17 December 2012 asianbondsonline.adb.org

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Key Developments in Asian Local Currency Markets

1

Asia Bond Monitor November 2012 read more

10-Year Selected LCY Government Security Yields Close of 14 December 2012basis point change from

Markets Latest Closing Previous Day* Previous Week* 1-Jan-12*

Selected Benchmark Yield Curves — Local Currency Government

Policy Rate versus Inflation Rate Charts

Government Security Yields

Credit Default Swap Spreads and Exchange Rate IndexesSelected Debt Security Issuances Selected Asia Data Releases

2- versus 10- Year Yield Spread Chart

xport and import growth slowed in the People's Republic of China (PRC) in November. Export growth slowed to 2.9% year-on-year (y-o-y) in November from 11.6% in October, while import growth declined to zero from 2.4% in the previous month. As a result, the trade surplus fell to US$19.6 billion in November from US$32.0 billion in October. New loans granted by banks rose to CNY522.9 billion in November from CNY505.2 billion in October.

On a year-to-date basis, new loans totaled CNY14.2 trillion, up CNY2.6 trillion from the same period last year.

Driven by commodities, exports from the Philippines rose 6.1% y-o-y in October, which was down from growth of 22.8% in September. Singapore's retail sales fell 1.0% y-o-y in October, after posting a 2.5% growth in September, mainly due to lower sales of motor vehicles.

Bank Indonesia decided to hold its benchmark interest rate steady at 5.75%, as inflationary conditions remained consistent with its forecast. Meanwhile, The Bank of Korea also decided to keep its base rate steady at 2.75%. Bangko Sentral ng Pilipinas (BSP) decided last week to maintain its overnight borrowing and lending rates at 3.5% and 5.5%, respectively.

Standard and Poor's announced last week that it has affirmed Thailand's foreign currency and local currency sovereign credit ratings at BBB+/A-2 and A-/A-2, respectively, as they are supported by the country's favorable external position, low level of government indebtedness, and credible monetary policy. The Bank of Thailand announced last week its planned bond issuance program for 2013, which includes ceasing issuance of 4-year fixed coupon bonds, as well as 2- and 3-year floating rate bonds. Lastly, Thailand plans to issue its second inflation-linked bond in February 2013.

Hong Kong, China's industrial production index fell 0.1% in 3Q12 following a decline of 2.9% in 2Q12. Industrial production in Japan contracted 4.5% y-o-y in October, but grew 1.6% month-on-month (m-o-m), which was down from an earlier estimate of 1.8%. Lastly, Malaysia's IPI rose 5.8% y-o-y in October, higher than the revised 4.9% increase in September.

Last week, the Canadian province of British Columbia announced its plan to issue a CNH500 million bond with a tenor of 5 years. In Indonesia, Verena Multi Finance raised IDR300

billion from a triple-tranche bond sale (370 days, 3 years, and 4 years) with coupons of 7.25%, 9.00%, and 9.05%, respectively. Indonesian retail company Mitra Adiperkasa raised IDR500 billion from a dual-tranche bond sale (3 and 5 years) at 7.95% and 8.45%, respectively. Lastly, Viet Nam Development Bank raised VND1,670 billion via a triple-tranche bond sale with coupons ranging from 10.5% to 10.8%.

Government bond yields fell last week for all tenors in Indonesia, and for most tenors in Malaysia and the Philippines. Yields rose for most tenors in the PRC, the Republic of Korea, Thailand, and Viet Nam. Yield movements were mixed in Hong Kong, China; and Singapore. Yield spreads between 2- and 10- year maturities widened in Hong Kong, China; the Republic of Korea; the Philippines; Singapore; and Thailand, while spreads were unchanged in the PRC and narrowed in other emerging East Asian markets.

The 17 December issue of the Weekly Debt Highlights is the last issue of 2012. Issuance will resume on 7 January 2013.

