asian weekly debt highlights - september 05, 2011

842019 Asian Weekly Debt Highlights - September 05 2011

httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 112

5 September 2011 asianbondsonlineadborg

helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip

Key Developments in Asian Local Currency Markets

1

ross domestic product (GDP) growth in the Philippines fell to 34 year-on-year (y-o-y) in 2Q11-the fourthstraight quarter of slowing growth The 2Q11 data brought the countrys GDP growth in 1H11 to 40 y-o-yfollowing 46 growth in 1Q11 The slowdown in GDP growth was due to faltering global demand that curbedexports and investments Despite the global slowdown the Philippine economy benefited from a robust

rebound in the agriculture sector the sustained albeit slowing performance of the manufacturing sector and balancedgrowth in the services sector On the demand side consumer spending also boosted GDP with growth of 54 y-o-y in2Q11

Japans industrial production rose 06 inJuly from the previous month the slowestmonthly growth rate since March In theRepublic of Korea industrial output in July grewat the slowest pace in 10 months 38 y-o-yas annual growth rates in manufacturing andproducers shipments fell In Viet Nam

industrial production surged 58 y-o-y and43 month-on-month (m-o-m)

Retail sales in Hong Kong China grew291 y-o-y to HKD352 billion in July onaccount of robust local consumption and touristspending In Viet Nam the total value of retailsales of goods and services increased 222to VND1224 trillion (USD597 billion) in the first8 months of the year

Consumer price inflation for the Republic ofKorea accelerated to 53 y-o-y in August thehighest level in 3 years mainly triggered by asharp increase in food prices In Thailandconsumer price inflation in August rose to 43y-o-y the highest level since September 2008spurred by escalating food costs

The Republic of Koreas trade surplusplunged to USD821 million in August fromUSD63 billion in the previous month amidstrong import growth and only modest exportgrowth In Thailand the current account surpluswidened to USD36 billion in July from USD25billion in June as the trade surplus for themonth increased to USD27 billion fromUSD19 billion in the previous month

The Peoples Bank of China (PBOC)announced its plan to include the margindeposits of commercial banks-the deposit paidby clients to secure the issuance of bankersacceptance and letters of credit-as part of thereserve requirement in order to mop upexcessive liquidity Meanwhile the State Bankof Viet Nam issued its decision effective 1September to increase foreign currency

reserve requirement ratios for demand deposits and time deposits

Last week notable bond issuances from the Peoples Republic ofChina included commerical paper from Sinohydro Group (CNY1billion) Shaanxi Regional Electric Power (CNY1 billion) andMetallurgical Corporation of China (CNY3 billion) In the Republic ofKorea steel producer Posco priced a KRW500 billion 5-year bond at acoupon rate of 399 In Thailand Glow Energy Public Company Ltdissued a 10-year bond worth THB56 billion with a 50 coupon

Government bond yields fell last week for all tenors in Viet Namand for most tenors in the Republic of Korea Malaysia the Philippinesand Singapore Yields rose for all tenors in the PRC and for mosttenors in Thailand Yield movements were mixed in Hong Kong Chinaand were mostly unchanged in Indonesia Yield spreads between 2-and 10- year maturities widened in the Philippines and Thailand whilespreads narrowed in most other emerging East Asian markets

G Asia Bond Monitor September 2011

10-Year Selected LCY Government Security Yields Close of 2 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 199 -1445 -2042 -13078

EU 201 -1370 -1490 -9550Japan 103 -210 -120 -970

PRC 409 -100 1400 1800

Hong Kong China 173 -630 -320 -11310

India 834 150 330 4170

Indones ia 679 000 -480 -8120

Malays ia 361 -300 -310 -4240

Korea Rep of 379 -200 -800 -7300

Philipp ines 563 -587 -1371 -2572

Singapore 158 -600 -500 -11300

Thailand 355 -110 540 -1780

Viet Nam 1267 000 -500 9170

-2042

-1490

-120

1400

-320

330

-480

-310

-800

-1371

-500

540

-500



helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip

asianbondsonlineadborg

helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip

EBT HIGHLIGHTS ASIANBONDSONLINE

2

Summary Text of News Articles

Philippine Economy Expands 34 in 2Q11Gross domestic product (GDP) growth in the Philippines was reported at 34 year-on-year (y-o-y) in 2Q11-the fourth

straight quarter of slowing growth The median forecast for 2Q11 GDP was 41 The 2Q11 data brought the countrysGDP growth in 1H11 to 40 y-o-y after posting 46 growth in 1Q11 The slowdown in GDP growth was due tofaltering global demand that curbed exports and investments Despite the global slowdown the Philippine economybenefited from a robust rebound in the agriculture sector the sustained albeit slowing performance of themanufacturing sector and balanced growth in the services sector The agriculture services and manufacturing sectorsclimbed 71 50 and 48 y-o-y respectively On the demand side consumer spending also boosted GDP withgrowth of 54 y-o-y in 2Q11 The country aims to achieve 7 economic growth in 2011

For historical data on the Philippines GDP refer to this link

httpasianbondsonlineadborgphilippinesdatamacroeconomic_creditphp

Japans Industrial Production Rises 06 in July

Republic of Koreas Business Sentiment Wanes Industrial Output Growth Slows in July Viet Nams Industrial Production Surges 58 in August

Japans industrial production rose 06 in July from the previous month However this was a decline of 28 y-o-yJulys month-on-month (m-o-m) output growth was the slowest since March and below the median forecast of 15The strong Japanese yen and a weakening global economy are weighing on the recovery in the export-reliant economyThe lackluster increase was buoyed by the production of transport equipment communications equipment and generalmachinery Production is expected to increase 28 m-o-m in August and decrease 24 m-o-m in Septemberaccording to the Survey of Production Forecast in Manufacturing

In the Republic of Korea business sentiment waned in August while the outlook for September dimmed The businesssurvey index (BSI) on conditions in the manufacturing sector dropped 11 points to 80 in August and the Septemberoutlook fell 5 points to 86 For business conditions in the non-manufacturing sector the BSI declined 3 points to 81 in

