3.5
08-May-15
01-May-15
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Time to maturity (years)
24-Apr-15
08-May-15
01-May-15
24-Apr-15
EU = European Union, LCY = local currency US = United States.
Source: Based on data from Bloomberg.
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2- versus 10- Year Yield Spread Chart
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US
EU
8-Ma y-15
Japan
1-Ma y-15
24 -Apr-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
basis points
EU = European Union, US = United States.
Source: Based on data from Bloomberg LP.
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Policy Rate versus Inflation Rate
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China, People’s Rep. of
Hong Kong, China
Indonesia
10
6
6
9
5.35
8
1-year Lending Rate
7.50
4.50
4
4
7
2
6.38
BI Rate
Inflation Rate
6
2
5
1.50
Inflation Rate
HKMA Base Rate
Inflation Rate
4
0.50
0
Jan-12
Jul-12
Feb-13
Sep-13
Mar-14
Oct-14
May-15
0
Jan-12
The PRC uses the 1-year lending rate as one of its policy
rates.
Source: Bloomberg LP.
Jul-12
Feb-13
Sep-13
Mar-14
Oct-14
May-15
3
Jan-12
The Hong Kong Monetary Authority maintains a Discount
Window Base Rate.
Source: Bloomberg LP.
Korea, Republic of
Jul-12
Feb-13
Mar-14
Oct-14
May-15
Bank Indonesia uses its reference interest rate (BI rate) as
its policy rate.
Source: Bloomberg LP.
Malaysia
5
Sep-13
Philippines
5
6
c
4
4
5
Overnight Reverse Repo Rate
Overnight Policy Rate
3
7-day Repo Rate
2
1.75
1
4
2
3
Feb-13
Sep-13
0.90
2
Inflation Rate
0.40
Inflation Rate
Jul-12
4.00
2.40
Inflation Rate
1
0
Jan-12
3.25
3
Mar-14
Oct-14
May-15
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
Feb-13
Sep-13
Mar-14
Oct-14
1
Jan-12
May-15
Bank Negara Malaysia uses the overnight policy rate
(OPR) as its policy rate.
Source: Bloomberg LP.
Thailand
Jul-12
Feb-13
Sep-13
Mar-14
Oct-14
May-15
Bangko Sentral uses the Philippine overnight reverse
repurchase agreement rate as one of its policy instruments.
Source: Bloomberg LP.
Viet Nam
20
5
16
4
1-day Repo Rate
3
12
Prim e Lending Rate
1.50
2
9.00
8
Inflation Rate
1
4
-1
Inflation Rate
-1.04
-2
Jan-12
Jul-12
Feb-13
Sep-13
Mar-14
Oct-14
May-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.
0.99
0
Jan-12
Jul-12
Feb-13
Sep-13
Mar-14
Oct-14
May-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
Dec-13
Mar-14
May-14
Aug-14
Nov-14
Feb-15
May-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
Nov-09
Jun-10
Jan-11
Sep-11
Apr-12
Nov-12
Jul-13
Feb-14
Sep-14
Viet Nam
Source: AsianBondsOnline calculations
based on Bloomberg data.
50
May-15
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DEBT HIGHLIGHTS
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Selected Debt Security Issuances (4 – 8 May 2015)
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Markets
CN
6-May
10-year Treasury Bonds
3.41
3.64
30.00
30.26
8-May
1-year Treasury Bonds
2.66
2.66
22.00
22.00
5-May
91-day Exchange Fund Bills
0.02
30.31
30.31
182-day Exchange Fund Bills
0.04
11.00
11.00
10-year HKSAR Bonds
1.85
6-month Islamic Treasury Bills
5.91
1-year Project-Based Suk uk
7.39
7.00
5-year Project-Based Suk uk
7.82
8.25
25-year Project-Based Suk uk
8.45
9.00
HK
ID
5-May
Type of Security
Average
Yield (%)
Coupon
(%)
Auction
Date
Amount Offered
(LCY billion)
2.22
1.50
Amount Issued
(LCY billion)
1.50
500.00
2,000.00
1,220.00
55.00
185.00
JP
8-May
3-month Treasury Discount Bills
0.00
5,400.00
5,379.92
KR
4-May
91-day Monetary Stabilization Bonds
1.75
1,300.00
1,300.00
182-day Monetary Stabilization Bonds
1.75
1,000.00
1,180.00
2.00
1.89
1,900.00
1,916.00
2.84
850.00
850.00
1,000.00
3-year Treasury Bonds
6-May
PH
4-May
30-year Treasury Bonds
1.76
1,000.00
91-day Treasury Bills
2.05
8.00
6.00
2.25
6.00
5.00
2.43
6.00
2.00
0.60
4.80
182-day Treasury Bills
364-day Treasury Bills
SG
5-May
2.75
63-day Treasury Bills
29-day MAS Bills
0.44
0.60
84-day MAS Bills
0.60
4.80
7-May
168-day MAS Bills
0.70
2.30
2.30
TH
6-May
10.61-year Government Bonds
2.51
13.00
13.00
VN
7-May
