key developments in asian local currency markets l...asiandbonsonline.adb.orgthe pboc provided a...

22 September 2014

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org

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……………………………………………………………………………………………………………..……………..……

Key Developments in Asian Local Currency Markets


1

ast week, the People’s Bank of China (PBOC) engaged in a series of actions to increase liquidity in the market. The PBOC provided a total of CNY500 billion through 3-month, low-interest rate loans for CNY100 billion each to Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China, and Bank of Communications. In addition, the PBOC also sold CNY10 billion worth of repurchase agreements at

a rate of 3.5% on 18 September, compared with a rate of 3.7% in its prior auction on 16 September.

The Bank of Thailand’s Monetary Policy Committee decided on 17 September to maintain the policy rate at 2.00%. In its Monetary Policy Committee meeting held on 18 September, Bank Negara Malaysia decided to keep its overnight policy rate steady at 3.25%.

Consumer price inflation in Malaysia inched up to 3.3% year-on-year (y-o-y) in August from 3.2% in July, due to price increases in food (3.3%), transportation (5.5%), restaurants and hotels (5.1%), and housing costs (3.4%). In the Republic of Korea, producer prices fell 0.2% y-o-y in August, after gaining 0.2% in the preiovus month.

Japan's merchandise trade deficit narrowed to JPY948.5 billion in August from JPY971.4 billion a year earlier. Goods exports declined 1.3% y-o-y to JPY5.7 trillion, while imported goods declined 1.5% to JPY6.6 billion. In Singapore, non-oil domestic exports (NODX) grew 6.0% y-o-y in August, after falling 3.3% a month earlier, due mainly to increases in non-electronic NODX.

In the Philippines, personal remittances from overseas Filipinos rose 7.1% y-o-y in July to reach US$2.3 billion. Retail sales in Singapore climbed 5.5% y-o-y in July compared with 0.4% growth a month earlier, boosted by a rise in vehicle sales.

Over-the-counter bond trading volume in the Republic of Korea stood at KRW499.9 trillion in July, according to data from the Korea Financial Investment Association, which was up KRW30.0 trillion from the previous month, but down KRW19.4 trillion from a year earlier.

Last week, Honghua Group, an oil rig equipment provider from the People’s Republic of China (PRC), raised US$200 million from a 5-year bond sale at a coupon rate of 7.45%. Korea Western Power Company priced a US$300 million 5-year bond at a coupon rate of 2.625% last week. Prueksa Real Estate in Thailand sold THB2.0 billion worth of 2.75-year

bonds at a coupon rate of 3.61%, and another THB2.0 billion worth of 3.5-year bonds carrying a 3.80% coupon.

Government bond yields fell for all tenors in the PRC, due to the PBOC’s liquidity injection, while yields for most tenors fell in the Republic of Korea, Malaysia, and Viet Nam. On the other hand, yields rose for most tenors in Hong Kong, China and Singapore in response to US yield movements. Yields also rose for most tenors in Indonesia on the back of foreign outflows in expectations of a rise in US policy rates. Yield movements were mixed in the Philippines and Thailand. The spread between 2- and 10-year bonds widened in Hong Kong, China; the Republic of Korea; the Philippines; and Singapore; and narrowed in all other emerging East Asian markets.

The September issue of the Asia Bond Monitor (ABM) will be released on 23 September in Beijing and will available for download on the AsianBondsOnline website.

L

Asia Bond Monitor June 2014 read more

10-Year Selected LCY Government Security Yields

Close of 19 September 2014

basis point change from Markets Latest Closing Previous Day* Previous Week* 1-Jan-14*

Selected Benchmark Yield Curves - Local Currency Government Bonds

Policy Rate versus Inflation Rate Charts

Government Security Yields

Credit Default Swap Spreads & Exchange Rate Indexes Selected Debt Security Issuances Selected Asia Data Releases