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US 1.70 -2.84 8.00 -17.47EU 1.35 -0.50 5.30 -48.10Japan 0.74 0.70 3.20 -25.10PRC 3.57 0.00 1.00 13.00Hong Kong, China 0.60 0.00 4.70 -86.20India 8.14 -1.80 -2.90 -42.40Indonesia 5.25 0.10 -12.90 -78.10Korea, Rep. of 3.15 1.00 9.00 -64.00Malaysia 3.51 0.00 -0.60 -18.60Philippines 4.18 2.50 2.50 -90.89Singapore 1.32 0.00 2.00 -31.00Thailand 3.58 1.60 6.60 29.70Viet Nam 10.20 0.00 0.00 -230.00

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4.70

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DEBT HIGHLIGHTSASIANBONDSONLINE

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Summary Text of News Articles

Export and Import Growth Slows, New Loans Rise in the PRC ....................................................................................................................... Export and import growth slowed in the People's Republic of China's (PRC) in November. Exports rose 2.9% year-on-year (y-o-y) in November versus an 11.6% gain in October. Import growth declined to zero from 2.4% in October. As a result, the trade surplus fell to US$19.6 billion in November from US$32.0 billion in October. Trade with the European Union remained weak in January-November, falling 4.1% compared with the same period in 2011. Trade with the United States (US), however, rose 8.2% y-o-y in the same period. Also, new loans granted by banks rose to CNY522.9 billion in November from CNY505.2 billion in October. On a year-to-date basis, new loans totaled CNY14.15 trillion, up CNY2.6 trillion from the same period last year.

For statistics on the PRC's exports and imports, and loans from financial institutions, refer to this link: http://asianbondsonline.adb.org/china/data/macroeconomic_credit.php

Philippine Exports Rise 6.1%, Singapore Retail Sales Fall 1.0% in October ....................................................................................................................... Exports from the Philippines rose 6.1% y-o-y in October, compared with growth of 22.8% in September. Export growth in October was driven by commodities such as tuna, bananas, cathodes, woodcrafts and furniture, and petroleum products. Electronics remain the country's top export product, accounting for 43.0% of total exports; electronics exports rose 0.3% y-o-y in October. Woodcrafts and furniture made up 5.4% of total exports and rose 14.3% y-o-y in October. By country, exports to Japan fell 12.9% y-o-y, exports to Hong Kong, China rose 135.8%, and exports to the US fell 4.0%.

Singapore's retail sales fell 1.0% y-o-y in October, after posting a 2.5% growth in September, mainly due to lower sales of motor vehicles. Excluding motor vehicles, retail sales grew 1.3% y-o-y in September. Retailers of motor vehicles posted 8.5% y-o-y decline, optical goods & books, watches & jewelry, recreational goods, and furniture and household equipment drop in sales between 0.7% and 2.9%. Meanwhile, retail sales of telecommunications apparatus and computers rose 8.0% y-o-y in October. Retail sales of medical goods and toiletries, supermarkets, petrol service stations, wearing apparel and footwear, and provision and sundry shops rose between 1.2% and 6.6% in October. On a seasonally adjusted month-on-month (m-o-m) basis, retail sales dropped 0.5% in October.

For statistics on the Philippines' export growth, refer to this link: http://asianbondsonline.adb.org/philippines/data/macroeconomic_credit.php

For statistics on Singapore's retail sales, refer to this link: http://asianbondsonline.adb.org/singapore/data/macroeconomic_credit.php

Bank Indonesia, The Bank of Korea, and BSP Keep Policy Rates Unchanged ....................................................................................................................... In a meeting held 11 December, Bank Indonesia's Board of Governors decided to hold its benchmark interest rate steady at 5.75%. The rate has been maintained at a record-low level since February. According to Bank Indonesia, the benchmark rate at its current level remains consistent with an inflation forecast of 3.5%-5.5% in 2013.

The Bank of Korea's Monetary Policy Committee decided to keep its base rate steady at 2.75% in its 13 December meeting. The central bank reported last week that the committee expects the global economy to begin showing signs of a modest recovery, but downside risks remain large. The committee assessed that the US economic recovery was continuing, as sluggish economic activity persists in the eurozone. It also assessed that the Republic of Korea's economic growth remained weak, and forecasts inflation to remain low for the time being.

