asian development bank - weekly highlights

842019 Asian Development Bank - Weekly Highlights

httpslidepdfcomreaderfullasian-development-bank-weekly-highlights 113

12 September 2011 asianbondsonlineadborg

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Key Developments in Asian Local Currency Markets

1

onsumer price inflation in the Peoples Republic of China (PRC) stood at 62 year-on-year (y-o-y) in Augustcompared with 65 in July as the increase in food prices slowed In Indonesia consumer price inflation rose to48 y-o-y in August from 46 in July as food prices climbed at a faster annual pace amid the Idul Fitricelebration In the Philippines the 2006-based consumer price index rose 47 y-o-y in August compared with

51 in July mainly due to an easing in food price inflation Meanwhile producer prices in the Republic of Korea rose66 y-o-y in August the highest annual increase in 4 months

Policy interest rates were held steady lastweek in Indonesia Japan the Republic ofKorea Malaysia and the Philippines

The PRCs trade surplus dropped toUSD178 billion in August from USD315 billionin July as imports surged 302 y-o-y whileIndonesias trade surplus fell to USD14 billionin July from USD33 billion in the previous

month In contrast Malaysias trade surpluswidened to MYR95 billion in July from MYR79billion in June

The Republic of Korea revised its quarterlyreal gross domestic product (GDP) growth for2Q11 to 09 quarter-on-quarter (q-o-q)Malaysias industrial production index declined06 y-o-y in July The Purchasing ManagersIndex (PMI) for Hong Kong China fell to 478 inAugust from 514 in July while it rose slightly inSingapore to 494 in August from 493 in theprevious month

Net foreign investment into the Republic ofKoreas LCY bond market fell to KRW134billion in August from KRW29 trillion in JulyMeanwhile Thailand launched its initial offeringof 3-year retail government bonds totalingTHB50 billion on 12 September and intends toraise THB540 billion from planned bond salesin the next fiscal year beginning in October

Last week Korea Eximbank announced aUSD1 billion 10-year global bond sale Energyfirm BP priced a CNH700 million 3-year bondand French gas producer Air Liquide priced aCNH175 billion 5-year bond in Hong Kong

China and Henderson Land priced a SGD200million 7-year note with a 40 coupon

In the PRC China Datang CorporationRenewable Power Company plans to issueCNY2 billion worth of 1-year commercial paperwhile Guangdong Development Bank aims tosell CNY2 billion of 10-year subordinated debtIn Hong Kong China BSH Bosch Und

Siemens Hausgauraete plans to issue CNH-denominated bonds

Foreign reserves in Hong Kong China rose 02 month-on-month(m-o-m) to USD2794 billion in August Accumulated foreign reservesalso increased in August in Japan and the Philippines to USD12trillion and USD756 billion respectively

Several commercial banks in Viet Nam began lowering theirlending rates last week to between 17 and 19 The State Bank ofViet Nam released a circular last week presenting the conditions for

credit institutions and foreign bank branches to purchase corporatebonds

Government bond yields fell for all tenors in Indonesia theRepublic of Korea and the Philippines and for most tenors in the PRCHong Kong China Malaysia Singapore and Viet Nam Yields rosefor most tenors in Thailand Yield spreads between 2- and 10-yeartenors widened in Malaysia the Philippines and Thailand whilespreads narrowed in most other emerging East Asian markets

C Asia Bond Monitor September 2011

10-Year Selected LCY Government Security Yields Close of 9 September 2011

basis point change from

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

Selected

Benchmark Yield Curves - Local Currency Government Bonds

Policy Rate versus Inflation Rate Charts

Government Security Yields

Credit Default Swap Spreads amp Exchange Rate Indexes

Selected Debt Security Issuances Selected Asia Data Releases

2-versus-10 Yield Spread Chart

US 192 -604 -674 -13752

EU 177 -970 -2360 -11910

Japan 101 -130 -260 -1230PRC 407 200 -200 1600

Hong Kong China 157 -010 -1520 -12830

Ind ia 831 150 -270 3900

Indones ia 645 -1050 -3400 -11520

Malays ia 359 -090 -230 -4470

Korea Rep of 360 -400 -1900 -9200

Philipp ines 556 -357 -666 -3238

Singapore 153 000 -500 -11800

Thailand 360 -030 520 -1260

Viet Nam 1263 000 -380 8790

-674

-2360

-260

-200

-1520

-270

-3400

-230

-1900

-666

-500

520

-380



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asianbondsonlineadborg

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EBT HIGHLIGHTS ASIANBONDSONLINE

2

Summary Text of News Articles

Consumer Price Inflation Eases in the PRC and Philippines Accelerates in Indonesia in August

Producer Prices Rise 73 in the PRC and 66 in the Republic of Korea in August

Consumer price inflation in the Peoples Republic of China (PRC) eased to 62 year-on-year (y-o-y) in August from65 in July This was on the back of food prices growing at a slower annual pace of 134 y-o-y in August from 148in the previous month On a month-on-month (m-o-m) basis consumer prices rose 03 Meanwhile producer prices inthe PRC grew 73 y-o-y in August following a 75 rise in July

In Indonesia consumer price inflation accelerated to 48 y-o-y in August from 46 in July as prices for food clothingand transportation rose at a faster annual pace amid the Idul Fitri celebration On a m-o-m basis headline inflation roseto 09 in August from 07 in July Core inflation however exceeded the 50 threshold of Bank Indonesia (BI) risingto 52 y-o-y mainly on account of increases in the price of gold It represented the first time since June 2009 that coreinflation rose above 50

In the Philippines consumer price inflation eased to 47 y-o-y in August from 51 using the 2006-based consumerprice index Most commodity group indices increased at a slower annual pace led by the heavily-weighted food andnon-alcoholic beverages index which eased to 51 y-o-y in August from 57 in July Other commodity groups

registering slower y-o-y price hikes in August included clothing and footwear (38 vs 42) housing water electricitygas and other fuels (51 vs 54) recreation and culture (15 vs 16) and education (51 vs 52) Theslowing inflation rate in August was widely expected by financial market participants

In the Republic of Korea producer prices rose 66 y-o-y in August the highest level in 4 months on the back of an80 hike in prices for manufacturing industry products Between July and August producer prices climbed 03

For inflation trends in the PRC refer to this linkhttpasianbondsonlineadborgchinadatamarketwatchphpcode=policy_rate_and_inflation_trends

For statistics on the inflation rate in Indonesia refer to this linkhttpasianbondsonlineadborgindonesiadatamacroeconomic_creditphp

For inflation trends in the Philippines refer to this linkhttpasianbondsonlineadborgphilippinesdatamarketwatchphpcode=policy_rate_and_inflation_trends

Policy Rates Remain Unchanged in Indonesia Japan Republic of Korea Malaysia and PhilippinesIn its meeting on 8 September BIs Board of Governors decided to keep the benchmark rate steady at 675 The BIrate has been kept at this level since February To stimulate transactions in the money market the central bank decidedto widen the lower band of the interest rate corridor for monetary operations from 100 basis points (bps) to 150 bpsbelow the BI rate

The Bank of Japan (BOJ) held its target rate steady between zero and 01 in its policy meeting on 7 September Italso left the amount of its lending and asset purchase programs unchanged The BOJ eased policy last month byadding JPY10 trillion to its JPY40 trillion pool of funds for asset buying and fixed-rate market operations

The Bank of Koreas Monetary Policy Committee decided in its meeting on 8 September to maintain the base rate-the 7-day repurchase rate-at 325 It was the third consecutive month that the central bank held the policy interest rate

steady In making its monetary policy decision The Bank of Korea took note of (i) expectations of a moderation in theglobal economic recovery amid signs of an economic slowdown in the United States (US) and sovereign debt problemsin Europe (ii) an upward growth trend in the domestic economy but with intensified external risks and (iii) continuedinflationary pressures

Bank Negara Malaysia (BNM) decided to keep its overnight policy rate at 300 during its Monetary Policy Meeting on8 September BNM has kept its rate at this level since July 2010

Last week the Monetary Board of Bangko Sentral ng Pilipinas (BSP) kept the overnight policy rates and reserverequirement ratios steady The Monetary Boards decision was based on abating price pressures resulting in amanageable inflation environment In addition weakened external demand and reduced public spending raised growthconcerns and were also a major factor The Monetary Board believes that its policy stance is in line with the need to





asianbondsonlineadborg EBT HIGHLIGHTS ASIANBONDSONLINE

3


Policy Rates Remain Unchanged in Indonesia Japan Republic of Korea Malaysia and Philippines (conthellip)safeguard price stability and support sustained economic growth The Monetary Board also noted that liquidity

expansion and bank credit activity each continue to grow at a strong pace which could stoke inflationary pressures TheBSP will be watchful over emerging conditions to ensure that the monetary policy stance is appropriate

For policy rate trends in Indonesia refer to this linkhttpasianbondsonlineadborgindonesiadatmarketwatchphpcode=policy_rate_and_inflation_trends

For policy rate trends in Japan refer to this linkhttpasianbondsonlineadborgjapandatamarketwatchphpcode=policy_rate_and_inflation_trends

For policy rate trends in the Republic of Korea refer to this linkhttpasianbondsonlineadborgkoreadatamarketwatchphpcode=policy_rate_and_inflation_trends

For policy rate trends in Malaysia refer to this linkhttpasianbondsonlineadborgmalaysiadatamarketwatchphpcode=policy_rate_and_inflation_trends

Trade Surplus Falls in PRC and Indonesia Rises in MalaysiaThe PRCs trade surplus narrowed to USD178 billion in August from USD315 billion in July as import growth outpacedexport growth Exports grew 245 y-o-y in August compared with 204 in the previous month Imports surged 302y-o-y in August an improvement over the previous months import growth of 229