2-versus-10 Yield Spread Chart

US 2.57 -3.99 -3.60 -45.37

EU 1.04 -3.80 -3.90 -88.60

Japan 0.56 -0.50 -1.40 -17.70

PRC 4.20 -10.00 -10.00 -42.00

Hong Kong, China 2.13 3.00 10.50 -17.20

India 8.46 0.30 -4.70 -39.20

Indonesia 8.20 -6.50 0.70 -21.30

Korea, Rep. of 3.03 1.10 1.90 -55.50

Malaysia 3.95 -4.30 -4.30 -17.90

Philippines 4.20 0.00 -2.06 59.92

Singapore 2.57 5.00 7.00 1.00

Thailand 3.67 -1.30 0.40 -22.70

Viet Nam 9.50 0.00 0.00 0.00

-3.60

-3.90

-1.40

-10.00

10.50

-4.70

0.70

1.90

-4.30

-2.06

7.00

0.40

0.00

http://asianbondsonline.adb.org/documents/abm_jun_2014.pdf?src=wdh

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DEBT HIGHLIGHTSASIANBONDSONLINE

2

Summary Text of News Articles

PBOC Increases Market Liquidity ........................................................................................................................................ The People’s Bank of China (PBOC) provided a total of CNY500 billion through 3-month, low-interest rate loans for CNY100 billion each to Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China, and Bank of Communications. In addition, the PBOC also sold CNY10 billion worth of repurchase agreements at a rate of 3.5% on 18 September, compared with a rate of 3.7% in its prior auction on 16 September.

Policy Rates Maintained in Thailand and Malaysia ........................................................................................................................................ The Bank of Thailand’s Monetary Policy Committee decided on 17 September to maintain the policy rate at 2.00%. In its monetary policy decision, the committee noted the gradual recovery of the global economy, improvement in domestic demand, supply-side constraints affecting the country’s exports, and stable inflation in the domestic economy.

In its Monetary Policy Committee meeting held on 18 September, Bank Negara Malaysia decided to keep its overnight policy rate steady at 3.25%. Bank Negara Malaysia deemed its current monetary policy stance to be supportive of growth. Inflation is expected to be relatively stable as the effects of price adjustments in utilities and energy have diminished.

For policy rate trends in Thailand, refer to this link: http://asianbondsonline.adb.org/thailand/data/marketwatch.php?code=policy_rate_and_inflation_trends

For policy rate trends in Malaysia, refer to this link: http://asianbondsonline.adb.org/malaysia/data/marketwatch.php?code=policy_rate_and_inflation_trends

Consumer Price Inflation Rises in Malaysia in August;

Producer Prices Slip in the Republic of Korea in August ........................................................................................................................................ Consumer price inflation in Malaysia inched up to 3.3% year-on-year (y-o-y) in August from 3.2% in July due to price increases in food (3.3%), transportation (5.5%), restaurants and hotels (5.1%), and housing costs (3.4%), which together contributed to nearly two-thirds of the increase in inflation. On a month-on-month (m-o-m) basis, the consumer price index (CPI) increased by 0.2%.

In the Republic of Korea, producer prices fell 0.2% y-o-y in August after gaining 0.2% a month earlier. All major sectors posted declines except for the services sector and the electricity, power, gas, and water supply sector. Between July and August, the producer price index declined 0.1%.

For inflation rate trends in Malaysia, refer to this link: http://asianbondsonline.adb.org/malaysia/data/marketwatch.php?code=policy_rate_and_inflation_trends

Japan’s Merchandise Trade Deficit Narrows in August;

Singapore’s NODX Rises 6.0% y-o-y in August ........................................................................................................................................ Japan's merchandise trade deficit narrowed to JPY948.5 billion in August from JPY971.4 billion a year earlier as imports declined at a faster pace than exports. Goods exports declined 1.3% y-o-y to JPY5.7 trillion, while imported goods declined 1.5% to JPY6.6 billion.

In Singapore, non-oil domestic exports (NODX) grew 6.0% y-o-y in August, after falling 3.3% a month earlier, due mainly to increases in non-electronic NODX. The volume of NODX climbed in all of the 10 largest NODX markets except Hong Kong, China; Japan; and Thailand.