August while the September outlook remained unchanged from the previous month at 83 Meanwhile the Republic ofKoreas industrial output grew at its slowest pace in 10 months in July at 38 y-o-y as annual growth rates inmanufacturing and producers shipments declined from the previous month On a m-o-m basis industrial productioncontracted 04 in July

The Index of Industrial Production (IIP) in Viet Nam surged 58 y-o-y and 43 m-o-m in August For the first 8months of 2011 the countrys IIP soared 73 y-o-y on the back of a 107 increase in the processing industry sectorand a 98 increase in production and distribution in the electricity gas and water sector Meanwhile the mining sectorsaw a slight decline of 07 y-o-y during the same period

Retail Sales Growth Remains Strong in Hong Kong China and Viet NamRetail sales growth in Hong Kong China accelerated in July on account of robust local consumption and touristspending Retail sales grew 291 y-o-y to HKD352 billion in July It was the fifth consecutive month that sales rose by

more than 20 According to a statement from the Census and Statistics Department local consumer sentiment shouldstay largely positive amid improving income conditions

In Viet Nam retail sales of goods and services increased 222 to VND1224 trillion during the first 8 months of theyear During this period commercial sector revenue which accounted for around 80 of the countrys totalconsumption soared 225 y-o-y while the services sector which accounted for around 10 of total consumptionrecorded growth of 227 There was also 148 y-o-y growth in the tourism industry during the same time period





asianbondsonlineadborg EBT HIGHLIGHTS ASIANBONDSONLINE

3


Consumer Price Inflation Accelerates in August in the Republic of Korea and Thailand on Food Price HikesConsumer price inflation in the Republic of Korea accelerated to 53 y-o-y in August the highest rate in 3 years

mainly triggered by a sharp increase in food prices The price index for food and non-alcoholic beverages postedanother month of double-digit growth at 114 while housing and utilities climbed to 55 from 52 in the previousmonth On a m-o-m basis consumer prices rose 09 in August with food prices soaring 30

In Thailand consumer price inflation in August stood at 43 y-o-y-the highest level since September 2008-spurred byescalating food costs The food price index surged 84 y-o-y for the month compared with a 72 increase in July Ona non-seasonally adjusted basis the consumer price index in August increased 04 m-o-m up from a 02 rise inJuly

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

For inflation trends in Thailand refer to this link

httpasianbondsonlineadborgthailanddatamarketwatchphpcode=policy_rate_and_inflation_trends

Republic of Koreas Trade Surplus Narrows Sharply in August

Thailand Records Wider Trade and Current Account Surpluses in July The Republic of Koreas trade surplus plunged to USD821 million in August from USD63 billion in the previous monthamid strong import growth and modest export growth Overseas shipments grew 271 y-o-y to USD464 billion inAugust after rising 252 in July led by strong growth in chemical and petroleum products and automobiles andautomobile parts Meanwhile imports surged 292 y-o-y to USD456 billion in August on the back of robust growth inraw materials imports

In Thailand the current account surplus widened to USD36 billion in July from USD25 billion in June as the tradesurplus increased to USD27 billion from USD19 billion Exports grew an impressive 364 y-o-y to USD211 billion in

July following a 164 rise in the previous month thanks to buoyant growth in agricultural exports On the other handimports grew by a modest 131 y-o-y to USD184 billion after rising 235 in June

PBOC to Expand Reserve Requirement Base

State Bank of Viet Nam to Increase Foreign Currency Reserve Requirement RatioThe Peoples Bank of China (PBOC) announced plans to include margin deposits of commercial banks-the deposit paidby clients to secure the issuance of bankers acceptance and letters of credit-as part of the reserve requirement in orderto mop up excessive liquidity The new policy is expected to freeze about CNY900 billion in bank capital The countryslarge banks will begin to pay their first margin deposit for the reserve requirement starting 5 September while otherbanks will follow beginning 15 September

The State Bank of Viet Nam (SBV) issued a decision effective 1 September increasing foreign currency reserve

requirement ratios for demand deposits and time deposits of less than 12 months to 8 and time deposits of more than12 months to 6 of the total deposits outstanding for state-owned commercial banks (excluding the Viet Nam Bank forAgriculture and Rural Development) joint-stock commercial banks joint venture banks foreign bank branches andwholly owned foreign banks The SBV will also increase foreign currency reserve requirement ratios for demanddeposits and time deposits of less than 12 months to 7 and time deposits of more than 12-months to 5 of the totaldeposits outstanding for the Viet Nam Bank for Agriculture and Rural Development Central Peoples Credit Fund andcooperative banks






4


Bond Issuance in the PRC Republic of Korea and ThailandLast week Sinohydro Group a multinational construction group issued CNY1 billion worth of commercial paper in the

interbank bond market Of the proceeds CNY700 million will be used for working capital and the remaining CNY300million will be used to repay bank loans Meanwhile Shaanxi Regional Electric Power a power supplier in the PeoplesRepublic of Chinas (PRC) Shaanxi Province also issued CNY1 billion worth of commercial paper with CNY350 millionof the proceeds to be used for working capital and the remaining CNY650 million to pay bank loans Lastly thecountrys leading mining and smelting operator Metallurgical Corporation of China issued CNY3 billion worth ofcommercial paper in the interbank bond market