Indonesias export growth eased to 395 y-o-y in July from 491 in June resulting in an export value of USD174billion for the month According to the Central Statistics Agency the slowdown in annual growth was attributed to lowercrude palm oil exports as well as easing demand from the US and Japan the countrys second and third largest exportdestinations respectively Imports grew 272 y-o-y to USD161 billion in July following revised 282 growth in theprevious month A trade surplus amounting to USD14 billion was recorded in July the lowest level of the year

Malaysias trade surplus widened to MYR95 billion in July from MYR79 billion in June Export growth eased to 71 y-o-y in July from 86 in June while imports grew at a rate of 29 y-o-y in July compared with 63 in June On a m-o-

m basis exports increased 24 in July while imports decreased 04 During the first 7 months of the year exportsrose 69 y-o-y to MYR3964 billion while total imports increased 87 to MYR3278 billion

For statistics on the PRCs export growth rate refer to this linkhttpasianbondsonlineadborgchinadatamacroeconomic_creditphp

For statistics on Malaysias export growth rate and trade balance refer to this linkhttpasianbondsonlineadborgmalaysiadatamacroeconomic_creditphp

Republic of Korea Revises 2Q11 GDP Growth Upward to 09

Malaysias IPI Falls 06 Manufacturing Sales Expand 108 in July

PMI Falls in Hong Kong China and Singapore in August The Republic of Korea revised its real gross domestic product (GDP) growth for 2Q11 to 09 quarter-on-quarter (q-o-q)

from its advance estimate of 08 which was released on 27 July The revised 2Q11 growth rates for privateconsumption gross fixed capital formation government spending and total exports were 09 23 08 and 12q-o-q respectively with the revised figures being higher than advance estimates for gross fixed capital formation andlower in all other categories Moreover the revised 2Q11 growth rates for agriculture fishery and forestrymanufacturing electricity gas and water supply construction and services stood at 83 14 01 26 and00 q-o-q respectively The revised growth rates were higher than advance estimates for agriculture fishery andforestry and construction lower for manufacturing and services and unchanged for electricity gas and water supply

Malaysias industrial production index (IPI) dropped 06 y-o-y in July after posting a revised 13 growth in June Themanufacturing and electricity sectors grew 15 and 46 y-o-y respectively but these were offset by the 75 y-o-ydecline in the output of the mining sector On a m-o-m basis IPI contracted 06 Meanwhile the value of






4




PMI Falls in Hong Kong China and Singapore in August (conthellip)manufacturing sales increased 108 y-o-y in July slightly higher than the revised 100 growth posted in the previousmonth

For the first time in 2 years the HSBC Purchasing Managers Index (PMI) for Hong Kong China fell from 514 in July to478 in August A reading below 50 indicates a contraction in business conditions in the domestic economy Based onthe survey of over 300 purchasing executives private companies experienced a decline in both new orders and outputdue to weakening demand from Western countries

According to the Singapore Institute of Purchasing and Materials Management the PMI for Singapore in August was at494 slightly higher than Julys 493 A PMI above 50 indicates manufacturing expansion while a reading below 50indicates a contraction The contraction in August was due to the decline in new orders new export orders andproduction output

Net Foreign Investment in the Republic of Koreas LCY Bond Market Falls to KRW134 Billion in August

Thailand Launches THB50 Billion 3-Year Retail Bonds Plans to Issue THB540 Billion of Bonds Next Fiscal Year Net foreign investment into the Republic of Koreas LCY bond market fell to KRW134 billion in August from KRW29trillion in July as foreign investors bond purchases slipped 166 m-o-m and maturity redemptions jumped 1172 m-o-m The largest net bond investment for the month came from the US at KRW10 trillion followed by Malaysia atKRW429 billion On the other hand the two largest net bond outflows were made by investors in Thailand and Franceamounting to KRW12 trillion and KRW11 trillion respectively

As of end-August foreign investors bond holdings stood at KRW847 trillion with the four largest bond holders comingfrom the US (KRW178 trillion) Luxembourg (KRW140 trillion) Thailand (KRW107 trillion) and the PRC (KRW93trillion)

Meanwhile Thailand launched its initial offering of 3-year retail government bonds amounting to THB50 billion on 12

September with the bond subscription ending on the last day of September Thailands Ministry of Finance hasestablished the coupon rate of the retail bonds at 375 The minimum bond subscription is THB1000 while themaximum is THB1 million

The bond offering is in line with the governments objective to finance its budget deficit which is expected to widen asthe government in planning new transportation projects Thailand intends to raise THB540 billion from the sale ofgovernment bonds in the next fiscal year including 5- 7- and 10-year tenors at THB100 billion THB65 billion andTHB60 billion respectively The government also intends to sell longer-term bonds with 15- and 20-year tenors atTHB35 billion each a 30-year bond at THB20 billion and an inflation-linked bond

Korea Eximbank Raises USD1 Billion from 10-Year Global Bond Sale BP Prices CNH700 Million 3-Year Bond

Air Liquide Prices CNH175 Billion 5-Year Bond Henderson Land Prices SGD200 Million 7-Year Note

Korea Eximbank announced last week that it had raised USD1 billion from the sale of a 10-year global bond with a4375 coupon rate Investors from the US and Asia were allocated 54 and 36 of the bonds respectively while theremaining 10 went to European investors

BP last week priced CNH700 million worth of 3-year bonds with a coupon of 17 Demand was strong with the orderbook size at CNH25 billion In terms of geographic concentration 48 of the issue went to investors in Hong KongChina while 33 went to Singapore and the remainder to Europe In terms of investor type 58 of the bonds weretaken by fund managers while private banks purchased 16

French gas provider-Air Liquide-raised CNH175 billion from sale of 5-year bonds priced at 3 Investors in Hong KongChina purchased 52 of the bonds followed by Singapore (33) and Europe (12) By investor type fund managersbooked 74 of the deal followed by banks (22)





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asianbondsonlineadborg DEBT HIGHLIGHTS ASIANBONDSONLINE

6

Tip Zoom-in on the table using the Acrobat zoom tool

Selected Government Security Yields

3-Month Selected LCY Government Security Yields

Close of 9 September 2011

Previous

Day

Previous

Week1-Jan-11

US 001 -051 -102 -1146

EU 050 -640 -620 1010

Japan 010 000 000 -240

PRC 380 000 000 6200

Hong Kong China 010 000 000 -1800

India 836 100 100 12600

Malaysia 295 000 000 1660Korea Rep of 325 000 -200 7400

Philippines 039 -478 -4628 -8078

Singapore 018 000 000 -2100

Thailand 342 319 133 14533

basis point change fromLatest

ClosingMarkets

-102

-620

000

000

000

100

000

-200

-4628

000

133

10-Year Selected LCY Government Bond Yields


Previous

Day

Previous

Week1-Jan-11

US 192 -604 -674 -13752

EU 177 -970 -2360 -11910

Japan 101 -130 -260 -1230

PRC 407 200 -200 1600

Hong Kong China 157 -010 -1520 -12830

India 831 150 -270 3900

Indonesia 645 -1050 -3400 -11520

Malaysia 359 -090 -230 -4470

Korea Rep of 360 -400 -1900 -9200

Philippines 556 -357 -666 -3238

Singapore 153 000 -500 -11800

Thailand 360 -030 520 -1260

Viet Nam 1263 000 -380 8790

Markets

basis point change fromLatestClosing

-674

-2360

-260

-200

-1520

-270

-3400

-230

-1900

-666

-500

520

-380

Source Based on data from Bloomberg LP





DEBT HIGHLIGHTS

ASIANBONDSONLINE

Benchmark Yield Curves ndash Local Currency Government Bonds

ip Zoom-in on the table using the Acrobat zoom tool T Hong Kong China Indonesia

Source Based on data from Bloomberg

JapanEUUS

Viet Nam ThailandSingapore

PhilippinesMalaysiaKorea Republic of

China Peoplersquos Rep of

225

250

275

300

325

350

375

400

425

0 1 2 3 4 5 6 7 8 9 10 11 12

Y i e l d ( )

Time to maturity (years)

0 9- Sep -11 02 -Sep -11 26 -Au g- 11

00

05

10

15

20

25

30

35

0 2 4 6 8 10 12 14 16

Y i e l d ( )


09- Sep -11 02- Sep -11 26- Aug -11

40

50

60

70

80

90

100

110

120

0 3 6 9 12 15 18 21 24 27 30 33

Y i e l d ( )


09- Sep -11 02- Sep -11 26- Aug -11

250

300

350

400

450

500

550

600

0 2 4 6 8 10 12 14 16 18 20 22

Y i e l d ( )


0 9- Sep -11 02 -Se p- 11 26 -Au g- 11

26

28

30

32

34

36

38

40

42

44

4648

0 2 4 6 8 10 12 1 4 16 18 20 22

Y i e l d ( )


00

10

20

30

40

50

60

70

80

90

100

0 3 6 9 12 15 18 21 24 27

Y i e l d ( )


09 -Sep -1 1 0 2- Se p- 11 2 6- Au g- 1109 -Sep -1 1 0 2- Se p- 11 2 6- Aug -1 1

00

05

10

15

20

25

30

35

0 3 6 9 12 15 18 21

Y i e l d ( )


0 9- Sep -11 02- Se p- 11 26 -Au g- 11

20

23

25

28

30

33

35

3840

43

45

0 2 4 6 8 10 12 14 16

Y i e l d ( )


120

123

125

128

130

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

Y i e l d ( )


09- Sep -11 02- Sep -11 26- Aug -11 09- Sep -11 02- Sep -11 26- Aug -11

00

05

10

15

20

2530

35

40

45

50

0 4 8 12 16 20 24 28 32

Y i e l d ( )