Remittances from Overseas Filipinos Rise 7.1% y-o-y in July; Retail Sales in Singapore Climb 5.5% in July ........................................................................................................................................ In the Philippines, personal remittances from overseas Filipinos rose 7.1% y-o-y in July to reach US$2.3 billion. The United States; Saudi Arabia; United Arab Emirates; United Kingdom; Singapore; Japan; Canada; and Hong Kong, China remained the top sources of cash remittances coursed through banks. Personal remittances to the Philippines in the first 7 months of the year totaled US$15.0 billion, up 6.4% y-o-y.

http://asianbondsonline.adb.org/thailand/data/marketwatch.php?code=policy_rate_and_inflation_trends&src=wdh

http://asianbondsonline.adb.org/malaysia/data/marketwatch.php?code=policy_rate_and_inflation_trends&src=wdh

http://asianbondsonline.adb.org/malaysia/data/marketwatch.php?code=policy_rate_and_inflation_trends&src=wdh

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3

Summary Text of News Articles

Remittances from Overseas Filipinos Rise 7.1% y-o-y in July; Retail Sales in Singapore Climb 5.5% in July (cont…) ........................................................................................................................................ Retail sales in Singapore climbed 5.5% y-o-y in July, compared with 0.4% y-o-y growth a month earlier, boosted by a rise in vehicle sales. According to the Department of Statistics Singapore, the rise in motor vehicle sales was due mostly to lower sales volume in July following the reinstatement of loan restrictions on the purchase of used cars. Excluding motor vehicle sales, retail sales declined 0.4% y-o-y.

OTC Bond Trading Volume in the Republic of Korea Increases m-o-m and Falls y-o-y in July ........................................................................................................................................ The over-the-counter (OTC) bond trading volume in the Republic of Korea stood at KRW499.9 trillion in July, according to data from the Korea Financial Investment Association. Trading volume was up from KRW30.0 trillion in the previous month but down KRW19.4 trillion from a year earlier. By investor type, securities companies had the largest trading volume at KRW307.6 trillion, which accounted for 61.5% of the month’s total volume.

Honghua Group Prices US$200 Million 5-Year Bond;

Korea Western Power Company Prices US$300 Million 5-Year Bond;

Prueksa Real Estate Raises THB4.0 Billion from Dual-Tranche Bond Sale ........................................................................................................................................ Last week, Honghua Group, an oil rig equipment provider from the People’s Republic of China, raised US$200 million from a 5-year bond sale. The bonds carried a coupon rate of 7.45%. The bonds were well-received by investors with the order book reaching US$1.4 billion.

Korea Western Power Company priced a US$300 million 5-year bond at a coupon rate of 2.625% last week. Proceeds from the bond sale will be used by the company for general corporate purposes.

Prueksa Real Estate in Thailand sold THB2.0 billion worth of 2.75-year bonds at a coupon rate of 3.61% and another THB2.0 billion worth of 3.5-year bonds carrying a 3.80% coupon last week. Both bonds were rated A by TRIS Rating.

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4

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

Previous

Day*

Previous

Week*1-Jan-14*

US 2.57 -3.99 -3.60 -45.37

EU 1.04 -3.80 -3.90 -88.60

Japan 0.56 -0.50 -1.40 -17.70

PRC 4.20 -10.00 -10.00 -42.00

Hong Kong, China 2.13 3.00 10.50 -17.20

India 8.46 0.30 -4.70 -39.20

Indonesia 8.20 -6.50 0.70 -21.30

Korea, Rep. of 3.03 1.10 1.90 -55.50

Malaysia 3.95 -4.30 -4.30 -17.90

Philippines 4.20 0.00 -2.06 59.92

Singapore 2.57 5.00 7.00 1.00

Thailand 3.67 -1.30 0.40 -22.70

Viet Nam 9.50 0.00 0.00 0.00

Markets

basis point change fromLatest

Closing

-3.60

-3.90

-1.40

-10.00

10.50

-4.70

0.70

1.90

-4.30

-2.06

7.00

0.40

0.00



EU = European Union, LCY =local currency, PRC = People’s Republic of China, US = United States.

Source: Based on data from Bloomberg, LP.