Bangko Sentral ng Pilipinas (BSP) decided to keep its benchmark interest rates steady at 3.5% for the overnight borrowing rate and 5.5% for the overnight lending rate. BSP believes that the current monetary settings remain appropriate as the impact of prior policy rate cuts works its way through the economy. Inflation expectations remain in line with BSP's 2012 target. Global economic activity has stabilized, but prospects are likely to be subdued given fiscal consolidation and financial market stress in advanced economies.

For statistics on Indonesia's policy rate, refer to this link: http://asianbondsonline.adb.org/indonesia/data/marketwatch.pp?code=policy_rate_and_inflation_trends

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Summary Text of News Articles

Bank Indonesia, The Bank of Korea, and BSP Keep Policy Rates Unchanged (cont…) ....................................................................................................................... For statistics on the Republic of Korea's policy rate, refer to this link: http://asianbondsonline.adb.org/korea/data/marketwatch.php?code=policy_rate_and_inflation_trends

For statistics on the Philippines' policy rate, refer to this link: http://asianbondsonline.adb.org/philippines/data/marketwatch.php?code=policy_rate_and_inflation_trends

S&P Affirms Thailand's Sovereign Credit Ratings; BOT Announces Planned Bond Issuance Program for 2013;

Thailand Plans Inflation-Linked Bond Issuance ....................................................................................................................... Standard and Poor's (S&P) announced last week that it has affirmed its foreign currency (FCY) and local currency (LCY) sovereign credit ratings for Thailand at BBB+/A-2 and A-/A-2, respectively. It reported that Thailand's sovereign credit ratings are supported by the country's favorable external position, low level of government indebtedness, and credible monetary policy. These strengths, according to the ratings agency, balance the country's low-income economy and political uncertainties. S&P also provided a stable outlook on its ratings for Thailand, stating that imbalances in the country's external, fiscal, and monetary accounts will not emerge, and that its political economy will remain steady.

The Bank of Thailand (BOT) announced last week its planned bond issuance program for 2013. The BOT noted that in 2013 it will cease the issuance of 4-year fixed coupon bonds, as well as 2- and 3-year floating rate bonds. The BOT will also raise the issue size per auction of its short-term bonds and slightly lower the issue size of its medium-term bonds. The central bank stated that these plans are in line with changing market conditions and will further facilitate the development of Thailand's bond market.

The Government of Thailand plans to issue an inflation-linked bond in February. Thailand first launched an inflation-linked bond worth THB40 billion with a 10-year tenor in July 2011. The planned bond issue is expected to have a tenor of 15 years.

For the sovereign credit ratings of Thailand, refer to this link: http://asianbondsonline.adb.org/thailand.php

Hong Kong, China's Industrial Production Falls 0.1% in 3Q12; Japan's Industrial Production Down 4.5% While Malaysia's Industrial Production Up 5.8% in October .......................................................................................................................

Hong Kong, China's industrial production index (IPI) fell 0.1% in 3Q12 following a decline of 2.9% in 2Q12. The fall in production in 3Q12 was driven mainly by declines in the apparel industry, which fell 21.3% y-o-y; the metal, computer, electronics and optical product sector, which fell 6.3%; and the textiles industry, which fell 5.5%. However, production in the food, beverages, and the tobacco industry rose 6.0%.

Japan's industrial production grew a revised 1.6% m-o-m in October, down from an initial estimate of 1.8%, according to the final data from the Ministry of Economy, Trade, and Industry. On a y-o-y basis, overall production was down 4.5%.

Malaysia's IPI rose 5.8% y-o-y in October, higher than the revised 4.9% increase in September. Manufacturing index rose 5.8% y-o-y in October, slightly higher compared to the revised 5.8% growth in September. Mining index increased 6.1% y-o-y in October after posting 3.6% growth in September. Meanwhile, electricity indices registered lower growth at 4.4% y-o-y, in October from 5.9% in the previous month. On a monthly basis, IPI in October rose by 0.6%. The growth of manufacturing sales value eased to 2.6% y-o-y in October from the revised 3.5% growth in September. On a m-o-m basis, manufacturing sales value rose 1.9% in October.