One of the largest local currency bond issuers in the Republic of Korea last week was steel producer Posco whichpriced a KRW500 billion 5-year bond at a coupon rate of 399 In Thailand Glow Energy Public Company Ltd issueda 10-year bond worth THB56 billion with a 50 coupon Siam Cement plans to price a 4-year bond valued at THB10billion by mid-September with the companys existing retail investors and new individual investors as potential buyers



helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip



DEBT HIGHLIGHTS ASIANBONDSONLINE

5

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

Selected Government Security Yields

3-Month Selected LCY Government Security Yields

10-Year Selected LCY Government Bond Yields

Close of 2 September 2011


Source Based on data from Bloomberg LP

Previous

Day

Previous

Week1-Jan-11

US 002 051 204 -1044

EU 056 -620 -110 1630

Japan 010 000 000 -240

PRC 380 1600 5600 6200

Hong Kong China 010 000 000 -1800

India 835 200 500 12500

Malaysia 295 000 -010 1660Korea Rep of 327 000 000 7600

Philippines 085 -750 371 -3450

Singapore 018 100 500 -2100

Thailand 341 017 600 14400

basis point change fromLatest

ClosingMarkets

204

-110

000

5600

000

500

-010

000

371

500

600

Previous

Day

Previous

Week1-Jan-11

US 199 -1445 -2042 -13078

EU 201 -1370 -1490 -9550

Japan 103 -210 -120 -970

PRC 409 -100 1400 1800

Hong Kong China 173 -630 -320 -11310

India 834 150 330 4170

Indonesia 679 000 -480 -8120

Malaysia 361 -300 -310 -4240

Korea Rep of 379 -200 -800 -7300

Philippines 563 -587 -1371 -2572

Singapore 158 -600 -500 -11300

Thailand 355 -110 540 -1780

Viet Nam 1267 000 -500 9170

basis point change fromLatestClosing

Markets

-2042

-1490

-120

1400

-320

330

-480

-310

-800

-1371

-500

540

-500








DEBT HIGHLIGHTS

ASIANBONDSONLINE

7

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

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

Source Based on data from Bloomberg LP 0 50 100 150 200 250 300 350

China Peoples Repof

Hong Kong China

Indonesia

Korea Rep of

Malaysia

Philippines

Singapore

Thailand

Viet Nam

US

EU

Japan

basis points

2-Sep-11

26-Aug-11

19-Aug-11







8



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

650

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


Inflation Rate461

675

0

2

4

6

8

10

12

14

16

18

20


BI Rate

InflationRate

510

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


ip Zoom-in on the table using the Acrobat zoom tool T 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 Sep-11


Hong Kong China

Indonesia

Korea Rep of

Japan

Malaysia

Phil ippines

Thailand


9






Selected Debt Security Issuances (29 August ndash 2 September 2011)

ip Zoom-in on the table using the Acrobat zoom tool T

PRC 30-Aug 1-year PBOC Bills 358 100 100

1-Sep 3-month PBOC Bil ls 316 100 100

HK 30-Aug 91-day Exchange Fund Bills 011 2591 2591

JP 30-Aug 2-year Japan Government Bonds 014 010 260000 259927

31-Aug 3-month Treasury Discount Bil ls 009 480000 481993

1-Sep 10-year Japan Government Bonds 108 110 220000 219894

KR 29-Aug 91-day Monetary Stabilization Bonds 332 100000 101000

PH 31-Aug 7-year Fixed Rate Treasury Notes 494 500 900 900

SG 29-Aug 91-day Treasury Bills 009 390 390

TH 30-Aug 28-day BOT Bills 341 1500 1500

31-Aug 6-year Government Bonds 344 1200 1200

1-Sep 14-day BOT Bills 341 6000 6000VN 1-Sep 3-year Government Bonds 1228 200000 192500

5-year Government Bonds 1240 200000 186700

Sources Local market sources and Bloomberg LP

C o u p o n

(in )A m o unt O f fe r e d

L C Y B i llio n s

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 ( )





asianbondsonlineadborg DEBT HIGHLIGHTS ASIANBONDSONLINE

1



Selected Asia Data Releases (6 - 12 September 2011)

Source AsianBondsOnline Bloomberg LP and Reuters

AUG 0711 204

Malaysia

Industrial Production

y-o-y

JUL

0909 0610 92

0710 29

0511 ndash56

0611 10

Industrial production in Malaysia grew 10 y-o-y in June after a 56 contraction in May

Japan

GDP Annualized (final)

2Q11

0909 0310 940

0610 ndash050

0311 ndash360

0611 ndash130

Japanrsquos preliminary annualized gross domestic product (GDP) contracted 13 in 2Q11

following a 36 decline in 1Q11

Peoplersquos Republic of China

Consumer Price Inflation

y-o-y

AUG

0909 0710 33

0810 35

0611 64

0711 65

Consumer price inflation in the Peoplersquos Republic of China (PRC) surged to its highest level

of the year at 65 y-o-y in July



y-o-y

AUG

0909 0710 134

0810 139

0611 151

0711 140

The PRCrsquos industrial production growth eased to 140 y-o-y in July from 151 in June

Philippines


y-o-y

AUG

0906 0710 39

0810 40

0611 52

0711 51

Consumer price inflation in the Philippines eased marginally to 51 year-on-year (y-o-y)

in July from 52 in June

Japan

BOJ Target Rate

SEP 7

0810 010

0910 010

0711 010

0811 010

The Bank of Japan (BOJ) has kept its ta rget rate at 010 since December 2008 to boost

the economy

0907

Philippines

Foreign Reserves

USD billion

AUG

0907 0710 490

0810 499

0611 690

0711 719

0908 0810 400

0910 400

0711 450

0811 450

0908

Republic of Korea

7-Day Repurchase Rate

SEP 8

0908 0810 225

0910 225

0711 325

0811 325

The Bank of Korearsquos Monetary Policy Committee decided to maintain its base ratemdashthe 7-

day repurchase ratemdashat 325 in its 11 August meeting

Malaysia

Exports

y-o-y

JUL

Hong Kong Chinarsquos foreign reserves rose to HKD2788 billion in July from HKD2772 billion

in June

Indonesia

BI Rate

y-o-y

SEP 8

0908 0810 650

0910 650

0711 675

0811 675

Bank Indonesiarsquos (BI) Board of Governors left its benchmark rate steady at 65 in its

meeting held on 9 August

Release Date Recent TrendsountryVariable Historical Data

Bangko Sentral ng Pilipinas has kept its overnight borrowing rate at 45 since May 2011