Previous

Day*

Previous

Week*1-Jan-14*

US 0.01 0.50 0.00 -5.58

EU -0.04 -0.90 2.00 -19.90

Japan 0.01 1.90 1.90 -5.00

PRC 3.50 -13.00 -17.00 -66.00

Hong Kong, China 0.04 0.00 0.00 -7.00

India 8.61 0.00 0.00 -14.50

Korea, Rep. of 2.20 -0.20 -2.70 -36.80

Malaysia 3.21 -0.40 0.50 23.90

Philippines 1.22 0.00 -12.67 89.83

Singapore 0.33 0.00 1.00 2.00

Thailand 2.01 0.17 0.33 -29.36

basis point change fromLatest

ClosingMarkets

0.00

2.00

1.90

-17.00

0.00

0.00

-2.70

0.50

-12.67

1.00

0.33

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5


Benchmark Yield Curves – LCY Government Bonds

Indonesia

EU = European Union, LCY = local currency US = United States.

Source: Based on data from Bloomberg.

Viet Nam Thailand Singapore

Philippines Malaysia Korea, Republic of

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

Japan EU US

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

0.00 4.00 8.00 12.00 16.00 20.00 24.00 28.00 32.00

Yie

ld (%

)

Time to maturity (years)

19-Sep-14 12-Sep-14 05-Sep-14

-0.2

0.1

0.4

0.7

1.0

1.3

1.6

1.9

2.2

0 5 10 15 20 25 30

Yie

ld (%

)


19-Sep-14 12-Sep-14 05-Sep-14

0.0

0.4

0.8

1.2

1.6

2.0

0 4 8 12 16 20 24 28 32 36 40

Yie

ld (%

)


19-Sep-14 12-Sep-14 05-Sep-14

3.6

3.8

4.0

4.2

4.4

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

Yie

ld (%

)


19-Sep-14 12-Sep-14 05-Sep-14

0.0

0.5

1.0

1.5

2.0

2.5

0 2 4 6 8 10 12 14 16

Yie

ld (%

)


19-Sep-14 12-Sep-14 05-Sep-14

6.5

7.0

7.5

8.0

8.5

9.0

9.5

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

Yie

ld (%

)Time to maturity (years)

19-Sep-14 12-Sep-14 05-Sep-14

2.0

2.2

2.4

2.6

2.8

3.0

3.2

3.4

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

Yie

ld (%

)


19-Sep-14 12-Sep-14 05-Sep-14

3.1

3.3

3.5

3.7

3.9

4.1

4.3

4.5

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

Yie

ld (%

)


19-Sep-14 12-Sep-14 05-Sep-14

0.8

1.5

2.3

3.0

3.8

4.5

5.3

0 3 6 9 12 15 18 21 24 27

Yie

ld (%

)


19-Sep-14 12-Sep-14 05-Sep-14

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

0 3 6 9 12 15 18 21 24 27 30

Yie

ld (%

)


19-Sep-14 12-Sep-14 05-Sep-14

1.8

2.0

2.3

2.5

2.8

3.0

3.3

3.5

3.8

4.0

0 2 4 6 8 10 12 14 16

Yie

ld (

%)


19-Sep-14 12-Sep-14 05-Sep-14

4.0

5.0

6.0

7.0

8.0

9.0

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

Yie

ld (%

)


19-Sep-14 12-Sep-14 05-Sep-14

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6


2- versus 10- Year Yield Spread Chart

EU = European Union, US = United States.

Source: Based on data from Bloomberg LP.

0 50 100 150 200 250 300

US

EU

Japan

China, People's Rep. of

Hong Kong, China

Indonesia

Korea, Rep. of

Malaysia

Philippines

Singapore

Thailand

Viet Nam

basis points

19-Sep-14

12-Sep-14

5-Sep-14

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7


Policy Rate versus Inflation Rate

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

Philippines Thailand

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.


The Reserve Bank of India uses the repurchase (repo) cut-

off yield as its policy rate.


Indonesia Korea, Republic of Malaysia

Bank Indonesia uses its reference interest rate (BI rate) as its

policy rate.


The Bank of Korea shifted its policy rate from the overnight

repurchase (repo) rate to the 7-day repo rate in March 2008.


