Asia Bond Monitor
Local currency government bond yields fell in most markets in emerging East Asia between 1 March and 15 May, according to the latest Asia Bond Monitor. Bond yields declined amid a slowing world economy, global trade tensions, and other downside risks. The report also noted the region's bond market reached a size of USD15.0 trillion at the end of the first quarter of 2019.
Good Practices For Developing a Local Currency Bond Market: Lessons from ASEAN+3 Asian Bond Markets Initiative
This report shares the experiences of ASEAN+3 and provides a comprehensive picture on fostering a local currency bond market. Although every market is unique, some lessons from the region's varied experiences could still be drawn on how to expedite the process of bond market development in a developing economy.
ASEAN+3: Asian Bond Markets Initiative Medium-Term Road Map, 2019–2022
May 2019
Weekly Debt Highlights
The People's Republic of China's gross domestic product growth rate slowed to 6.2% year-on-year (y-o-y) in the second quarter of 2019 from 6.4% y-o-y in the first quarter. During their respective monetary policy meetings held last week, Bank Indonesia and the Bank of Korea each decided to cut their policy rates by 25 basis points. Bank Indonesia reduced the 7-day reverse repurchase rate to 5.75%, while the Bank of Korea lowered its base rate to 1.50%. The PRC's industrial production growth accelerated to 6.3% y-o-y in June from 5.0% y-o-y in May. Japan's consumer price inflation remained unchanged in June at 0.7% y-o-y. In June, exports from Indonesia and Japan dropped 9.0% y-o-y and 6.7% y-o-y, respectively. In the Philippines, personal remittances from overseas Filipinos grew 5.5% y-o-y in May. On 18 July, Fitch Ratings affirmed Malaysia's long-term foreign currency issuer default rating at A– with a stable outlook.
Data Highlights of the Month
Market Watch
Research
Bond Pricing Data
China, People's Republic of
Source: China Central Depository & Clearing Co., Ltd. (CCDC)
Indonesia
Source: Indonesia Bond Pricing Agency
Malaysia
Source: Bond Pricing Agency Malaysia
Philippines
Source: Philippine Dealing & Exchange Corp.
Thailand
Source: Thai Bond Market Association
- Corporate Securities - Corporate Securities Board Summary
- Government Bond Yield Curve
- Corporate Bond Yield Curve
ASEAN+3 Region
Source: Bond Pricing Agency Malaysia, Indonesia Bond Pricing Agency, and Thai Bond Market Association
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