15-year Treasury Bonds
7.52
950.00
1,000.00
3.85
LCY = local currency, HKSAR = Hong Kong Special Administrative Region, 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 (12 – 18 May 2015)
Tip: Zoom-in on the table using the Acrobat zoom tool
asiandbonsonline.adb.org
Economy and Variable
Singapore
GDP–Final
y-o-y, %
1Q15
Philippines
Exports
y-o-y, %
MAR
China, People’s Rep. of
Retail Sales—YTD
y-o-y, %
APR
China, People’s Rep. of
Industrial Production—YTD
y-o-y, %
APR
Japan
Current Account Balance
JPY billion
MAR
Korea, Rep. of
Unem ploym ent Rate
%
APR
Malaysia
GDP
y-o-y, %
1Q15
Malaysia
Current Account Balance
MYR billion
1Q15
Philippines
Overnight Borrow ing Rate
%
14-May
Hong Kong, China
GDP
y-o-y, %
1Q15
Indonesia
Trade Balance
US$ million
APR
Korea, Rep. of
7-Day Repurchase Rate
%
15-May
Philippines
OFW Rem ittances
y-o-y, %
MAR
Singapore
Retail Sales
y-o-y, %
MAR
Singapore
Non-Oil Dom estic Exports
y-o-y, %
APR
Thailand
GDP
y-o-y, %
1Q15
Release
Date
5/10 to 5/26
05/12
05/13
05/13
05/13
05/13
05/14
05/14
05/14
05/15
05/15
05/15
05/15
05/15
05/18
05/18
Historical Data
1Q14: 4.7%
2Q14: 2.3%
4Q14: 2.1%
1Q15: 2.1%
02/14: 11.6%
03/14: 12.4%
01/15: –0.5%
02/15: –3.1%
03/14: 12.0%
04/14: 12.0%
02/15: 10.7%
03/15: 10.6%
03/14: 8.7%
04/14: 8.7%
02/15: 6.8%
03/15: 6.4%
02/14: 598.8
03/14: 130.6
01/15: 61.4
02/15: 1,440.1
03/14: 3.5%
04/14: 3.7%
02/15: 3.9%
03/15: 3.7%
4Q13: 5.1%
1Q14: 6.2%
3Q14: 5.6%
4Q14: 5.8%
4Q13: 14.8
1Q14: 19.8
3Q14: 7.6
4Q14: 6.1
04/14: 3.50%
05/14: 3.50%
03/15: 4.00%
04/15: 4.00%
4Q13: 2.8%
1Q14: 2.6%
3Q14: 2.7%
4Q14: 2.2%
03/14: 668.9
04/14: –1,962.5
02/15: 662.7
03/15: 1,131.6
04/14: 2.50%
05/14: 2.50%
03/15: 1.75%
04/15: 1.75%
02/14: 5.9%
03/14: 6.8%
01/15: 0.5%
02/15: 4.2%
02/14: –8.8%
03/14: –0.3%
01/15: –5.0%
02/15: 15.8%
03/14: –6.6%
04/14: 0.9 %
02/15: –9.7%
03/15: 18.5%
4Q13: 0.6%
1Q14: –0.5%
3Q14: 0.6%
4Q14: 2.3%
Recent Trends
Singapore’s economy grew 2.1% year-on-year (y-o-y) in 1Q15, the same pace as
in 4Q14, based on advanced estimates released in April.
The Philippines’ exports fell 3.1% y-o-y in February follow ing a decline of 0.5%
y-o-y in January.
Retail sales grow th in the People’s Republic of China (PRC) eased to 10.6% y-o-y in
January–March from 2.0% y-o-y in the same period a year earlier.
The PRC’s industrial production grow th slow ed to 6.4% y-o-y in January–March
from 87.0% y-o-y in the same period a year earlier.
Japan’s current account surplus w idened to JPY1.4 trillion in February from JPY61.4
billion in January.
The Republic of Korea’s unemployment rate dipped to 3.7% in March from 3.9% in
February.
Malaysia’s economic grow th inched up to 5.8% y-o-y in 4Q14 from 5.6% y-o-y in
3Q14.
Malaysia’s current account surplus narrow ed to MYR6.1 billion in 4Q14 from
MYR7.6 billion in 3Q14.
On March 26, the Bangko Sentral ng Pilipinas (BSP) decided to keep its overnight
borrow ing rate unchanged at 4.0%.
Economic grow th in Hong Kong, China slow ed to 2.2% y-o-y in 4Q14 from 2.7%
y-o-y in 3Q14.
Indonesia recorded a trade surplus of US$1,131.6 million in March, up from a trade
surplus of US$662.7 million in February.
On 9 April, The Bank of Korea’s Monetary Policy Committee decided to keep the
base rate steady at 1.75%.
Remittances from overseas Filipino w orkers increased 4.2% y-o-y in February, up
from 0.5% y-o-y grow th posted in January.
Singapore’s retail sales climbed 15.8% y-o-y in February, a reversal from a decline
of 5.0% y-o-y in January.
Singapore’s non-oil domestic exports rebounded strongly in March, rising 18.5%
y-o-y after contracting 9.7% y-o-y in February.
Thailand’s real gross domestic product (GDP) grow th accelerated to 2.3% y-o-y in
4Q14 from 0.6% y-o-y in 3Q14, buoyed by faster grow th in domestic and external
demand, and agricultural production.
Source: AsianBondsOnline , Bloomberg LP, and Reuters.
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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
Economic Growth in Indonesia Slows to 4.7% y-o-y in 1Q15