Bank Negara Malaysia uses the overnight policy rate

(OPR) as its policy rate.


Viet Nam

Bangko Sentral uses the Philippine overnight reverse

repurchase agreement rate as one of its policy

instruments.


The Bank of Thailand replaced the 14-day repurchase

rate with the 1-day repurchase rate in January 2007 as

its policy rate.


The State Bank of Viet Nam uses a benchmark prime

lending rate as its policy rate.


Inflation Rate

2.00

1-year Lending Rate

6.00

-2

0

2

4

6

8

10

Jan-08 Sep-08 Jun-09 Mar-10 Dec-10 Sep-11 Jun-12 Mar-13 Dec-13 Sep-14

Inflation Rate

3.99

7.50

-2

1

4

7

10

13

16


BI Rate

Inflation Rate

4.90

Overnight Reverse

Repo Rate

4.00

0

2

4

6

8

10

12


Inflation Rate

4.00

HKMA Base Rate

0.50

-3

-1

1

3

5

7


Inflation Rate1.40

7-Day Repo Rate

2.25

0

2

4

6

8


c

Inflation Rate

2.09

1-Day Repo Rate

2.00

-6

-4

-2

0

2

4

6

8

10


Inflation Rate

3.74Repurchase Cut-off Yield

8.00

-2

0

2

4

6

8

10

12


Inflation Rate

3.30

Overnight Policy Rate

3.25

-4

-2

0

2

4

6

8

10


Inflation Rate

4.31

Prime Lending Rate

9.00

0

3

6

9

12

15

18

21

24

27

30


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8


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: Bloomberg

Mid

sp

rea

d in

ba

sis

po

ints

Source: ADB-Office of Regional Economic

Integration staff calculations based on

Bloomberg data.

0

50

100

150

200

250

300

350

Jan-10 Sep-10 May-11 Jan-12 Sep-12 May-13 Jan-14 Sep-14


Hong Kong, China

Indonesia

Korea, Rep. of

Japan

Malaysia

Philippines

Thailand

50

60

70

80

90

100

110

120

130

50

60

70

80

90

100

110

120

130



Indonesia

Korea, Rep. of

Malaysia

Philippines

Thailand

Singapore

Viet Nam

……………………………………………………………………………………………………………………………………………………………………………………………

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9


Selected Debt Security Issuances (15 – 19 September 2014)

CN 17-Sep 10-year Treasury Bonds 4.13 4.13 28.00 28.05

19-Sep 1-year Treasury Bills 3.71 22.00 22.45

HK 16-Sep 91-day Exchange Fund Bills 0.05 32.64 32.64

182-day Exchange Fund Bills 0.07 11.00 11.00

ID 16-Sep 9-month Treasury Bills 6.62 2,000.00

5-year Treasury Bonds 8.05 7.88 3,050.00



JP 17-Sep 1-year Treasury Discount Bills 0.00 2,500.00 2,499.98

20-year Japanese Government Bonds 1.44 1.40 1,200.00 1,375.60

KR 15-Sep 91-day Monetary Stabilization Bonds 2.25 1,400.00 1,410.00

182-day Monetary Stabilization Bonds 2.24 700.00 700.00

10-year Treasury Bonds 3.06 3.00 1,850.00 1,860.00

MY 17-Sep 91-day BNM Notes 3.29 2.00 2.00

182-day BNM Islamic Notes 3.44 2.00 2.00

PH 16-Sep 19-year Treasury Bond 5.10 3.63 25.00 15.95

SG 16-Sep 28-day MAS Bills 0.16 1.00 1.00

84-day MAS Bills 0.25 5.80 5.80

TH 15-Sep 14-day Treasury Bills 1.96 20.00 20.00

28-day Treasury Bills 1.98 15.00 15.00

16-Sep 91-day Bank of Thailand Bonds 2.01 25.00 25.00

182-day Bank of Thailand Bonds 2.08 25.00 25.00

BNM = Bank Negara Malaysia, LCY = local currency, MAS = Monetary Authority of Singapore.

Sources: Local market sources and Bloomberg, LP.