Malaysia

Overnight Rate

SEP 8

0908 0810 275

0910 275

0711 3000811 300

Bank Negara Malaysia decided to keep its overnight policy rate constant at 300 during its

last Monetary Policy Committee meeting on 7 July

Philippines

Overnight Borrowing Rate

SEP 8

The foreign reserves of the Philippines surged to USD719 billion in July the highest level

ever recorded

0610 164

0710 124

0511 54

0611 86

Malaysiarsquos export growth increased to 86 y-o-y in June from 54 in May

Hong Kong China

Foreign Reserves

HKD billionAUG

0908 0710 2607

0810 2614

0611 27720711 2788

Malaysia

Manufacturing Sales

y-o-y

JUL

0909 0610 143

0710 88

0511 75

0611 129

Growth in Malaysiarsquos manufacturing sales increased to 129 y-o-y in June from 75 in

May


Exports

y-o-y

0910 0710 381

0810 344

0611 179

Exports from the PRC surged 204 y-o-y in July following 179 growth in June





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

Philippine Economy Expands 34 in 2Q11bull Philippine Economy Decelerates With 34 GDP

Growth National Statistical Coordination Board(31 August 2011)

Japanrsquos Industrial Production Rises 06 in JulyRepublic of Korearsquos Business Sentiment WanesIndustrial Output Growth Slows in JulyViet Nams Industrial Production Surges 58 in August

bull Indices of Industrial Production ndash Statistics reportMinistry of Economy Trade and Industry(31 August 2011)

bull Business Survey Index (BSI) for August 2011 The Bank of Korea (30 August 2011)

bull The Industrial Activities in July 2011 Statistics Korea (31 August 2011)

bull Vietnams Index of Industrial Production Surges 43pctin AugIntellasia (30 August 2011)

Retail Sales Growth Remains Strong in Hong KongChina and Viet Nam

bull Provisional Statistics of Retail Sales for July 2011 Census and Statistics Department (29 August 2011)

bull Inflation Slows Growth of Retail Sales Viet News (31 August 2011)

Consumer Price Inflation Accelerates in August in theRepublic of Korea and Thailand on Food Price Hikes

bull Consumer Price Index in August 2011 Statistics Korea (01 September 2011)

bull Rocketing Food and Fuel Prices Push CPI to 429 The Nation (01 September 2011)

Republic of Korearsquos Trade Surplus Narrows Sharply inAugust Thailand Records Wider Trade and CurrentAccount Surpluses in July

bull S Korearsquos Trade Surplus Sinks to US$821 Mln in AugYONHAP News (01 September 2011)

bull Economic and Monetary Conditions for July 2011 Bank of Thailand (31 August 2011)

PBOC to Expand Reserve Requirement BaseState Bank of Viet Nam to Increase Foreign CurrencyReserve Requirement Ratio

bull PBOC to Expand Reserve Requirement BaseChina Daily (29 August 2011)

bull

New Foreign Currency Reserve Requirement Ratios forCredit InstitutionsThe State Bank of Vietnam (29 August 2011)

Bond Issuance in the PRC Republic of Korea andThailand

bull Sinohydro Group to issue RMB 1 bln in billsChina Knowledge (29 August 2011)

bull Shaanxi Regional Electric Power to issue RMB 1 blnin billsChina Knowledge (29 August 2011)

bull Metallurgical Corp of China to issue RMB 3 bln in bills China Knowledge (29 August 2011)

bull BONDS Siam Cement Banpu Prepare Bt10Bn Issuance

EachIFR Asia (31 August 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

12






EBT HIGHLIGHTS ASIANBONDSONLINE

2


Philippine Economy Expands 34 in 2Q11Gross domestic product (GDP) growth in the Philippines was reported at 34 year-on-year (y-o-y) in 2Q11-the fourth

straight quarter of slowing growth The median forecast for 2Q11 GDP was 41 The 2Q11 data brought the countrysGDP growth in 1H11 to 40 y-o-y after posting 46 growth in 1Q11 The slowdown in GDP growth was due tofaltering global demand that curbed exports and investments Despite the global slowdown the Philippine economybenefited from a robust rebound in the agriculture sector the sustained albeit slowing performance of themanufacturing sector and balanced growth in the services sector The agriculture services and manufacturing sectorsclimbed 71 50 and 48 y-o-y respectively On the demand side consumer spending also boosted GDP withgrowth of 54 y-o-y in 2Q11 The country aims to achieve 7 economic growth in 2011

For historical data on the Philippines GDP refer to this link

httpasianbondsonlineadborgphilippinesdatamacroeconomic_creditphp

Japans Industrial Production Rises 06 in July

Republic of Koreas Business Sentiment Wanes Industrial Output Growth Slows in July Viet Nams Industrial Production Surges 58 in August

Japans industrial production rose 06 in July from the previous month However this was a decline of 28 y-o-yJulys month-on-month (m-o-m) output growth was the slowest since March and below the median forecast of 15The strong Japanese yen and a weakening global economy are weighing on the recovery in the export-reliant economyThe lackluster increase was buoyed by the production of transport equipment communications equipment and generalmachinery Production is expected to increase 28 m-o-m in August and decrease 24 m-o-m in Septemberaccording to the Survey of Production Forecast in Manufacturing

In the Republic of Korea business sentiment waned in August while the outlook for September dimmed The businesssurvey index (BSI) on conditions in the manufacturing sector dropped 11 points to 80 in August and the Septemberoutlook fell 5 points to 86 For business conditions in the non-manufacturing sector the BSI declined 3 points to 81 in

August while the September outlook remained unchanged from the previous month at 83 Meanwhile the Republic ofKoreas industrial output grew at its slowest pace in 10 months in July at 38 y-o-y as annual growth rates inmanufacturing and producers shipments declined from the previous month On a m-o-m basis industrial productioncontracted 04 in July

The Index of Industrial Production (IIP) in Viet Nam surged 58 y-o-y and 43 m-o-m in August For the first 8months of 2011 the countrys IIP soared 73 y-o-y on the back of a 107 increase in the processing industry sectorand a 98 increase in production and distribution in the electricity gas and water sector Meanwhile the mining sectorsaw a slight decline of 07 y-o-y during the same period