00

03

05

08

10

1315

18

20

23

25

0 4 8 12 16 20 24 28 32 36 40

Y i e l d ( )


00

05

10

15

20

25

30

35

40

45

0 5 10 15 20 25 30

Y i e l d ( )


09- Sep -11 02- Sep -11 26- Aug -11 09 -Se p- 11 0 2- Se p- 11 26 -Au g- 110 9-S ep-1 1 02-S ep-1 1 2 6-A ug -11


7






8

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

0 50 100 150 200 250 300 350 400

China Peoples Repof

Hong Kong China

Indonesia

Korea Rep of

Malaysia

Philippines

Singapore

Thailand

Viet Nam

US

EU

Japan

basis points

9-Sep-11

2-Sep-11

26-Aug-11







DEBT HIGHLIGHTS ASIANBONDSONLINE

9



Philippines Thailand

China Peoplersquos 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 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

Viet Nam

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

Inflation Rate

620

1-yearLending Rate

656

-4

-2

0

2

4

6

8

10

Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11

Inflation Rate

79

HKMA BaseRate

05

-4

-2

0

2

4

6

8


Inflation Rate

922

RepurchaseCut-off Yield

800

-2

0

2

4

6

8

10

12


Inflation Rate

340

OvernightPolicy Rate

300

-4

-2

0

2

4

6

8

10


Inflation Rate

530

7-Day RepoRate

325

0

2

4

6

8


c

Inflation Rate

479

675

0

2

4

6

8

10

12

14

16

18

20


BI Rate

InflationRate

470

OvernightReverse

Repo Rate

450

0

2

4

6

8

10

12


Inflation Rate

429

1-Day RepoRate

350

-6

-4

-2

0

2

4

6

8

10


Inflation Rate

2302

PrimeLending Rate

900

0

3

6

9

12

15

18

21

24

27

30







DEBT HIGHLIGHTS

ASIANBONDSONLINE

10

Tip Zoom-in on the table using the Acrobat zoom tool Credit Default Swap Spreads amp Exchange Rate Indexes

Credit Default Swap Spreads - Senior 5-year

Exchange Rate Indexes (vis-agrave-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 Mar-08 O ct-08 May-09 Dec-09 Jul-10 Feb -11 Sep-11

China Peoples Rep of

Indonesia

Malaysia

Phil ippines

Thailand

Singapore

Korea Rep of

Viet Nam

0

20 0

40 0

60 0

80 0

1000

1200

1400

Dec-07 Nov-08 Oct-09 Oct-10 S ep-11


Hong Kong China

Indonesia

Korea Rep of

Japan

Malaysia

Phil ippines

Thailand








Selected Debt Security Issuances (5 - 9 September 2011)

PRC 5-Sep 1-year PBOC Bills 358 300 300

7-Sep 3-year China Government Bond 391 3000 3000

8-Sep 3-month PBOC Bil ls 316 400 400

HK 6-Sep 91-day Exchange Fund Bills 011 2561 2561

182-day Exhange Fund Bills 012 800 800

ID 8-Sep 9-month SBI 628 800000 800000

9-month Sharia SBI 628 10000 17000

JP 5-Sep 6-month Treasury Discount Bil ls 010 350000 349990

6-Sep 3-month Treasury Discount Bil ls 010 480000 475994

30-year Japan Government Bonds 201 200 70000 69920

KR 5-Sep 91-day Monetary Stabilization Bonds 325 110000 117000

182-day Monetary Stabilization Bonds 342 50000 550003-year Treasury Bonds 340 100000 100030

MY 5-Sep 65-day BNM Islamic Notes 292 200 150

131-day BNM Notes 289 250 250

210-day BNM Notes 289 200 200

7-Sep 185-day Treasury Bil ls 295 010 010

91-day BNM Islamic Notes 292 200 200

159-day BNM Notes 288 200 200

306-day BNM Notes 289 250 250

PH 5-Sep 91-day Treasury Bil ls 044 200 280

182-day Treasury Bil ls 068 300 420


SG 5-Sep 91-day Treasury Bil ls 012 390 390

TH 6-Sep 28-day BOT Bills 340 1500 1500

91-day BOT Bills 345 2000 2000

182-day BOT Bills 350 1800 1800

Sources Local market sources and Bloomberg LP

C o u p o n

(in )A m o un t O ff e re d

L CY B i l l i ons

A m o u n t Is s u e d

L CY B i l l i onsarkets

A uc t i on

D ate T y p e o f S e c u rity

A v e r a g e

Y i e ld ( )






12



Selected Asia Data Releases (13 - 19 September 2011)

Source AsianBondsOnline Bloomberg LP and Reuters

R e le a s e D a te R e c e n t T r e n d so u n tr y V a r ia b le H is to r ic a l D a ta

The Philippinesrsquo balanc e of payments surp lus pos ition ros e to USD127 billion in July

from USD222 million in June

Indonesia

Mo torcycle Sales

y-o-y

A UG

0919 to 0923 0710 284

0810 169

0611 08

0711 55

Motorcyc le sales in Indonesia rose 55 y -o-y in July compared w ith 08 annual

grow th in June

Philippines

Balance of Payme ntsUSD million

A UG

Industrial output grow th in Hong Kong China decelerated to 35 y- o-y in 1Q11

from 57 in the previous quar ter

0710 101

0810 85

0611 82

0711 85

Sales grow th for major department stores in the Republic of Korea s trengthened to

85 y-o -y in July from 82 in June

Singapore

Retail Sales

y-o-y

JUL

0915 0610 -67

0710 -14

0511 96

0611 109

Non-oil domestic exports f rom Singapore decreas ed 28 y -o-y in July follow ing a

slight 10 rise in June

Republic of Korea

Departme nt Store Sales

y-o-y

A UG

Retail sales grow th in Singapore acc elerated to 109 y -o-y in June fr om 96 in

the previous month

Philippines

Overse as Rem ittances

y-o-y

JUL

0915 0610 83

0710 82

0511 69

0611 70

Overseas remittances to the Philippines grew 70 y-o-y in June follow ing Mayrsquos

grow th of 69

0710 154

0810 400611 222

0711 1270

0917 to 0919

Singapore

Non-Oil Dom es tic Expor ts

y-o-y

A UG

0916 0710 183

0810 308

0611 10

0711 -28

Philippines

Budget DeficitndashSurplus

PHP billion

A UG

0919 to 0925 0710 -3269

0810 132

0611 -769

0711 -2648

The Philippines po sted a b udget def icit of PHP2648 billion in July compare d w ith

PHP769 billion in June

Philippines

Total Exports

y-o-y

JUL

0913 0610 337

0710 360

0511 -31

0611 -94

Philippine exports fell 94 year-on-year (y-o-y) in Junemdashdeclining for the se cond

consecutive month after shrinking 31 in Maymdashon the back of slow ing global

grow th

Japan

Industrial Production

y-o-y

JUL

0610 166

0710 146

0611 -17

0711 -28

Japanrsquos pr eliminary data for industrial production in July s how ed a decline of 28

y-o-y f ollow ing a decrease of 17 in June

0914

Hong Kong China


y-o-y

2Q11

0915 1Q10 04

2Q10 22

4Q10 57

1Q11 35

0919





DEBT HIGHLIGHTS

Tip Click on link to open a new browser (Acrobat Reader 8) for lower versions right-click to open a new browser)

News Articles Sources for Further Reading

Consumer Price Inflation Eases in the PRC and PhilippinesAccelerates in Indonesia in August Producer Prices Rise 73in the PRC and 66 in the Republic of Korea in August

bull Chinas Inflation Eases to 62 pct in AugustXinhua (09 September 2011)

bull Inflation Quickens in August on Gold RushJakarta Globe (05 September 2011)

bull Summary Inflation Report Consumer Price Index (2006 = 100) August and July 2011 National Statistics Office (06 September 2011)

bull Producer Price Index during August 2011 The Bank of Korea (09 September 2011)

Policy Rates Remain Unchanged in Indonesia Japan Republicof Korea Malaysia and Philippines

bull BI Rate Maintained at 675 Lower Band of Interest Rate

Corridor for Monetary Operations Widened to 150 Bps Bank Indonesia (08 September 2011)

bull Statement on Monetary PolicyBank of Japan (07 September 2011)

bull Monetary Policy Decision The Bank of Korea (08 September 2011)

bull Monetary Policy StatementBank Negara Malaysia (08 September 2011)

bull Monetary Board Maintains Policy Rates and ReserveRequirement RatiosBangko Sentral ng Pilipinas (08 September 2011)

Trade Surplus Falls in PRC and Indonesia Rises in Malaysia

bull China Trade Surplus Narrows More than Estimated as ImportsClimb to Record Bloomberg (11 September 2011)

bull Inflation Up Exports DownThe Jakarta Post (06 September 2011)

bull Preliminary Release of Malaysia External Trade StatisticsJuly 2011 Department of Statistics Malaysia (09 September 2011)

Republic of Korea Revises 2Q11 GDP Growth Upward to 09Malaysiarsquos IPI Falls 06 Manufacturing Sales Expand 108 inJuly PMI Falls in Hong Kong China and Singapore in August

bull Gross National Income 2nd Quarter of 2011 (Preliminary)The Bank of Korea (06 September 2011)

bull Index of Industrial Production Malaysia July 2011 Department of Statistics Malaysia (09 September 2011)

bull Monthly Manufacturing Statistics Malaysia July 2011 Department of Statistics Malaysia (09 September 2011)

bull Hong Kong Chinarsquos Aug PMI Falls to 478 Lowest in26 MonthsReuters (04 September 2011)

bull Singaporersquos Manufacturing Contracts for 2nd Straight Monthin August Channel News Asia (05 September 2011)