10,000.00

Amount Issued

(LCY billion)Markets

Auction

Date Type of Securi ty

Average

Y ield (%)

Coupon

(%)

Amount Offered

(LCY billion)

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10

…………………………………………………………………………………………………………………………………


Selected Asia Data Releases (23 – 29 September 2014)

Economy and VariableRelease

DateHistorical Data Recent Trends

Singapore 07/13: 1.9%

CPI 08/13: 2.0%

y-o-y, % 06/14: 1.8%

AUG 07/14: 1.2%

Viet Nam 08/13: 7.5%

CPI 09/13: 6.3%

y-o-y, % 07/14: 5.0%

SEP 08/14: 4.3%

Hong Kong, China 07/13: 10.6%

Merchandise Exports 08/13: –1.3%

y-o-y, % 06/14: 11.4%

AUG 07/14: 6.8%

Hong Kong, China 07/13: –37.2

Merchandise Trade Balance 08/13: –39.6

HKD billion 06/14: –43.1

AUG 07/14: –42.1

Philippines 06/13: –4.2%

Merchandise Imports 07/13: 8.9%

y-o-y, % 05/14: –4.0%

JUL 06/14: –3.6%

Philippines 06/13: -399

Merchandise Trade Balance 07/13: -635

US$ million 05/14: 423

JUL 06/14: 731

Japan 07/13: 0.7%

CPI 08/13: 0.9%

y-o-y, % 06/14: 3.6%

AUG 07/14: 3.4%

Singapore 07/13: 2.9%

Industrial Production 08/13: 3.5%

y-o-y, % 06/14: 0.8%

AUG 07/14: 3.3%


Merchandise Imports 08/13: –0.2%

y-o-y, % 06/14: 7.6%

AUG 07/14: 7.5%


Retail Sales 08/13: 8.1%

y-o-y, % 06/14: –6.9%

AUG 07/14: –3.1%

Korea, Rep. of 07/13: 7,985.1

Current Account Balance 08/13: 7,198.0

US$ million 06/14: 7,919.7

AUG 07/14: 7,908.8

Source: AsianBondsOnline , Bloomberg LP, and Reuters.

09/26 Industrial production in Singapore climbed 3.3% y-o-y in July compared w ith 0.8%

grow th in June.

09/29 Retail sales in Hong Kong, China fell 3.1% y-o-y in July follow ing a 6.9% decline in

June.

09/29 The Republic of Korea’s current account surplus amounted to US$7.9 billion in July,

dow n slightly from the previous month, as the merchandise trade surplus w idened.

The services account deficit narrow ed, the primary income surplus rose, and the

secondary income deficit fell betw een June and July.

09/29 Hong Kong, China’s imports marginally slipped to 7.5% y-o-y in July from 7.6% in

June.

09/25 The Philippines’ trade surplus expanded to US$731 million in June from US$423

million in May.

09/26 Consumer price inflation in Japan eased to 3.4% y-o-y in July from 3.6% in June.

Consumer price inflation in Singapore eased to 1.2% year-on-year (y-o-y) in July

from 1.8% in June.

09/23

09/24 Consumer price inflation in Viet Nam slow ed to 4.3% y-o-y in August from 4.9% in

July.

09/25 Merchandise exports from Hong Kong, China slow ed to 6.8% y-o-y in July after

rising 11.4% in June.

09/25 The trade deficit in Hong Kong, China slightly narrow ed to HKD42.1 billion in July

from HKD43.1 billion in June.

09/25 The Philippines’ merchandise imports fell 3.6% y-o-y in June follow ing a decline of

4.0% in May.