For statistics on Japan's industrial production, refer to this link: http://asianbondsonline.adb.org/japan/data/macroeconomic_credit.php

For statistics on Malaysia's industrial production, refer to this link: http://asianbondsonline.adb.org/malaysia/data/macroeconomic_credit.php

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Summary Text of News Articles

British Columbia to Issue CNH Bond; Verena Multi Finance Raises IDR300 Billion in a Triple-Tranche Bond Sale;

Mitra Adiperkasa Raises IDR500 Billion in a Dual-Tranche Bond Sale; VDB Raises VND1,670 Billion in a Triple-Tranche Bond Sale .......................................................................................................................

The Canadian province of British Columbia announced that it is planning to issue a CNH500 million bond with a tenor of 5 years. Roadshows were conducted last week and the issuer has been rated Aaa, AAA, and AAA by Moody's, S&P, and Fitch, respectively.

In Indonesia, Verena Multi Finance raised IDR300 billion from a triple-tranche bond sale. The bonds consisted of IDR50 billion of 370-day bonds with a coupon of 7.25%, IDR227 billion of 3-year bonds with a coupon of 9.0%, and IDR23 billion of 4-year bonds with a coupon of 9.05%. The bonds were rated idA by Pefindo.

Indonesian retail company Mitra Adiperkasa raised IDR500 billion from a dual-tranche bond sale. The bonds consisted of IDR53 billion of 3-year bonds with a coupon of 7.95% and IDR447 billion of 5-year bonds with a coupon of 8.45%. The bonds were rated idAA- by Pefindo.

On 13 December, Viet Nam Development Bank (VDB) raised a total of VND1,670 billion through the sale of a triple-tranche bond comprising VND870 billion worth of 2-year bonds at a coupon of 10.5%, VND500 billion of 3-year bonds at a coupon of 10.6%, and VND300 billion of 5-year bonds at a coupon of 10.8%.

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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 14 December 2012

Close of 14 December 2012

EU = European Union, LCY =local currency, PRC = People’s Republic of China, US = United States. Source: Based on data from Bloomberg, LP.

PreviousDay*

PreviousWeek* 1-Jan-12*

US 0.03 -2.54 -5.58 1.51EU 0.02 0.00 4.40 8.30Japan 0.10 0.00 0.00 0.00PRC 2.87 0.00 2.00 10.00Hong Kong, China 0.05 0.00 -1.00 -17.00India 8.16 1.00 0.00 -36.00Korea, Rep. of 2.76 -1.00 0.00 -60.00Malaysia 3.03 -0.10 0.00 3.40Philippines 0.35 -3.50 -5.00 -102.50Singapore 0.24 1.00 0.00 -13.00Thailand 2.75 0.13 0.68 -36.93

basis point change fromLatest ClosingMarkets

-5.58

4.40

0.00

2.00

-1.00

0.00

0.00

0.00

-5.00

0.00

0.68

PreviousDay*

PreviousWeek* 1-Jan-12*

US 1.70 -2.84 8.00 -17.47EU 1.35 -0.50 5.30 -48.10Japan 0.74 0.70 3.20 -25.10PRC 3.57 0.00 1.00 13.00Hong Kong, China 0.60 0.00 4.70 -86.20India 8.14 -1.80 -2.90 -42.40Indonesia 5.25 0.10 -12.90 -78.10Korea, Rep. of 3.15 1.00 9.00 -64.00Malaysia 3.51 0.00 -0.60 -18.60Philippines 4.18 2.50 2.50 -90.89Singapore 1.32 0.00 2.00 -31.00Thailand 3.58 1.60 6.60 29.70Viet Nam 10.20 0.00 0.00 -230.00

Marketsbasis point change from

Latest Closing

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5.30

3.20

1.00

4.70

-2.90

-12.90

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-0.60

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2.00

6.60

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Tip: Zoom-in on the table using the Acrobat zoom tool Benchmark Yield Curves – LCY Government Bonds

Indonesia

EU = European Union, LCY = local currency US = United States. Source: Based on data from Bloomberg.