Net Foreign Investment in the Republic of Korearsquos LCY BondMarket Falls to KRW134 Billion in August Thailand LaunchesTHB50 Billion 3-Year Retail Bonds Plans to Issue THB540 Billionof Bonds Next Fiscal Year

bull Foreign Investments in Domestic Securities in August 2011Financial Supervisory Service (05 September 2011)

bull Thailand Aims to Widen Bond Investor BaseIFR Asia (05 September 2011)

bull Bonds Key to Fund-raising Plan The Nation (08 September 2011)

Korea Eximbank Raises USD1 Billion from 10-Year Global BondSale BP Prices CNH700 Million 3-Year Bond Air Liquide PricesCNH175 Billion 5-Year Bond Henderson Land Prices SGD200Million 7-Year Note

bull Kexim Reopens US Dollar Bond Markets for Asian Borrowers

IFR Asia (10 September 2011)bull BONDS BP Prices RMB700m Three-Year Dim Sum Debut

IFR Asia (09 September 2011)

bull BONDS Air Liquide Prices RMB175bn First French Dim Sum IFR Asia (09 September 2011)

bull Henderson Land Said to Sell $200m of 4 7-year Bonds The Edge Singapore (08 September 2011)

China Datang Corporation Plans Commercial Paper IssuanceGuangdong Development Bank Plans Subordinated DebtIssuance Bosch amp Siemens Considers CNH Bond Issuance

bull China Datang Corp Renewable Power To Issue RMB 2 Bln inBillsChina Knowledge (05 September 2011)

bull Guangdong Development Bank to Issue RMB 2 Bln in Bonds China Knowledge (05 September 2011)

bull BONDS Bosch amp Siemens Hires Two for Dim Sum DebutIFR Asia (07 September 2011)

Foreign Reserves Grow in Hong Kong China Japan and thePhilippines in August

bull Hong Kongs Latest Foreign Currency Reserve Asset FiguresReleasedHong Kong Monetary Authority (07 September 2011)

bull International ReservesForeign Currency Liquidity(as of August 31 2011) in BondsMinistry of Finance Japan (07 September 2011)

bull End-August 2011 GIR Level Rises to US$756 BillionBangko Sentral ng Pilipinas (07 September 2011)

Viet Nam Commercial Banks Cut Lending Rates SBV IssuesCircular on Corporate Bond Purchase by Credit Institutions and

Foreign Bank Branches

bull Lending Rates Cut Following State Bank RulingViet Nam Investment Review (06 September 2011)

bull Banking Sector Carries Out Major Tasks in Final Months of 2011 State Bank of Viet Nam (01 September 2011)

bull SBV Issues Circular on Purchase of Corporate Bonds by CreditInstitutions and Foreign Bank BranchesState Bank of Viet Nam (09 September 2011)


Disclaimer AsianBondsOnline Newsletter is available to users free of charge The ADB provides no warranty or undertaking of any kind in respect to the information and materials

found on or linked to AsianBondsOnline Newsletter The ADB accepts no responsibility for the accuracy of the material posted or linked to the publication or the information

contained therein or for any consequences arising from its use and does not invite or accept reliance being placed on any materials or information so provided Views expressed in

articles marked with AsianBondsOnline are those of the authors and not ADB This disclaimer does not derogate from and is in addition to the general terms and conditions

regarding the use of the AsianBondsOnline Web Site which also apply






EBT HIGHLIGHTS ASIANBONDSONLINE

2


Consumer Price Inflation Eases in the PRC and Philippines Accelerates in Indonesia in August

Producer Prices Rise 73 in the PRC and 66 in the Republic of Korea in August

Consumer price inflation in the Peoples Republic of China (PRC) eased to 62 year-on-year (y-o-y) in August from65 in July This was on the back of food prices growing at a slower annual pace of 134 y-o-y in August from 148in the previous month On a month-on-month (m-o-m) basis consumer prices rose 03 Meanwhile producer prices inthe PRC grew 73 y-o-y in August following a 75 rise in July

In Indonesia consumer price inflation accelerated to 48 y-o-y in August from 46 in July as prices for food clothingand transportation rose at a faster annual pace amid the Idul Fitri celebration On a m-o-m basis headline inflation roseto 09 in August from 07 in July Core inflation however exceeded the 50 threshold of Bank Indonesia (BI) risingto 52 y-o-y mainly on account of increases in the price of gold It represented the first time since June 2009 that coreinflation rose above 50

In the Philippines consumer price inflation eased to 47 y-o-y in August from 51 using the 2006-based consumerprice index Most commodity group indices increased at a slower annual pace led by the heavily-weighted food andnon-alcoholic beverages index which eased to 51 y-o-y in August from 57 in July Other commodity groups

registering slower y-o-y price hikes in August included clothing and footwear (38 vs 42) housing water electricitygas and other fuels (51 vs 54) recreation and culture (15 vs 16) and education (51 vs 52) Theslowing inflation rate in August was widely expected by financial market participants

In the Republic of Korea producer prices rose 66 y-o-y in August the highest level in 4 months on the back of an80 hike in prices for manufacturing industry products Between July and August producer prices climbed 03

For inflation trends in the PRC refer to this linkhttpasianbondsonlineadborgchinadatamarketwatchphpcode=policy_rate_and_inflation_trends

For statistics on the inflation rate in Indonesia refer to this linkhttpasianbondsonlineadborgindonesiadatamacroeconomic_creditphp

For inflation trends in the Philippines refer to this linkhttpasianbondsonlineadborgphilippinesdatamarketwatchphpcode=policy_rate_and_inflation_trends

Policy Rates Remain Unchanged in Indonesia Japan Republic of Korea Malaysia and PhilippinesIn its meeting on 8 September BIs Board of Governors decided to keep the benchmark rate steady at 675 The BIrate has been kept at this level since February To stimulate transactions in the money market the central bank decidedto widen the lower band of the interest rate corridor for monetary operations from 100 basis points (bps) to 150 bpsbelow the BI rate

The Bank of Japan (BOJ) held its target rate steady between zero and 01 in its policy meeting on 7 September Italso left the amount of its lending and asset purchase programs unchanged The BOJ eased policy last month byadding JPY10 trillion to its JPY40 trillion pool of funds for asset buying and fixed-rate market operations

The Bank of Koreas Monetary Policy Committee decided in its meeting on 8 September to maintain the base rate-the 7-day repurchase rate-at 325 It was the third consecutive month that the central bank held the policy interest rate

steady In making its monetary policy decision The Bank of Korea took note of (i) expectations of a moderation in theglobal economic recovery amid signs of an economic slowdown in the United States (US) and sovereign debt problemsin Europe (ii) an upward growth trend in the domestic economy but with intensified external risks and (iii) continuedinflationary pressures

Bank Negara Malaysia (BNM) decided to keep its overnight policy rate at 300 during its Monetary Policy Meeting on8 September BNM has kept its rate at this level since July 2010

Last week the Monetary Board of Bangko Sentral ng Pilipinas (BSP) kept the overnight policy rates and reserverequirement ratios steady The Monetary Boards decision was based on abating price pressures resulting in amanageable inflation environment In addition weakened external demand and reduced public spending raised growthconcerns and were also a major factor The Monetary Board believes that its policy stance is in line with the need to






3
























4

























6





Previous

Day

Previous

Week1-Jan-11

US 001 -051 -102 -1146

EU 050 -640 -620 1010

Japan 010 000 000 -240

PRC 380 000 000 6200

Hong Kong China 010 000 000 -1800

India 836 100 100 12600


Philippines 039 -478 -4628 -8078

Singapore 018 000 000 -2100

Thailand 342 319 133 14533


ClosingMarkets

-102

-620

000

000

000

100

000

-200

-4628

000

133



Previous

Day

Previous

Week1-Jan-11

US 192 -604 -674 -13752

EU 177 -970 -2360 -11910

Japan 101 -130 -260 -1230

PRC 407 200 -200 1600

Hong Kong China 157 -010 -1520 -12830

India 831 150 -270 3900

Indonesia 645 -1050 -3400 -11520

Malaysia 359 -090 -230 -4470

Korea Rep of 360 -400 -1900 -9200

Philippines 556 -357 -666 -3238

Singapore 153 000 -500 -11800

Thailand 360 -030 520 -1260

Viet Nam 1263 000 -380 8790

Markets


-674

-2360

-260

-200

-1520

-270

-3400

-230

-1900

-666

-500

520

-380






DEBT HIGHLIGHTS

ASIANBONDSONLINE




JapanEUUS




225

250

275

300

325

350

375

400

425

0 1 2 3 4 5 6 7 8 9 10 11 12

Y i e l d ( )


0 9- Sep -11 02 -Sep -11 26 -Au g- 11

00

05

10

15

20

25

30

35

0 2 4 6 8 10 12 14 16

Y i e l d ( )


09- Sep -11 02- Sep -11 26- Aug -11

40

50

60

70

80

90

100

110

120

0 3 6 9 12 15 18 21 24 27 30 33

Y i e l d ( )


09- Sep -11 02- Sep -11 26- Aug -11

250

300

350

400

450

500

550

600

0 2 4 6 8 10 12 14 16 18 20 22

Y i e l d ( )


0 9- Sep -11 02 -Se p- 11 26 -Au g- 11

26

28

30

32

34

36

38

40

42

44

4648

0 2 4 6 8 10 12 1 4 16 18 20 22

Y i e l d ( )


00

10

20

30

40

50

60

70

80

90

100

0 3 6 9 12 15 18 21 24 27

Y i e l d ( )



00

05

10

15

20

25

30

35

0 3 6 9 12 15 18 21

Y i e l d ( )