Economic Growth of Indonesia First Quarter 2015
Statistics Indonesia (5 May 2015)

Indonesia’s Economy Crawls at Snail’s Pace
Jakarta Globe (5 May 2015)

Economy during the First Quarter of 2015 Slows Down
Bank Indonesia (5 May 2015)
Singapore’s Manufacturing PMI at 49.4 in April; The PRC’s NonManufacturing PMI Falls in April

April PMI continued to contract at 49.4 - The electronics index
reverted to contraction at 49.1
Singapore Institute of Purchasing & Materials Management (4
May 2015)

Singapore’s manufacturing economy contracts in April
Channel News Asia (4 May 2015)

China's Non-manufacturing PMI Decreased in April
National Bureau of Statistics of China (4 May 2015)
Hong Kong, China Issues 10-Year HKSAR Bonds; Shinsegae Sells
US$300 Million 30-Year Bond

Tender results of the re-opening of 10-year Government Bonds
under the Institutional Bond Issuance Programme
Hong Kong Monetary Authority (6 May 2015)

Shinsegae retails $300m perpetual bond
FinanceAsia (5 May 2015)

Shinsegae markets US$300m Kookmin-backed bonds
Reuters (4 May 2015)
Consumer Prices in Indonesia Rise 6.8% y-o-y in April;
Consumer Price Inflation in the Philippines Eases Further in
April

Consumer Price Index
Statistics Indonesia (4 May 2015)

Indonesia’s Inflation Accelerates in April Amid Higher Fuel
Prices
Jakarta Globe (4 May 2015)

April Inflation in line with Bank Indonesia Forecast
Bank Indonesia (4 May 2015)

April Inflation Decelerates Further to 2.2 Percent
Bangko Sentral ng Pilipinas (8 May 2015)
Malaysia’s Trade Surplus Widens in March; The Republic of
Korea’s Current Account Surplus Widens in March

Monthly External Trade Statistics March 2015
Department of Statistics Malaysia (7 May 2015)

Balance of Payments during March 2015 (preliminary)
The Bank of Korea (4 May 2015)
BNM Maintains Overnight Policy Rate

Monetary Policy Statement
Bank Negara Malaysia (8 May 2015)
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