Retail Sales Growth Remains Strong in Hong Kong China and Viet NamRetail sales growth in Hong Kong China accelerated in July on account of robust local consumption and touristspending Retail sales grew 291 y-o-y to HKD352 billion in July It was the fifth consecutive month that sales rose by

more than 20 According to a statement from the Census and Statistics Department local consumer sentiment shouldstay largely positive amid improving income conditions

In Viet Nam retail sales of goods and services increased 222 to VND1224 trillion during the first 8 months of theyear During this period commercial sector revenue which accounted for around 80 of the countrys totalconsumption soared 225 y-o-y while the services sector which accounted for around 10 of total consumptionrecorded growth of 227 There was also 148 y-o-y growth in the tourism industry during the same time period






3





















4











5








Previous

Day

Previous

Week1-Jan-11

US 002 051 204 -1044

EU 056 -620 -110 1630

Japan 010 000 000 -240

PRC 380 1600 5600 6200

Hong Kong China 010 000 000 -1800

India 835 200 500 12500


Philippines 085 -750 371 -3450

Singapore 018 100 500 -2100

Thailand 341 017 600 14400


ClosingMarkets

204

-110

000

5600

000

500

-010

000

371

500

600

Previous

Day

Previous

Week1-Jan-11

US 199 -1445 -2042 -13078

EU 201 -1370 -1490 -9550

Japan 103 -210 -120 -970

PRC 409 -100 1400 1800

Hong Kong China 173 -630 -320 -11310

India 834 150 330 4170

Indonesia 679 000 -480 -8120

Malaysia 361 -300 -310 -4240

Korea Rep of 379 -200 -800 -7300

Philippines 563 -587 -1371 -2572

Singapore 158 -600 -500 -11300

Thailand 355 -110 540 -1780

Viet Nam 1267 000 -500 9170


Markets

-2042

-1490

-120

1400

-320

330

-480

-310

-800

-1371

-500

540

-500








DEBT HIGHLIGHTS

ASIANBONDSONLINE

7




China Peoples Repof

Hong Kong China

Indonesia

Korea Rep of

Malaysia

Philippines

Singapore

Thailand

Viet Nam

US

EU

Japan

basis points

2-Sep-11

26-Aug-11

19-Aug-11







8














Source Bloomberg LP



Viet Nam









Inflation Rate

650

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


Inflation Rate461

675

0

2

4

6

8

10

12

14

16

18

20


BI Rate

InflationRate

510

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






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


9






















C o u p o n


L C Y B i llio n s



A uc t i on


A v e r a g e

Y i e ld ( )






1





AUG 0711 204

Malaysia


y-o-y

JUL

0909 0610 92

0710 29

0511 ndash56

0611 10


Japan


2Q11

0909 0310 940

0610 ndash050

0311 ndash360

0611 ndash130





y-o-y

AUG

0909 0710 33

0810 35

0611 64

0711 65





y-o-y

AUG

0909 0710 134

0810 139

0611 151

0711 140


Philippines


y-o-y

AUG

0906 0710 39

0810 40

0611 52

0711 51



Japan

BOJ Target Rate

SEP 7

0810 010

0910 010

0711 010

0811 010


the economy

0907

Philippines

Foreign Reserves

USD billion

AUG

0907 0710 490

0810 499

0611 690

0711 719

0908 0810 400

0910 400

0711 450

0811 450

0908

Republic of Korea


SEP 8

0908 0810 225

0910 225

0711 325

0811 325



Malaysia

Exports

y-o-y

JUL


in June

Indonesia

BI Rate

y-o-y

SEP 8

0908 0810 650

0910 650

0711 675

0811 675





Malaysia

Overnight Rate

SEP 8

0908 0810 275

0910 275

0711 3000811 300



Philippines


SEP 8


ever recorded

0610 164

0710 124

0511 54

0611 86


Hong Kong China

Foreign Reserves

HKD billionAUG

0908 0710 2607

0810 2614

0611 27720711 2788

Malaysia

Manufacturing Sales

y-o-y

JUL

0909 0610 143

0710 88

0511 75

0611 129


May


Exports

y-o-y

0910 0710 381

0810 344

0611 179






DEBT HIGHLIGHTS





















bull














12






3





















4











5








Previous

Day

Previous

Week1-Jan-11

US 002 051 204 -1044

EU 056 -620 -110 1630

Japan 010 000 000 -240

PRC 380 1600 5600 6200

Hong Kong China 010 000 000 -1800

India 835 200 500 12500


Philippines 085 -750 371 -3450

Singapore 018 100 500 -2100

Thailand 341 017 600 14400


ClosingMarkets

204

-110

000

5600

000

500

-010

000

371

500

600

Previous

Day

Previous

Week1-Jan-11

US 199 -1445 -2042 -13078

EU 201 -1370 -1490 -9550

Japan 103 -210 -120 -970

PRC 409 -100 1400 1800

Hong Kong China 173 -630 -320 -11310

India 834 150 330 4170

Indonesia 679 000 -480 -8120

Malaysia 361 -300 -310 -4240

Korea Rep of 379 -200 -800 -7300

Philippines 563 -587 -1371 -2572

Singapore 158 -600 -500 -11300

Thailand 355 -110 540 -1780

Viet Nam 1267 000 -500 9170


Markets

-2042

-1490

-120

1400

-320

330

-480

-310

-800

-1371

-500

540

-500








DEBT HIGHLIGHTS

ASIANBONDSONLINE

7




China Peoples Repof

Hong Kong China

Indonesia

Korea Rep of

Malaysia

Philippines

Singapore

Thailand

Viet Nam

US

EU

Japan

basis points

2-Sep-11

26-Aug-11

19-Aug-11







8














Source Bloomberg LP



Viet Nam









Inflation Rate

650

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


Inflation Rate461

675

0

2

4

6

8

10

12

14

16

18

20


BI Rate

InflationRate

510

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






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


9






















C o u p o n


L C Y B i llio n s



A uc t i on


A v e r a g e

Y i e ld ( )