0 9- Sep -11 02- Se p- 11 26 -Au g- 11

20

23

25

28

30

33

35

3840

43

45

0 2 4 6 8 10 12 14 16

Y i e l d ( )


120

123

125

128

130

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

Y i e l d ( )



00

05

10

15

20

2530

35

40

45

50

0 4 8 12 16 20 24 28 32

Y i e l d ( )


00

03

05

08

10

1315

18

20

23

25

0 4 8 12 16 20 24 28 32 36 40

Y i e l d ( )


00

05

10

15

20

25

30

35

40

45

0 5 10 15 20 25 30

Y i e l d ( )




7






8



0 50 100 150 200 250 300 350 400

China Peoples Repof

Hong Kong China

Indonesia

Korea Rep of

Malaysia

Philippines

Singapore

Thailand

Viet Nam

US

EU

Japan

basis points

9-Sep-11

2-Sep-11

26-Aug-11








9














Source Bloomberg LP



Viet Nam









Inflation Rate

620

1-yearLending Rate

656

-4

-2

0

2

4

6

8

10


Inflation Rate

79

HKMA BaseRate

05

-4

-2

0

2

4

6

8


Inflation Rate

922


800

-2

0

2

4

6

8

10

12


Inflation Rate

340


300

-4

-2

0

2

4

6

8

10


Inflation Rate

530

7-Day RepoRate

325

0

2

4

6

8


c

Inflation Rate

479

675

0

2

4

6

8

10

12

14

16

18

20


BI Rate

InflationRate

470

OvernightReverse

Repo Rate

450

0

2

4

6

8

10

12


Inflation Rate

429

1-Day RepoRate

350

-6

-4

-2

0

2

4

6

8

10


Inflation Rate

2302

PrimeLending Rate

900

0

3

6

9

12

15

18

21

24

27

30







DEBT HIGHLIGHTS

ASIANBONDSONLINE

10






M i d s p r e



50

60

70

80

90

100

110

120

130

50

60

70

80

90

100

110

120

130



Indonesia

Malaysia

Phil ippines

Thailand

Singapore

Korea Rep of

Viet Nam

0

20 0

40 0

60 0

80 0

1000

1200

1400



Hong Kong China

Indonesia

Korea Rep of

Japan

Malaysia

Phil ippines

Thailand














ID 8-Sep 9-month SBI 628 800000 800000








131-day BNM Notes 289 250 250

210-day BNM Notes 289 200 200



159-day BNM Notes 288 200 200

306-day BNM Notes 289 250 250






91-day BOT Bills 345 2000 2000

182-day BOT Bills 350 1800 1800


C o u p o n


L CY B i l l i ons



A uc t i on


A v e r a g e

Y i e ld ( )






12








Indonesia

Mo torcycle Sales

y-o-y

A UG

0919 to 0923 0710 284

0810 169

0611 08

0711 55


grow th in June

Philippines


A UG



0710 101

0810 85

0611 82

0711 85



Singapore

Retail Sales

y-o-y

JUL

0915 0610 -67

0710 -14

0511 96

0611 109



Republic of Korea


y-o-y

A UG


the previous month

Philippines


y-o-y

JUL

0915 0610 83

0710 82

0511 69

0611 70


grow th of 69

0710 154

0810 400611 222

0711 1270

0917 to 0919

Singapore


y-o-y

A UG

0916 0710 183

0810 308

0611 10

0711 -28

Philippines


PHP billion

A UG

0919 to 0925 0710 -3269

0810 132

0611 -769

0711 -2648



Philippines

Total Exports

y-o-y

JUL

0913 0610 337

0710 360

0511 -31

0611 -94



grow th

Japan


y-o-y

JUL

0610 166

0710 146

0611 -17

0711 -28



0914

Hong Kong China


y-o-y

2Q11

0915 1Q10 04

2Q10 22

4Q10 57

1Q11 35

0919





DEBT HIGHLIGHTS



























































3
























4

























6





Previous

Day

Previous

Week1-Jan-11

US 001 -051 -102 -1146

EU 050 -640 -620 1010

Japan 010 000 000 -240

PRC 380 000 000 6200

Hong Kong China 010 000 000 -1800

India 836 100 100 12600


Philippines 039 -478 -4628 -8078

Singapore 018 000 000 -2100

Thailand 342 319 133 14533


ClosingMarkets

-102

-620

000

000

000

100

000

-200

-4628

000

133



Previous

Day

Previous

Week1-Jan-11

US 192 -604 -674 -13752

EU 177 -970 -2360 -11910

Japan 101 -130 -260 -1230

PRC 407 200 -200 1600

Hong Kong China 157 -010 -1520 -12830

India 831 150 -270 3900

Indonesia 645 -1050 -3400 -11520

Malaysia 359 -090 -230 -4470

Korea Rep of 360 -400 -1900 -9200

Philippines 556 -357 -666 -3238

Singapore 153 000 -500 -11800

Thailand 360 -030 520 -1260

Viet Nam 1263 000 -380 8790

Markets


-674

-2360

-260

-200

-1520

-270

-3400

-230

-1900

-666

-500

520

-380






DEBT HIGHLIGHTS

ASIANBONDSONLINE




JapanEUUS




225

250

275

300

325

350

375

400

425

0 1 2 3 4 5 6 7 8 9 10 11 12

Y i e l d ( )


0 9- Sep -11 02 -Sep -11 26 -Au g- 11

00

05

10

15

20

25

30

35

0 2 4 6 8 10 12 14 16

Y i e l d ( )


09- Sep -11 02- Sep -11 26- Aug -11

40

50

60

70

80

90

100

110

120

0 3 6 9 12 15 18 21 24 27 30 33

Y i e l d ( )


09- Sep -11 02- Sep -11 26- Aug -11

250

300

350

400

450

500

550

600

0 2 4 6 8 10 12 14 16 18 20 22

Y i e l d ( )


0 9- Sep -11 02 -Se p- 11 26 -Au g- 11

26

28

30

32

34

36

38

40

42

44

4648

0 2 4 6 8 10 12 1 4 16 18 20 22

Y i e l d ( )


00

10

20

30

40

50

60

70

80

90

100

0 3 6 9 12 15 18 21 24 27

Y i e l d ( )



00

05

10

15

20

25

30

35

0 3 6 9 12 15 18 21

Y i e l d ( )


0 9- Sep -11 02- Se p- 11 26 -Au g- 11

20

23

25

28

30

33

35

3840

43

45

0 2 4 6 8 10 12 14 16

Y i e l d ( )


120

123

125

128

130

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

Y i e l d ( )



00

05

10

15

20

2530

35

40

45

50

0 4 8 12 16 20 24 28 32

Y i e l d ( )


00

03

05

08

10

1315

18

20

23

25

0 4 8 12 16 20 24 28 32 36 40

Y i e l d ( )


00

05

10

15

20

25

30

35

40

45

0 5 10 15 20 25 30

Y i e l d ( )




7






8



0 50 100 150 200 250 300 350 400

China Peoples Repof

Hong Kong China

Indonesia

Korea Rep of

Malaysia

Philippines

Singapore

Thailand

Viet Nam

US

EU

Japan

basis points

9-Sep-11

2-Sep-11

26-Aug-11








9














Source Bloomberg LP



Viet Nam









Inflation Rate

620

1-yearLending Rate

656

-4

-2

0

2

4

6

8

10


Inflation Rate

79

HKMA BaseRate

05

-4

-2

0

2

4

6

8


Inflation Rate

922


800

-2

0

2

4

6

8

10

12


Inflation Rate

340


300

-4

-2

0

2

4

6

8

10


Inflation Rate

530

7-Day RepoRate

325

0

2

4

6

8


c

Inflation Rate

479

675

0

2

4

6

8

10

12

14

16

18

20


BI Rate

InflationRate

470

OvernightReverse

Repo Rate

450

0

2

4

6

8

10

12


Inflation Rate

429

1-Day RepoRate

350

-6

-4

-2

0

2

4

6

8

10


Inflation Rate

2302

PrimeLending Rate

900

0

3

6

9

12

15

18

21

24

27

30







DEBT HIGHLIGHTS

ASIANBONDSONLINE

10






M i d s p r e



50

60

70

80

90

100

110

120

130

50

60

70

80

90

100

110

120

130



Indonesia

Malaysia

Phil ippines

Thailand

Singapore

Korea Rep of

Viet Nam

0

20 0

40 0

60 0

80 0

1000

1200

1400



Hong Kong China

Indonesia

Korea Rep of

Japan

Malaysia

Phil ippines

Thailand














ID 8-Sep 9-month SBI 628 800000 800000








131-day BNM Notes 289 250 250

210-day BNM Notes 289 200 200



159-day BNM Notes 288 200 200

306-day BNM Notes 289 250 250






91-day BOT Bills 345 2000 2000

182-day BOT Bills 350 1800 1800


C o u p o n


L CY B i l l i ons



A uc t i on


A v e r a g e

Y i e ld ( )