Viet NamThailandSingapore

PhilippinesMalaysiaKorea, Republic of

Hong Kong, China China, People’s Rep. of

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0.0

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2.50

2.75

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Time to maturity (years)14-Dec-12 07-Dec-12 30-Nov-12

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Time to maturity (years)14-Dec-12 07-Dec-12 30-Nov-12

4.3

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6.8

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Yie

ld (%

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2.7

2.8

2.9

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ld (%

)

Time to maturity (years)14-Dec-12 07-Dec-12 30-Nov-12

2.8

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

Yie

ld (%

)

Time to maturity (years)

14-Dec-12 07-Dec-12 30-Nov-12

0.0

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7.0

0 3 6 9 12 15 18 21 24 27

Yie

ld (%

)

Time to maturity (years)

14-Dec-12 07-Dec-12 30-Nov-12

0.0

0.5

1.0

1.5

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Yie

ld (%

)

Time to maturity (years)14-Dec-12 07-Dec-12 30-Nov-12

2.5

2.8

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3.3

3.5

3.8

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0 2 4 6 8 10 12 14 16

Yie

ld (%

)

Time to maturity (years)14-Dec-12 07-Dec-12 30-Nov-12

8.7

9.1

9.5

9.9

10.3

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

Yie

ld (%

)

Time to maturity (years)14-Dec-12 07-Dec-12 30-Nov-12

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

EU = European Union, US = United States. Source: Based on data from Bloomberg LP.

0 50 100 150 200 250

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Tip: Zoom-in on the table using the Acrobat zoom tool Policy Rate versus Inflation Rate

Philippines Thailand

China, People’s Rep. of Hong Kong, China India

The PRC uses the 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

2.00

1-year Lending Rate

6.00

-4

-2

0

2

4

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8

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Inflation Rate

3.80

HKMA Base Rate

0.50

-4

-2

0

2

4

6

8

Jan-07 Nov-07 Sep-08 Jul-09 May-10 Mar-11 Jan-12 Dec-12

Inflation Rate

7.24

Repurchase Cut-off Yield

8.00

-2

0

2

4

6

8

10

12

Jan-07 Nov-07 Sep-08 Jul-09 May-10 Mar-11 Jan-12 Dec-12

Inflation Rate4.32

5.75

0

2

4

6

8

10

12

14

16

18

20

Jan-07 Nov-07 Sep-08 Jul-09 May-10 Mar-11 Jan-12 Dec-12

BI Rate

Inflation Rate

1.60

7-Day Repo Rate

2.75

0

2

4

6

8

Jan-07 Nov-07 Sep-08 Jul-09 May-10 Mar-11 Jan-12 Dec-12

Inflation Rate

1.30

Overnight Policy Rate

3.00

-4

-2

0

2

4

6

8

10

Jan-07 Nov-07 Sep-08 Jul-09 May-10 Mar-11 Jan-12 Dec-12

Inflation Rate

2.80

Overnight Reverse

Repo Rate

3.50

0

2

4

6

8

10

12

Jan-07 Nov-07 Sep-08 Jul-09 May-10 Mar-11 Jan-12 Dec-12

Inflation Rate

2.74

1-Day Repo Rate

2.75

-6

-4

-2

0

2

4

6

8

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Jan-07 Nov-07 Sep-08 Jul-09 May-10 Mar-11 Jan-12 Dec-12

Inflation Rate

7.08

Prime Lending Rate

9.00

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3

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Jan-07 Nov-07 Sep-08 Jul-09 May-10 Mar-11 Jan-12 Dec-12

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

Credit Default Swap Spreads — Senior 5-Year*

Exchange Rate Indexes (vis-à-vis US$, 2 January 2007=100)

* In US$ and based on sovereign bonds Source: Thomson Reuters

Mid

spre

ad in

bas

is po

ints

Source: ADB-Office of Regional Economic Integration staff calculations based on Bloomberg data.