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11

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News Articles: Sources for Further Reading

PBOC Increases Market Liquidity

China's Central Bank Injects $81 Billion Into Top Banks to Counter Slowdown

Wall Street Journal (17 September 2014)

China Rate Swaps Drop Most in Five Months as Repo Yield Lowered

Businessweek (18 September 2014)

Policy Rates Maintained in Thailand and Malaysia

Monetary Policy Statement

Bank Negara Malaysia (18 September 2014)

Monetary Policy Committee’s Decision on 17 September 2014

Bank of Thailand (17 September 2014)

Consumer Price Inflation Rises in Malaysia in August; Producer

Prices Slip in the Republic of Korea in August

Consumer Price Index Malaysia August 2014

Department of Statistics Malaysia (17 September 2014)

Producer Price Index during August 2014

The Bank of Korea (19 September 2014)

Japan’s Merchandise Trade Deficit Narrows in August;

Singapore’s NODX Rises 6.0% y-o-y in August

Value of Exports and Imports August 2014 (Provisional)

Ministry of Finance (18 September 2014)

Singapore’s External Trade – August 2014

International Enterprise Singapore (17 September 2014)

Remittances from Overseas Filipinos Rise 7.1% y-o-y in July;

Retail Sales in Singapore Climb 5.5% in July

Personal Remittances Sustain Robust Growth in July 2014; January-July Level Reaches US$15 Billion

Bangko Sentral ng Pilipinas (18 September 2014)

Retail sales up 5.5% on-year in July, driven by strong vehicle sales

Channel News Asia (15 September 2014)

Retail Sales Index Food & Beverage Services Index

Department of Statistics Singapore (15 September 2014)

OTC Bond Trading Volume in the Republic of Korea Increases

m-o-m and Falls y-o-y in July

KOFIA Releases the OTC Bond Market Trend Analysis for July 2014

Korea Financial Investment Association (15 September 2014)

Honghua Group Prices US$200 Million 5-Year Bond; Korea

Western Power Company Prices US$300 Million 5-Year Bond;

Prueksa Real Estate Raises THB4.0 Billion from Dual-Tranche

Bond Sale

Honghua pulls off debut issue

IFR Asia (20 September 2014)

Korea Western launches $300m bond

FinanceAsia (16 September 2014)

PS176A and PS183A are registered with ThaiBMA on September 17, 2014

ThaiBMA (17 September 2014)

http://online.wsj.com/articles/china-pboc-injects-81-billion-into-top-banks-1410914151

http://online.wsj.com/articles/china-pboc-injects-81-billion-into-top-banks-1410914151

http://www.businessweek.com/news/2014-09-17/china-rate-swaps-drop-as-pboc-cuts-repo-yield-to-three-year-low

http://www.businessweek.com/news/2014-09-17/china-rate-swaps-drop-as-pboc-cuts-repo-yield-to-three-year-low

http://www.bnm.gov.my/index.php?ch=en_press&pg=en_press_all&ac=3067&lang=en

http://www.bot.or.th/Thai/MonetaryPolicy/Documents/MPC_62014.pdf

http://www.statistics.gov.my/portal/index.php?option=com_content&view=article&id=2488&Itemid=111&lang=en

http://www.bok.or.kr/contents/total/eng/boardView.action?menuNaviId=634&boardBean.brdid=14432&boardBean.menuid=634&boardBean.rnum=1

http://www.customs.go.jp/toukei/shinbun/trade-st_e/2014/201408ce.xml

http://www.iesingapore.gov.sg/~/media/IE Singapore/Files/Publications/Singapore Trade Statistics/Monthly Trade Statistics/2014/Monthly20Trade20Report2020Aug20201420Without20Annex.pdf

http://www.bsp.gov.ph/publications/media.asp?id=3531

http://www.bsp.gov.ph/publications/media.asp?id=3531

http://www.channelnewsasia.com/news/singapore/retail-sales-up-5-5-on/1362786.html

http://www.channelnewsasia.com/news/singapore/retail-sales-up-5-5-on/1362786.html

http://www.singstat.gov.sg/publications/publications_and_papers/services/mrsjul14.pdf

http://eng.kofia.or.kr/brd/m_19/down.do?seq=1622&file_seq=1&data_tp=A

http://eng.kofia.or.kr/brd/m_19/down.do?seq=1622&file_seq=1&data_tp=A

http://www.ifrasia.com/honghua-pulls-off-debut-issue/21165074.article

http://www.financeasia.com/News/390326,korea-western-launches-300m-bond.aspx

http://www.thaibma.or.th/news/MarketNewsDetail.aspx?headline=335504

http://www.thaibma.or.th/news/MarketNewsDetail.aspx?headline=335504