12








Indonesia

Mo torcycle Sales

y-o-y

A UG

0919 to 0923 0710 284

0810 169

0611 08

0711 55


grow th in June

Philippines


A UG



0710 101

0810 85

0611 82

0711 85



Singapore

Retail Sales

y-o-y

JUL

0915 0610 -67

0710 -14

0511 96

0611 109



Republic of Korea


y-o-y

A UG


the previous month

Philippines


y-o-y

JUL

0915 0610 83

0710 82

0511 69

0611 70


grow th of 69

0710 154

0810 400611 222

0711 1270

0917 to 0919

Singapore


y-o-y

A UG

0916 0710 183

0810 308

0611 10

0711 -28

Philippines


PHP billion

A UG

0919 to 0925 0710 -3269

0810 132

0611 -769

0711 -2648



Philippines

Total Exports

y-o-y

JUL

0913 0610 337

0710 360

0511 -31

0611 -94



grow th

Japan


y-o-y

JUL

0610 166

0710 146

0611 -17

0711 -28



0914

Hong Kong China


y-o-y

2Q11

0915 1Q10 04

2Q10 22

4Q10 57

1Q11 35

0919





DEBT HIGHLIGHTS



























































4

























6





Previous

Day

Previous

Week1-Jan-11

US 001 -051 -102 -1146

EU 050 -640 -620 1010

Japan 010 000 000 -240

PRC 380 000 000 6200

Hong Kong China 010 000 000 -1800

India 836 100 100 12600


Philippines 039 -478 -4628 -8078

Singapore 018 000 000 -2100

Thailand 342 319 133 14533


ClosingMarkets

-102

-620

000

000

000

100

000

-200

-4628

000

133



Previous

Day

Previous

Week1-Jan-11

US 192 -604 -674 -13752

EU 177 -970 -2360 -11910

Japan 101 -130 -260 -1230

PRC 407 200 -200 1600

Hong Kong China 157 -010 -1520 -12830

India 831 150 -270 3900

Indonesia 645 -1050 -3400 -11520

Malaysia 359 -090 -230 -4470

Korea Rep of 360 -400 -1900 -9200

Philippines 556 -357 -666 -3238

Singapore 153 000 -500 -11800

Thailand 360 -030 520 -1260

Viet Nam 1263 000 -380 8790

Markets


-674

-2360

-260

-200

-1520

-270

-3400

-230

-1900

-666

-500

520

-380






DEBT HIGHLIGHTS

ASIANBONDSONLINE




JapanEUUS




225

250

275

300

325

350

375

400

425

0 1 2 3 4 5 6 7 8 9 10 11 12

Y i e l d ( )


0 9- Sep -11 02 -Sep -11 26 -Au g- 11

00

05

10

15

20

25

30

35

0 2 4 6 8 10 12 14 16

Y i e l d ( )


09- Sep -11 02- Sep -11 26- Aug -11

40

50

60

70

80

90

100

110

120

0 3 6 9 12 15 18 21 24 27 30 33

Y i e l d ( )


09- Sep -11 02- Sep -11 26- Aug -11

250

300

350

400

450

500

550

600

0 2 4 6 8 10 12 14 16 18 20 22

Y i e l d ( )


0 9- Sep -11 02 -Se p- 11 26 -Au g- 11

26

28

30

32

34

36

38

40

42

44

4648

0 2 4 6 8 10 12 1 4 16 18 20 22

Y i e l d ( )


00

10

20

30

40

50

60

70

80

90

100

0 3 6 9 12 15 18 21 24 27

Y i e l d ( )



00

05

10

15

20

25

30

35

0 3 6 9 12 15 18 21

Y i e l d ( )


0 9- Sep -11 02- Se p- 11 26 -Au g- 11

20

23

25

28

30

33

35

3840

43

45

0 2 4 6 8 10 12 14 16

Y i e l d ( )


120

123

125

128

130

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

Y i e l d ( )



00

05

10

15

20

2530

35

40

45

50

0 4 8 12 16 20 24 28 32

Y i e l d ( )


00

03

05

08

10

1315

18

20

23

25

0 4 8 12 16 20 24 28 32 36 40

Y i e l d ( )


00

05

10

15

20

25

30

35

40

45

0 5 10 15 20 25 30

Y i e l d ( )




7






8



0 50 100 150 200 250 300 350 400

China Peoples Repof

Hong Kong China

Indonesia

Korea Rep of

Malaysia

Philippines

Singapore

Thailand

Viet Nam

US

EU

Japan

basis points

9-Sep-11

2-Sep-11

26-Aug-11








9














Source Bloomberg LP



Viet Nam









Inflation Rate

620

1-yearLending Rate

656

-4

-2

0

2

4

6

8

10


Inflation Rate

79

HKMA BaseRate

05

-4

-2

0

2

4

6

8


Inflation Rate

922


800

-2

0

2

4

6

8

10

12


Inflation Rate

340


300

-4

-2

0

2

4

6

8

10


Inflation Rate

530

7-Day RepoRate

325

0

2

4

6

8


c

Inflation Rate

479

675

0

2

4

6

8

10

12

14

16

18

20


BI Rate

InflationRate

470

OvernightReverse

Repo Rate

450

0

2

4

6

8

10

12


Inflation Rate

429

1-Day RepoRate

350

-6

-4

-2

0

2

4

6

8

10


Inflation Rate

2302

PrimeLending Rate

900

0

3

6

9

12

15

18

21

24

27

30







DEBT HIGHLIGHTS

ASIANBONDSONLINE

10






M i d s p r e



50

60

70

80

90

100

110

120

130

50

60

70

80

90

100

110

120

130



Indonesia

Malaysia

Phil ippines

Thailand

Singapore

Korea Rep of

Viet Nam

0

20 0

40 0

60 0

80 0

1000

1200

1400



Hong Kong China

Indonesia

Korea Rep of

Japan

Malaysia

Phil ippines

Thailand














ID 8-Sep 9-month SBI 628 800000 800000








131-day BNM Notes 289 250 250

210-day BNM Notes 289 200 200



159-day BNM Notes 288 200 200

306-day BNM Notes 289 250 250






91-day BOT Bills 345 2000 2000

182-day BOT Bills 350 1800 1800


C o u p o n


L CY B i l l i ons



A uc t i on


A v e r a g e

Y i e ld ( )






12








Indonesia

Mo torcycle Sales

y-o-y

A UG

0919 to 0923 0710 284

0810 169

0611 08

0711 55


grow th in June

Philippines


A UG



0710 101

0810 85

0611 82

0711 85



Singapore

Retail Sales

y-o-y

JUL

0915 0610 -67

0710 -14

0511 96

0611 109



Republic of Korea


y-o-y

A UG


the previous month

Philippines


y-o-y

JUL

0915 0610 83

0710 82

0511 69

0611 70


grow th of 69

0710 154

0810 400611 222

0711 1270

0917 to 0919

Singapore


y-o-y

A UG

0916 0710 183

0810 308

0611 10

0711 -28

Philippines


PHP billion

A UG

0919 to 0925 0710 -3269

0810 132

0611 -769

0711 -2648



Philippines

Total Exports

y-o-y

JUL

0913 0610 337

0710 360

0511 -31

0611 -94



grow th

Japan


y-o-y

JUL

0610 166

0710 146

0611 -17

0711 -28



0914

Hong Kong China


y-o-y

2Q11

0915 1Q10 04

2Q10 22

4Q10 57

1Q11 35

0919





DEBT HIGHLIGHTS





























































6





Previous

Day

Previous

Week1-Jan-11

US 001 -051 -102 -1146

EU 050 -640 -620 1010

Japan 010 000 000 -240

PRC 380 000 000 6200

Hong Kong China 010 000 000 -1800

India 836 100 100 12600


Philippines 039 -478 -4628 -8078

Singapore 018 000 000 -2100

Thailand 342 319 133 14533


ClosingMarkets

-102

-620

000

000

000

100

000

-200

-4628

000

133



Previous

Day

Previous

Week1-Jan-11

US 192 -604 -674 -13752

EU 177 -970 -2360 -11910

Japan 101 -130 -260 -1230

PRC 407 200 -200 1600

Hong Kong China 157 -010 -1520 -12830

India 831 150 -270 3900

Indonesia 645 -1050 -3400 -11520

Malaysia 359 -090 -230 -4470

Korea Rep of 360 -400 -1900 -9200

Philippines 556 -357 -666 -3238

Singapore 153 000 -500 -11800

Thailand 360 -030 520 -1260

Viet Nam 1263 000 -380 8790

Markets


-674

-2360

-260

-200

-1520

-270

-3400

-230

-1900

-666

-500

520

-380






DEBT HIGHLIGHTS

ASIANBONDSONLINE




JapanEUUS




225

250

275

300

325

350

375

400

425

0 1 2 3 4 5 6 7 8 9 10 11 12

Y i e l d ( )


0 9- Sep -11 02 -Sep -11 26 -Au g- 11

00

05

10

15

20

25

30

35

0 2 4 6 8 10 12 14 16

Y i e l d ( )


09- Sep -11 02- Sep -11 26- Aug -11

40

50

60

70

80

90

100

110

120

0 3 6 9 12 15 18 21 24 27 30 33

Y i e l d ( )


09- Sep -11 02- Sep -11 26- Aug -11

250

300

350

400

450

500

550

600

0 2 4 6 8 10 12 14 16 18 20 22

Y i e l d ( )


0 9- Sep -11 02 -Se p- 11 26 -Au g- 11

26

28

30

32

34

36

38

40

42

44

4648

0 2 4 6 8 10 12 1 4 16 18 20 22

Y i e l d ( )


00

10

20

30

40

50

60

70

80

90

100

0 3 6 9 12 15 18 21 24 27

Y i e l d ( )



00

05

10

15

20

25

30

35

0 3 6 9 12 15 18 21

Y i e l d ( )


0 9- Sep -11 02- Se p- 11 26 -Au g- 11

20

23

25

28

30

33

35

3840

43

45

0 2 4 6 8 10 12 14 16

Y i e l d ( )


120

123

125

128

130

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

Y i e l d ( )



00

05

10

15

20

2530

35

40

45

50

0 4 8 12 16 20 24 28 32

Y i e l d ( )


00

03

05

08

10

1315

18

20

23

25

0 4 8 12 16 20 24 28 32 36 40

Y i e l d ( )


00

05

10

15

20

25

30

35

40

45

0 5 10 15 20 25 30

Y i e l d ( )