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120

130

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130

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China, People's Rep. of

Indonesia

Korea, Rep. of

Malaysia

Philippines

Thailand

Singapore

Viet Nam

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Tip: Zoom-in on the table using the Acrobat zoom tool Selected Debt Security Issuances (10 – 14 December 2012)

CN 12-Dec 10-year Treasury Bond 3.55 29.10 29.10HK 91-day Exchange Fund Bills 0.06 28.01 28.01

183-day Exchange Fund Biills 0.08 9.00 9.00JP 12-Dec Approx.2-Month Treasury Bills 0.09 3,000.00 2,999.92

13-Dec 3-Month Treasury Bills 0.09 5,700.00 5,739.935-Year Treasury Bonds 0.16 2,500.00 2,499.10

KR 10-Dec 91-day Monetary Stabilization Bonds 2.81 1,200.00 1,200.001-year Monetary Stabilization Bonds 2.78 1,000.00 1,100.005-Year Treasury Bonds 2.97 2.75 1,700.00 1,700.00

MY 10-Dec 126-day BNM Islamic Notes 3.05 1.00 1.00210-day BNM Notes 2.98 0.75 0.75

12-Dec 126-day BNM Islamic Notes 3.05 1.00 1.00182-day BNM Islamic Notes 3.05 1.00 1.00364-day BNM Notes 2.88 1.00 1.00

PH 10-Dec 91-day Treasury Bills 0.20 1.00 1.00183-day Treasury Bills 0.52 2.50 2.50364-day Treasury Bills 0.61 4.00 4.00

SG 10-Dec 91-day Treasury Bills 0.13 2.00 2.00182-day Treasury Bills 0.25 2.00 2.00

TH 11-Dec 28-day BOT Bills 2.73 20.00 20.0091-day BOT Bills 2.75 25.00 25.00182-day BOT Bills 2.78 25.00 25.00

12-Dec 15-year Government Bonds 3.82 3.58 9.00 6.019-year Government Bonds 3.46 3.65 13.00 13.00

14-Dec 15-day BOT Bills 2.74 30.00 30.003-year BOT Bonds 2.97 3.03 5.00 5.00

BNM = Bank Negara Malaysia, BOT = Bank of Thailand, LCY = local currency.Sources: Local market sources and Bloomberg, LP.

A m o u n t Is s u e d (L C Y billio n)M a r k e ts

A u c tio n D a te T y p e o f S e c u r ity

A v e r a g e Y ie ld (% )

C o u p o n (% )

A m o u n t O ffe r e d (L C Y billio n)

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DEBT HIGHLIGHTSASIANBONDSONLINE

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Tip: Zoom-in on the table using the Acrobat zoom tool Selected Asia Data Releases (18 – 24 December 2012)

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 sE c o n o m y a n d V a r ia b le H is to r ic a l D a ta

Malaysia’ consumer price inf lation w as unchanged at 1.3% y-o-y in October.MalaysiaConsumer Price Indexy-o-y, %NOV

12/19 10/11: 3.4%11/11: 3.3%09/12: 1.3%10/12: 1.3%

In October, the Republic of Korea’s department store sales fell –0.4% year-on-year (y-o-y) follow ing a –0.8% decline in September.

The Philippines posted a budget surplus of US$604 million in October, slightly low er than September’s surplus of US$751 million.

Republic of KoreaDepartment Store Salesy-o-y, %NOV

12/17-12/19 10/11: 3.1%11/11: –0.5%09/12: –0.8%10/12: –0.4%10/11: 20811/11: 36 409/12: 75110/12: 604

12/19PhilippinesBalance of PaymentsUS$ millionNOV

The Bank of Japan (BOJ) kept its uncollateralized overnight call rate (target rate) at 0.10% in November.