1





AUG 0711 204

Malaysia


y-o-y

JUL

0909 0610 92

0710 29

0511 ndash56

0611 10


Japan


2Q11

0909 0310 940

0610 ndash050

0311 ndash360

0611 ndash130





y-o-y

AUG

0909 0710 33

0810 35

0611 64

0711 65





y-o-y

AUG

0909 0710 134

0810 139

0611 151

0711 140


Philippines


y-o-y

AUG

0906 0710 39

0810 40

0611 52

0711 51



Japan

BOJ Target Rate

SEP 7

0810 010

0910 010

0711 010

0811 010


the economy

0907

Philippines

Foreign Reserves

USD billion

AUG

0907 0710 490

0810 499

0611 690

0711 719

0908 0810 400

0910 400

0711 450

0811 450

0908

Republic of Korea


SEP 8

0908 0810 225

0910 225

0711 325

0811 325



Malaysia

Exports

y-o-y

JUL


in June

Indonesia

BI Rate

y-o-y

SEP 8

0908 0810 650

0910 650

0711 675

0811 675





Malaysia

Overnight Rate

SEP 8

0908 0810 275

0910 275

0711 3000811 300



Philippines


SEP 8


ever recorded

0610 164

0710 124

0511 54

0611 86


Hong Kong China

Foreign Reserves

HKD billionAUG

0908 0710 2607

0810 2614

0611 27720711 2788

Malaysia

Manufacturing Sales

y-o-y

JUL

0909 0610 143

0710 88

0511 75

0611 129


May


Exports

y-o-y

0910 0710 381

0810 344

0611 179






DEBT HIGHLIGHTS





















bull














12






4











5








Previous

Day

Previous

Week1-Jan-11

US 002 051 204 -1044

EU 056 -620 -110 1630

Japan 010 000 000 -240

PRC 380 1600 5600 6200

Hong Kong China 010 000 000 -1800

India 835 200 500 12500


Philippines 085 -750 371 -3450

Singapore 018 100 500 -2100

Thailand 341 017 600 14400


ClosingMarkets

204

-110

000

5600

000

500

-010

000

371

500

600

Previous

Day

Previous

Week1-Jan-11

US 199 -1445 -2042 -13078

EU 201 -1370 -1490 -9550

Japan 103 -210 -120 -970

PRC 409 -100 1400 1800

Hong Kong China 173 -630 -320 -11310

India 834 150 330 4170

Indonesia 679 000 -480 -8120

Malaysia 361 -300 -310 -4240

Korea Rep of 379 -200 -800 -7300

Philippines 563 -587 -1371 -2572

Singapore 158 -600 -500 -11300

Thailand 355 -110 540 -1780

Viet Nam 1267 000 -500 9170


Markets

-2042

-1490

-120

1400

-320

330

-480

-310

-800

-1371

-500

540

-500








DEBT HIGHLIGHTS

ASIANBONDSONLINE

7




China Peoples Repof

Hong Kong China

Indonesia

Korea Rep of

Malaysia

Philippines

Singapore

Thailand

Viet Nam

US

EU

Japan

basis points

2-Sep-11

26-Aug-11

19-Aug-11







8














Source Bloomberg LP



Viet Nam









Inflation Rate

650

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


Inflation Rate461

675

0

2

4

6

8

10

12

14

16

18

20


BI Rate

InflationRate

510

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






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


9






















C o u p o n


L C Y B i llio n s



A uc t i on


A v e r a g e

Y i e ld ( )






1





AUG 0711 204

Malaysia


y-o-y

JUL

0909 0610 92

0710 29

0511 ndash56

0611 10


Japan


2Q11

0909 0310 940

0610 ndash050

0311 ndash360

0611 ndash130





y-o-y

AUG

0909 0710 33

0810 35

0611 64

0711 65





y-o-y

AUG

0909 0710 134

0810 139

0611 151

0711 140


Philippines


y-o-y

AUG

0906 0710 39

0810 40

0611 52

0711 51



Japan

BOJ Target Rate

SEP 7

0810 010

0910 010

0711 010

0811 010


the economy

0907

Philippines

Foreign Reserves

USD billion

AUG

0907 0710 490

0810 499

0611 690

0711 719

0908 0810 400

0910 400

0711 450

0811 450

0908

Republic of Korea


SEP 8

0908 0810 225

0910 225

0711 325

0811 325



Malaysia

Exports

y-o-y

JUL


in June

Indonesia

BI Rate

y-o-y

SEP 8

0908 0810 650

0910 650

0711 675

0811 675





Malaysia

Overnight Rate

SEP 8

0908 0810 275

0910 275

0711 3000811 300



Philippines


SEP 8


ever recorded

0610 164

0710 124

0511 54

0611 86


Hong Kong China

Foreign Reserves

HKD billionAUG

0908 0710 2607

0810 2614

0611 27720711 2788

Malaysia

Manufacturing Sales

y-o-y

JUL

0909 0610 143

0710 88

0511 75

0611 129


May


Exports

y-o-y

0910 0710 381

0810 344

0611 179






DEBT HIGHLIGHTS





















bull














12







5








Previous

Day

Previous

Week1-Jan-11

US 002 051 204 -1044

EU 056 -620 -110 1630

Japan 010 000 000 -240

PRC 380 1600 5600 6200

Hong Kong China 010 000 000 -1800

India 835 200 500 12500


Philippines 085 -750 371 -3450

Singapore 018 100 500 -2100

Thailand 341 017 600 14400


ClosingMarkets

204

-110

000

5600

000

500

-010

000

371

500

600

Previous

Day

Previous

Week1-Jan-11

US 199 -1445 -2042 -13078

EU 201 -1370 -1490 -9550

Japan 103 -210 -120 -970

PRC 409 -100 1400 1800

Hong Kong China 173 -630 -320 -11310

India 834 150 330 4170

Indonesia 679 000 -480 -8120

Malaysia 361 -300 -310 -4240

Korea Rep of 379 -200 -800 -7300

Philippines 563 -587 -1371 -2572

Singapore 158 -600 -500 -11300

Thailand 355 -110 540 -1780

Viet Nam 1267 000 -500 9170


Markets

-2042

-1490

-120

1400

-320

330

-480

-310

-800

-1371

-500

540

-500








DEBT HIGHLIGHTS

ASIANBONDSONLINE

7




China Peoples Repof

Hong Kong China

Indonesia

Korea Rep of

Malaysia

Philippines

Singapore

Thailand

Viet Nam

US

EU

Japan

basis points

2-Sep-11

26-Aug-11

19-Aug-11







8














Source Bloomberg LP



Viet Nam









Inflation Rate

650

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


Inflation Rate461

675

0

2

4

6

8

10

12

14

16

18

20


BI Rate

InflationRate

510

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






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


9






















C o u p o n


L C Y B i llio n s



A uc t i on


A v e r a g e

Y i e ld ( )