7






8



0 50 100 150 200 250 300 350 400

China Peoples Repof

Hong Kong China

Indonesia

Korea Rep of

Malaysia

Philippines

Singapore

Thailand

Viet Nam

US

EU

Japan

basis points

9-Sep-11

2-Sep-11

26-Aug-11








9














Source Bloomberg LP



Viet Nam









Inflation Rate

620

1-yearLending Rate

656

-4

-2

0

2

4

6

8

10


Inflation Rate

79

HKMA BaseRate

05

-4

-2

0

2

4

6

8


Inflation Rate

922


800

-2

0

2

4

6

8

10

12


Inflation Rate

340


300

-4

-2

0

2

4

6

8

10


Inflation Rate

530

7-Day RepoRate

325

0

2

4

6

8


c

Inflation Rate

479

675

0

2

4

6

8

10

12

14

16

18

20


BI Rate

InflationRate

470

OvernightReverse

Repo Rate

450

0

2

4

6

8

10

12


Inflation Rate

429

1-Day RepoRate

350

-6

-4

-2

0

2

4

6

8

10


Inflation Rate

2302

PrimeLending Rate

900

0

3

6

9

12

15

18

21

24

27

30







DEBT HIGHLIGHTS

ASIANBONDSONLINE

10






M i d s p r e



50

60

70

80

90

100

110

120

130

50

60

70

80

90

100

110

120

130



Indonesia

Malaysia

Phil ippines

Thailand

Singapore

Korea Rep of

Viet Nam

0

20 0

40 0

60 0

80 0

1000

1200

1400



Hong Kong China

Indonesia

Korea Rep of

Japan

Malaysia

Phil ippines

Thailand














ID 8-Sep 9-month SBI 628 800000 800000








131-day BNM Notes 289 250 250

210-day BNM Notes 289 200 200



159-day BNM Notes 288 200 200

306-day BNM Notes 289 250 250






91-day BOT Bills 345 2000 2000

182-day BOT Bills 350 1800 1800


C o u p o n


L CY B i l l i ons



A uc t i on


A v e r a g e

Y i e ld ( )






12








Indonesia

Mo torcycle Sales

y-o-y

A UG

0919 to 0923 0710 284

0810 169

0611 08

0711 55


grow th in June

Philippines


A UG



0710 101

0810 85

0611 82

0711 85



Singapore

Retail Sales

y-o-y

JUL

0915 0610 -67

0710 -14

0511 96

0611 109



Republic of Korea


y-o-y

A UG


the previous month

Philippines


y-o-y

JUL

0915 0610 83

0710 82

0511 69

0611 70


grow th of 69

0710 154

0810 400611 222

0711 1270

0917 to 0919

Singapore


y-o-y

A UG

0916 0710 183

0810 308

0611 10

0711 -28

Philippines


PHP billion

A UG

0919 to 0925 0710 -3269

0810 132

0611 -769

0711 -2648



Philippines

Total Exports

y-o-y

JUL

0913 0610 337

0710 360

0511 -31

0611 -94



grow th

Japan


y-o-y

JUL

0610 166

0710 146

0611 -17

0711 -28



0914

Hong Kong China


y-o-y

2Q11

0915 1Q10 04

2Q10 22

4Q10 57

1Q11 35

0919





DEBT HIGHLIGHTS


























































DEBT HIGHLIGHTS

ASIANBONDSONLINE




JapanEUUS




225

250

275

300

325

350

375

400

425

0 1 2 3 4 5 6 7 8 9 10 11 12

Y i e l d ( )


0 9- Sep -11 02 -Sep -11 26 -Au g- 11

00

05

10

15

20

25

30

35

0 2 4 6 8 10 12 14 16

Y i e l d ( )


09- Sep -11 02- Sep -11 26- Aug -11

40

50

60

70

80

90

100

110

120

0 3 6 9 12 15 18 21 24 27 30 33

Y i e l d ( )


09- Sep -11 02- Sep -11 26- Aug -11

250

300

350

400

450

500

550

600

0 2 4 6 8 10 12 14 16 18 20 22

Y i e l d ( )


0 9- Sep -11 02 -Se p- 11 26 -Au g- 11

26

28

30

32

34

36

38

40

42

44

4648

0 2 4 6 8 10 12 1 4 16 18 20 22

Y i e l d ( )


00

10

20

30

40

50

60

70

80

90

100

0 3 6 9 12 15 18 21 24 27

Y i e l d ( )



00

05

10

15

20

25

30

35

0 3 6 9 12 15 18 21

Y i e l d ( )


0 9- Sep -11 02- Se p- 11 26 -Au g- 11

20

23

25

28

30

33

35

3840

43

45

0 2 4 6 8 10 12 14 16

Y i e l d ( )


120

123

125

128

130

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

Y i e l d ( )



00

05

10

15

20

2530

35

40

45

50

0 4 8 12 16 20 24 28 32

Y i e l d ( )


00

03

05

08

10

1315

18

20

23

25

0 4 8 12 16 20 24 28 32 36 40

Y i e l d ( )


00

05

10

15

20

25

30

35

40

45

0 5 10 15 20 25 30

Y i e l d ( )




7






8



0 50 100 150 200 250 300 350 400

China Peoples Repof

Hong Kong China

Indonesia

Korea Rep of

Malaysia

Philippines

Singapore

Thailand

Viet Nam

US

EU

Japan

basis points

9-Sep-11

2-Sep-11

26-Aug-11








9














Source Bloomberg LP



Viet Nam









Inflation Rate

620

1-yearLending Rate

656

-4

-2

0

2

4

6

8

10


Inflation Rate

79

HKMA BaseRate

05

-4

-2

0

2

4

6

8


Inflation Rate

922


800

-2

0

2

4

6

8

10

12


Inflation Rate

340


300

-4

-2

0

2

4

6

8

10


Inflation Rate

530

7-Day RepoRate

325

0

2

4

6

8


c

Inflation Rate

479

675

0

2

4

6

8

10

12

14

16

18

20


BI Rate

InflationRate

470

OvernightReverse

Repo Rate

450

0

2

4

6

8

10

12


Inflation Rate

429

1-Day RepoRate

350

-6

-4

-2

0

2

4

6

8

10


Inflation Rate

2302

PrimeLending Rate

900

0

3

6

9

12

15

18

21

24

27

30







DEBT HIGHLIGHTS

ASIANBONDSONLINE

10






M i d s p r e



50

60

70

80

90

100

110

120

130

50

60

70

80

90

100

110

120

130



Indonesia

Malaysia

Phil ippines

Thailand

Singapore

Korea Rep of

Viet Nam

0

20 0

40 0

60 0

80 0

1000

1200

1400



Hong Kong China

Indonesia

Korea Rep of

Japan

Malaysia

Phil ippines

Thailand














ID 8-Sep 9-month SBI 628 800000 800000








131-day BNM Notes 289 250 250

210-day BNM Notes 289 200 200



159-day BNM Notes 288 200 200

306-day BNM Notes 289 250 250






91-day BOT Bills 345 2000 2000

182-day BOT Bills 350 1800 1800


C o u p o n


L CY B i l l i ons



A uc t i on


A v e r a g e

Y i e ld ( )






12








Indonesia

Mo torcycle Sales

y-o-y

A UG

0919 to 0923 0710 284

0810 169

0611 08

0711 55


grow th in June

Philippines


A UG



0710 101

0810 85

0611 82

0711 85



Singapore

Retail Sales

y-o-y

JUL

0915 0610 -67

0710 -14

0511 96

0611 109



Republic of Korea


y-o-y

A UG


the previous month

Philippines


y-o-y

JUL

0915 0610 83

0710 82

0511 69

0611 70


grow th of 69

0710 154

0810 400611 222

0711 1270

0917 to 0919

Singapore


y-o-y

A UG

0916 0710 183

0810 308

0611 10

0711 -28

Philippines


PHP billion

A UG

0919 to 0925 0710 -3269

0810 132

0611 -769

0711 -2648



Philippines

Total Exports

y-o-y

JUL

0913 0610 337

0710 360

0511 -31

0611 -94



grow th

Japan


y-o-y

JUL

0610 166

0710 146

0611 -17

0711 -28



0914

Hong Kong China


y-o-y

2Q11

0915 1Q10 04

2Q10 22

4Q10 57

1Q11 35

0919





DEBT HIGHLIGHTS



























































8



0 50 100 150 200 250 300 350 400

China Peoples Repof

Hong Kong China

Indonesia

Korea Rep of

Malaysia

Philippines

Singapore

Thailand

Viet Nam

US

EU

Japan

basis points

9-Sep-11

2-Sep-11

26-Aug-11








9














Source Bloomberg LP



Viet Nam









Inflation Rate

620

1-yearLending Rate

656

-4

-2

0

2

4

6

8

10


Inflation Rate

79

HKMA BaseRate

05

-4

-2

0

2

4

6

8


Inflation Rate

922


800

-2

0

2

4

6

8

10

12


Inflation Rate

340


300

-4

-2

0

2

4

6

8

10


Inflation Rate

530

7-Day RepoRate

325

0

2

4

6

8


c

Inflation Rate

479

675

0

2

4

6

8

10

12

14

16

18

20


BI Rate

InflationRate

470

OvernightReverse

Repo Rate

450

0

2

4

6

8

10

12


Inflation Rate

429

1-Day RepoRate

350

-6

-4

-2

0

2

4

6

8

10


Inflation Rate

2302

PrimeLending Rate

900

0

3

6

9

12

15

18

21

24

27

30







DEBT HIGHLIGHTS

ASIANBONDSONLINE

10






M i d s p r e



50

60

70

80

90

100

110

120

130

50

60

70

80

90

100

110

120

130



Indonesia

Malaysia

Phil ippines

Thailand

Singapore

Korea Rep of

Viet Nam

0

20 0

40 0

60 0

80 0

1000

1200

1400



Hong Kong China

Indonesia

Korea Rep of

Japan

Malaysia

Phil ippines

Thailand














ID 8-Sep 9-month SBI 628 800000 800000








131-day BNM Notes 289 250 250

210-day BNM Notes 289 200 200



159-day BNM Notes 288 200 200

306-day BNM Notes 289 250 250






91-day BOT Bills 345 2000 2000

182-day BOT Bills 350 1800 1800


C o u p o n


L CY B i l l i ons



A uc t i on


A v e r a g e

Y i e ld ( )