Japan recorded a merchandise trade deficit of JPY551 billion in October follow ing a deficit of JPY565 billion in the previous month.

JapanMerchandise Trade BalanceJPY billionNOV

12/20 10/11: 5.8%11/11: 5.7% 09/12: 3.8%10/12: 3.8%

Hong Kong, ChinaConsumer Price Indexy-o-y, %NOV

Hong Kong, China’s consumer price inflation rate w as unchanged at 3.8% y-o-y in October.

12/19 10/11: –281.811/11: –690.409/12: –564.910/12: –551.1

JapanBOJ Target Rate%20 DEC

12/20 11/11: 0.10%12/11: 0.10%10/12: 0.10%11/12: 0.10%

Viet NamConsumer Price Indexy-o-y, %DEC

12/24 11/11: 19.8%12/11: 18.1% 10/12: 7.0%11/12: 7.1%

Viet Nam’s consumer price inf lation w as nearly unchanged at 7.1% y-o-y in November from 7.0% in October.

SingaporeConsumer Price Indexy-o-y, %NOV

12/24 10/11: 5.4%11/11: 5.7%09/12: 4.7%10/12: 4.0%

Consumer price inf lation in Singapore eased to 4.0% y-o-y in October from 4.7% in September.

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News Articles: Sources for Further Reading

Export and Import Growth Slows, New Loans Rise in the PRC

• China's Nov. exports up 2.9%, imports unchanged China Daily (11 December 2012)

• China's Nov new loans reach 522.9b yuan China Daily (11 December 2012)

Philippine Exports Rise 6.1%, Singapore Retail Sales Fall 1.0% in October

• Merchandise Export Performance: October 2012 National Statistics Office (11 December 2012)

• Retail Sales Index Singapore Department of Statistics (14 December 2012)

Bank Indonesia, The Bank of Korea, and BSP Keep Policy Rates Unchanged

• BI Rate Maintained at 5.75% Bank Indonesia (11 December 2012)

• Monetary Policy Decision (December 13, 2012) The Bank of Korea (13 December 2012)

• Monetary Board Maintains Policy Rates Bangko Sentral ng Pilipinas (13 December 2012)

S&P Affirms Thailand’s Sovereign Credit Ratings; BOT Announces Planned Bond Issuance Program for 2013; Thailand Plans Inflation-Linked Bond Issuance

• S&P affirms Thailand’s ratings with stable outlook Reuters (11 December 2012)

• The Planned Issuance Programme for Bank of Thailand Bonds in 2013

Bank of Thailand (12 December 2012)

• Thailand Issues RFP for Linker Finance Asia (12 December 2012)

Hong Kong, China’s Industrial Production Falls 0.1% in 3Q12; Japan’s Industrial Production Down 4.5% While Malaysia’s Industrial Production Up 5.8% in October

• Provisional statistics on index of industrial production and producer price index for the industrial sector for the third quarter of 2012

Census and Statistics Department (13 December 2012)

• Indices of Industrial Production Ministry of Economy, Trade and Industry (14 December 2012)

• Index of Industrial Production Malaysia October 2012 Department of Statistics Malaysia (11 November 2012)

• Monthly Manufacturing Statistics Malaysia October 2012 Department of Statistics Malaysia (11 November 2012)

British Columbia to Issue CNH Bond; Verena Multi Finance Raises IDR300 Billion in a Triple-Tranche Bond Sale; Mitra Adiperkasa Raises IDR500 Billion in a Dual-Tranche Bond Sale; VDB Raises VND1,670 Billion in a Triple-Tranche Bond Sale

• BONDS: British Columbia set for Dim Sum first IFRAsia (11 December 2012)

• Listing of Continuous Bond I Verena Multi Finance Phase 1 Year 2012 on December 12, 2012

Indonesia Stock Exchange (12 December 2012)

• Listing of Continuous Bonds Mitra Adiperkasa I Phase I Year 2012 with Fixed Rate on December 13, 2012

Indonesia Stock Exchange (12 December 2012)

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