1





AUG 0711 204

Malaysia


y-o-y

JUL

0909 0610 92

0710 29

0511 ndash56

0611 10


Japan


2Q11

0909 0310 940

0610 ndash050

0311 ndash360

0611 ndash130





y-o-y

AUG

0909 0710 33

0810 35

0611 64

0711 65





y-o-y

AUG

0909 0710 134

0810 139

0611 151

0711 140


Philippines


y-o-y

AUG

0906 0710 39

0810 40

0611 52

0711 51



Japan

BOJ Target Rate

SEP 7

0810 010

0910 010

0711 010

0811 010


the economy

0907

Philippines

Foreign Reserves

USD billion

AUG

0907 0710 490

0810 499

0611 690

0711 719

0908 0810 400

0910 400

0711 450

0811 450

0908

Republic of Korea


SEP 8

0908 0810 225

0910 225

0711 325

0811 325



Malaysia

Exports

y-o-y

JUL


in June

Indonesia

BI Rate

y-o-y

SEP 8

0908 0810 650

0910 650

0711 675

0811 675





Malaysia

Overnight Rate

SEP 8

0908 0810 275

0910 275

0711 3000811 300



Philippines


SEP 8


ever recorded

0610 164

0710 124

0511 54

0611 86


Hong Kong China

Foreign Reserves

HKD billionAUG

0908 0710 2607

0810 2614

0611 27720711 2788

Malaysia

Manufacturing Sales

y-o-y

JUL

0909 0610 143

0710 88

0511 75

0611 129


May


Exports

y-o-y

0910 0710 381

0810 344

0611 179






DEBT HIGHLIGHTS





















bull














12








DEBT HIGHLIGHTS

ASIANBONDSONLINE

7




China Peoples Repof

Hong Kong China

Indonesia

Korea Rep of

Malaysia

Philippines

Singapore

Thailand

Viet Nam

US

EU

Japan

basis points

2-Sep-11

26-Aug-11

19-Aug-11







8














Source Bloomberg LP



Viet Nam









Inflation Rate

650

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


Inflation Rate461

675

0

2

4

6

8

10

12

14

16

18

20


BI Rate

InflationRate

510

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






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


9






















C o u p o n


L C Y B i llio n s



A uc t i on


A v e r a g e

Y i e ld ( )






1





AUG 0711 204

Malaysia


y-o-y

JUL

0909 0610 92

0710 29

0511 ndash56

0611 10


Japan


2Q11

0909 0310 940

0610 ndash050

0311 ndash360

0611 ndash130





y-o-y

AUG

0909 0710 33

0810 35

0611 64

0711 65





y-o-y

AUG

0909 0710 134

0810 139

0611 151

0711 140


Philippines


y-o-y

AUG

0906 0710 39

0810 40

0611 52

0711 51



Japan

BOJ Target Rate

SEP 7

0810 010

0910 010

0711 010

0811 010


the economy

0907

Philippines

Foreign Reserves

USD billion

AUG

0907 0710 490

0810 499

0611 690

0711 719

0908 0810 400

0910 400

0711 450

0811 450

0908

Republic of Korea


SEP 8

0908 0810 225

0910 225

0711 325

0811 325



Malaysia

Exports

y-o-y

JUL


in June

Indonesia

BI Rate

y-o-y

SEP 8

0908 0810 650

0910 650

0711 675

0811 675





Malaysia

Overnight Rate

SEP 8

0908 0810 275

0910 275

0711 3000811 300



Philippines


SEP 8


ever recorded

0610 164

0710 124

0511 54

0611 86


Hong Kong China

Foreign Reserves

HKD billionAUG

0908 0710 2607

0810 2614

0611 27720711 2788

Malaysia

Manufacturing Sales

y-o-y

JUL

0909 0610 143

0710 88

0511 75

0611 129


May


Exports

y-o-y

0910 0710 381

0810 344

0611 179






DEBT HIGHLIGHTS





















bull














12







8














Source Bloomberg LP



Viet Nam









Inflation Rate

650

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


Inflation Rate461

675

0

2

4

6

8

10

12

14

16

18

20


BI Rate

InflationRate

510

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






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


9






















C o u p o n


L C Y B i llio n s



A uc t i on


A v e r a g e

Y i e ld ( )






1





AUG 0711 204

Malaysia


y-o-y

JUL

0909 0610 92

0710 29

0511 ndash56

0611 10


Japan


2Q11

0909 0310 940

0610 ndash050

0311 ndash360

0611 ndash130





y-o-y

AUG

0909 0710 33

0810 35

0611 64

0711 65





y-o-y

AUG

0909 0710 134

0810 139

0611 151

0711 140


Philippines


y-o-y

AUG

0906 0710 39

0810 40

0611 52

0711 51



Japan

BOJ Target Rate

SEP 7

0810 010

0910 010

0711 010

0811 010


the economy

0907

Philippines

Foreign Reserves

USD billion

AUG

0907 0710 490

0810 499

0611 690

0711 719

0908 0810 400

0910 400

0711 450

0811 450

0908

Republic of Korea


SEP 8

0908 0810 225

0910 225

0711 325

0811 325



Malaysia

Exports

y-o-y

JUL


in June

Indonesia

BI Rate

y-o-y

SEP 8

0908 0810 650

0910 650

0711 675

0811 675





Malaysia

Overnight Rate

SEP 8

0908 0810 275

0910 275

0711 3000811 300



Philippines


SEP 8


ever recorded

0610 164

0710 124

0511 54

0611 86


Hong Kong China

Foreign Reserves

HKD billionAUG

0908 0710 2607

0810 2614

0611 27720711 2788

Malaysia

Manufacturing Sales

y-o-y

JUL

0909 0610 143

0710 88

0511 75

0611 129


May


Exports

y-o-y

0910 0710 381

0810 344

0611 179






DEBT HIGHLIGHTS





















bull














12





DEBT HIGHLIGHTS

ASIANBONDSONLINE






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


9






















C o u p o n


L C Y B i llio n s



A uc t i on


A v e r a g e

Y i e ld ( )