12








Indonesia

Mo torcycle Sales

y-o-y

A UG

0919 to 0923 0710 284

0810 169

0611 08

0711 55


grow th in June

Philippines


A UG



0710 101

0810 85

0611 82

0711 85



Singapore

Retail Sales

y-o-y

JUL

0915 0610 -67

0710 -14

0511 96

0611 109



Republic of Korea


y-o-y

A UG


the previous month

Philippines


y-o-y

JUL

0915 0610 83

0710 82

0511 69

0611 70


grow th of 69

0710 154

0810 400611 222

0711 1270

0917 to 0919

Singapore


y-o-y

A UG

0916 0710 183

0810 308

0611 10

0711 -28

Philippines


PHP billion

A UG

0919 to 0925 0710 -3269

0810 132

0611 -769

0711 -2648



Philippines

Total Exports

y-o-y

JUL

0913 0610 337

0710 360

0511 -31

0611 -94



grow th

Japan


y-o-y

JUL

0610 166

0710 146

0611 -17

0711 -28



0914

Hong Kong China


y-o-y

2Q11

0915 1Q10 04

2Q10 22

4Q10 57

1Q11 35

0919





DEBT HIGHLIGHTS




























































9














Source Bloomberg LP



Viet Nam









Inflation Rate

620

1-yearLending Rate

656

-4

-2

0

2

4

6

8

10


Inflation Rate

79

HKMA BaseRate

05

-4

-2

0

2

4

6

8


Inflation Rate

922


800

-2

0

2

4

6

8

10

12


Inflation Rate

340


300

-4

-2

0

2

4

6

8

10


Inflation Rate

530

7-Day RepoRate

325

0

2

4

6

8


c

Inflation Rate

479

675

0

2

4

6

8

10

12

14

16

18

20


BI Rate

InflationRate

470

OvernightReverse

Repo Rate

450

0

2

4

6

8

10

12


Inflation Rate

429

1-Day RepoRate

350

-6

-4

-2

0

2

4

6

8

10


Inflation Rate

2302

PrimeLending Rate

900

0

3

6

9

12

15

18

21

24

27

30







DEBT HIGHLIGHTS

ASIANBONDSONLINE

10






M i d s p r e



50

60

70

80

90

100

110

120

130

50

60

70

80

90

100

110

120

130



Indonesia

Malaysia

Phil ippines

Thailand

Singapore

Korea Rep of

Viet Nam

0

20 0

40 0

60 0

80 0

1000

1200

1400



Hong Kong China

Indonesia

Korea Rep of

Japan

Malaysia

Phil ippines

Thailand














ID 8-Sep 9-month SBI 628 800000 800000








131-day BNM Notes 289 250 250

210-day BNM Notes 289 200 200



159-day BNM Notes 288 200 200

306-day BNM Notes 289 250 250






91-day BOT Bills 345 2000 2000

182-day BOT Bills 350 1800 1800


C o u p o n


L CY B i l l i ons



A uc t i on


A v e r a g e

Y i e ld ( )






12








Indonesia

Mo torcycle Sales

y-o-y

A UG

0919 to 0923 0710 284

0810 169

0611 08

0711 55


grow th in June

Philippines


A UG



0710 101

0810 85

0611 82

0711 85



Singapore

Retail Sales

y-o-y

JUL

0915 0610 -67

0710 -14

0511 96

0611 109



Republic of Korea


y-o-y

A UG


the previous month

Philippines


y-o-y

JUL

0915 0610 83

0710 82

0511 69

0611 70


grow th of 69

0710 154

0810 400611 222

0711 1270

0917 to 0919

Singapore


y-o-y

A UG

0916 0710 183

0810 308

0611 10

0711 -28

Philippines


PHP billion

A UG

0919 to 0925 0710 -3269

0810 132

0611 -769

0711 -2648



Philippines

Total Exports

y-o-y

JUL

0913 0610 337

0710 360

0511 -31

0611 -94



grow th

Japan


y-o-y

JUL

0610 166

0710 146

0611 -17

0711 -28



0914

Hong Kong China


y-o-y

2Q11

0915 1Q10 04

2Q10 22

4Q10 57

1Q11 35

0919





DEBT HIGHLIGHTS



























































DEBT HIGHLIGHTS

ASIANBONDSONLINE

10






M i d s p r e



50

60

70

80

90

100

110

120

130

50

60

70

80

90

100

110

120

130



Indonesia

Malaysia

Phil ippines

Thailand

Singapore

Korea Rep of

Viet Nam

0

20 0

40 0

60 0

80 0

1000

1200

1400



Hong Kong China

Indonesia

Korea Rep of

Japan

Malaysia

Phil ippines

Thailand














ID 8-Sep 9-month SBI 628 800000 800000








131-day BNM Notes 289 250 250

210-day BNM Notes 289 200 200



159-day BNM Notes 288 200 200

306-day BNM Notes 289 250 250






91-day BOT Bills 345 2000 2000

182-day BOT Bills 350 1800 1800


C o u p o n


L CY B i l l i ons



A uc t i on


A v e r a g e

Y i e ld ( )






12








Indonesia

Mo torcycle Sales

y-o-y

A UG

0919 to 0923 0710 284

0810 169

0611 08

0711 55


grow th in June

Philippines


A UG



0710 101

0810 85

0611 82

0711 85



Singapore

Retail Sales

y-o-y

JUL

0915 0610 -67

0710 -14

0511 96

0611 109



Republic of Korea


y-o-y

A UG


the previous month

Philippines


y-o-y

JUL

0915 0610 83

0710 82

0511 69

0611 70


grow th of 69

0710 154

0810 400611 222

0711 1270

0917 to 0919

Singapore


y-o-y

A UG

0916 0710 183

0810 308

0611 10

0711 -28

Philippines


PHP billion

A UG

0919 to 0925 0710 -3269

0810 132

0611 -769

0711 -2648



Philippines

Total Exports

y-o-y

JUL

0913 0610 337

0710 360

0511 -31

0611 -94



grow th

Japan


y-o-y

JUL

0610 166

0710 146

0611 -17

0711 -28



0914

Hong Kong China


y-o-y

2Q11

0915 1Q10 04

2Q10 22

4Q10 57

1Q11 35

0919





DEBT HIGHLIGHTS



































































ID 8-Sep 9-month SBI 628 800000 800000








131-day BNM Notes 289 250 250

210-day BNM Notes 289 200 200



159-day BNM Notes 288 200 200

306-day BNM Notes 289 250 250






91-day BOT Bills 345 2000 2000

182-day BOT Bills 350 1800 1800


C o u p o n


L CY B i l l i ons



A uc t i on


A v e r a g e

Y i e ld ( )






12








Indonesia

Mo torcycle Sales

y-o-y

A UG

0919 to 0923 0710 284

0810 169

0611 08

0711 55


grow th in June

Philippines


A UG



0710 101

0810 85

0611 82

0711 85



Singapore

Retail Sales

y-o-y

JUL

0915 0610 -67

0710 -14

0511 96

0611 109



Republic of Korea


y-o-y

A UG


the previous month

Philippines


y-o-y

JUL

0915 0610 83

0710 82

0511 69

0611 70


grow th of 69

0710 154

0810 400611 222

0711 1270

0917 to 0919

Singapore


y-o-y

A UG

0916 0710 183

0810 308

0611 10

0711 -28

Philippines


PHP billion

A UG

0919 to 0925 0710 -3269

0810 132

0611 -769

0711 -2648



Philippines

Total Exports

y-o-y

JUL

0913 0610 337

0710 360

0511 -31

0611 -94



grow th

Japan


y-o-y

JUL

0610 166

0710 146

0611 -17

0711 -28



0914

Hong Kong China


y-o-y

2Q11

0915 1Q10 04

2Q10 22

4Q10 57

1Q11 35

0919





DEBT HIGHLIGHTS



























































12








Indonesia

Mo torcycle Sales

y-o-y

A UG

0919 to 0923 0710 284

0810 169

0611 08

0711 55


grow th in June

Philippines


A UG



0710 101

0810 85

0611 82

0711 85



Singapore

Retail Sales

y-o-y

JUL

0915 0610 -67

0710 -14

0511 96

0611 109



Republic of Korea


y-o-y

A UG


the previous month

Philippines


y-o-y

JUL

0915 0610 83

0710 82

0511 69

0611 70


grow th of 69

0710 154

0810 400611 222

0711 1270

0917 to 0919

Singapore


y-o-y

A UG

0916 0710 183

0810 308

0611 10

0711 -28

Philippines


PHP billion

A UG

0919 to 0925 0710 -3269

0810 132

0611 -769

0711 -2648



Philippines

Total Exports

y-o-y

JUL

0913 0610 337

0710 360

0511 -31

0611 -94



grow th

Japan


y-o-y

JUL

0610 166

0710 146

0611 -17

0711 -28



0914

Hong Kong China


y-o-y

2Q11

0915 1Q10 04

2Q10 22

4Q10 57

1Q11 35

0919





DEBT HIGHLIGHTS


























































DEBT HIGHLIGHTS






















































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