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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.
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.
Notes: A positive (negative) value for the foreign exchange rate indicates the appreciation (depreciation) of the local currency against the United States dollar.
Asia Bond Monitor
The Asia Bond Monitor (ABM) is AsianBondOnline's quarterly publication released every March, June, September, and November. The report reviews recent developments in East Asian local currency bond markets along with the outlook, risks, and policy options. The ABM covers the 10 Association of Southeast Asian Nations member countries and the People's Republic of China; Hong Kong, China; and the Republic of Korea.
The Weekly Debt Highlights Report provides a summary of the relevant key macroeconomic data and monetary policy updates released in the previous week in the various economies covered by ABO. The report also includes select government and corporate debt issuances, credit rating updates, and other relevant regulatory developments. The report is published every Monday.
The ABO Monthly Debt Roundup provides a snapshot on changes in financial prices such as foreign exchange, yields, equity as well as recent monetary policy rate movements in the region. In addition, the ABO Monthly Debt Roundup provides data on foreign investor bond flows of local currency government bonds for the PRC, Indonesia, Malaysia, the Philippines and Thailand.
The ASEAN+3 Bond Market Guide is a series published by the ASEAN+3 Bond Market Forum in collaboration with ADB as its secretariat. Each country-specific guide provides information on the investment climate, rules, laws, opportunities, and characteristics of the local bond market. The guides are produced in close consultation with local policymakers and market players.
The AsianBondsOnline web portal is an ASEAN+3 Initiative supported by the Asian Development Bank and funded by the Ministry of Finance Japan, through the Investment Climate Facilitation Fund.