1





AUG 0711 204

Malaysia


y-o-y

JUL

0909 0610 92

0710 29

0511 ndash56

0611 10


Japan


2Q11

0909 0310 940

0610 ndash050

0311 ndash360

0611 ndash130





y-o-y

AUG

0909 0710 33

0810 35

0611 64

0711 65





y-o-y

AUG

0909 0710 134

0810 139

0611 151

0711 140


Philippines


y-o-y

AUG

0906 0710 39

0810 40

0611 52

0711 51



Japan

BOJ Target Rate

SEP 7

0810 010

0910 010

0711 010

0811 010


the economy

0907

Philippines

Foreign Reserves

USD billion

AUG

0907 0710 490

0810 499

0611 690

0711 719

0908 0810 400

0910 400

0711 450

0811 450

0908

Republic of Korea


SEP 8

0908 0810 225

0910 225

0711 325

0811 325



Malaysia

Exports

y-o-y

JUL


in June

Indonesia

BI Rate

y-o-y

SEP 8

0908 0810 650

0910 650

0711 675

0811 675





Malaysia

Overnight Rate

SEP 8

0908 0810 275

0910 275

0711 3000811 300



Philippines


SEP 8


ever recorded

0610 164

0710 124

0511 54

0611 86


Hong Kong China

Foreign Reserves

HKD billionAUG

0908 0710 2607

0810 2614

0611 27720711 2788

Malaysia

Manufacturing Sales

y-o-y

JUL

0909 0610 143

0710 88

0511 75

0611 129


May


Exports

y-o-y

0910 0710 381

0810 344

0611 179






DEBT HIGHLIGHTS





















bull














12






















C o u p o n


L C Y B i llio n s



A uc t i on


A v e r a g e

Y i e ld ( )






1





AUG 0711 204

Malaysia


y-o-y

JUL

0909 0610 92

0710 29

0511 ndash56

0611 10


Japan


2Q11

0909 0310 940

0610 ndash050

0311 ndash360

0611 ndash130





y-o-y

AUG

0909 0710 33

0810 35

0611 64

0711 65





y-o-y

AUG

0909 0710 134

0810 139

0611 151

0711 140


Philippines


y-o-y

AUG

0906 0710 39

0810 40

0611 52

0711 51



Japan

BOJ Target Rate

SEP 7

0810 010

0910 010

0711 010

0811 010


the economy

0907

Philippines

Foreign Reserves

USD billion

AUG

0907 0710 490

0810 499

0611 690

0711 719

0908 0810 400

0910 400

0711 450

0811 450

0908

Republic of Korea


SEP 8

0908 0810 225

0910 225

0711 325

0811 325



Malaysia

Exports

y-o-y

JUL


in June

Indonesia

BI Rate

y-o-y

SEP 8

0908 0810 650

0910 650

0711 675

0811 675





Malaysia

Overnight Rate

SEP 8

0908 0810 275

0910 275

0711 3000811 300



Philippines


SEP 8


ever recorded

0610 164

0710 124

0511 54

0611 86


Hong Kong China

Foreign Reserves

HKD billionAUG

0908 0710 2607

0810 2614

0611 27720711 2788

Malaysia

Manufacturing Sales

y-o-y

JUL

0909 0610 143

0710 88

0511 75

0611 129


May


Exports

y-o-y

0910 0710 381

0810 344

0611 179






DEBT HIGHLIGHTS





















bull














12





1





AUG 0711 204

Malaysia


y-o-y

JUL

0909 0610 92

0710 29

0511 ndash56

0611 10


Japan


2Q11

0909 0310 940

0610 ndash050

0311 ndash360

0611 ndash130





y-o-y

AUG

0909 0710 33

0810 35

0611 64

0711 65





y-o-y

AUG

0909 0710 134

0810 139

0611 151

0711 140


Philippines


y-o-y

AUG

0906 0710 39

0810 40

0611 52

0711 51



Japan

BOJ Target Rate

SEP 7

0810 010

0910 010

0711 010

0811 010


the economy

0907

Philippines

Foreign Reserves

USD billion

AUG

0907 0710 490

0810 499

0611 690

0711 719

0908 0810 400

0910 400

0711 450

0811 450

0908

Republic of Korea


SEP 8

0908 0810 225

0910 225

0711 325

0811 325



Malaysia

Exports

y-o-y

JUL


in June

Indonesia

BI Rate

y-o-y

SEP 8

0908 0810 650

0910 650

0711 675

0811 675





Malaysia

Overnight Rate

SEP 8

0908 0810 275

0910 275

0711 3000811 300



Philippines


SEP 8


ever recorded

0610 164

0710 124

0511 54

0611 86


Hong Kong China

Foreign Reserves

HKD billionAUG

0908 0710 2607

0810 2614

0611 27720711 2788

Malaysia

Manufacturing Sales

y-o-y

JUL

0909 0610 143

0710 88

0511 75

0611 129


May


Exports

y-o-y

0910 0710 381

0810 344

0611 179






DEBT HIGHLIGHTS





















bull














12





DEBT HIGHLIGHTS





















bull














12

asian weekly debt highlights - september 05, 2011

Documents