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26 September 2011

onsumer price inflation in Hong Kong, China slowed to 5.7% year-on-year (y-o-y) in August, compared with 7.9% in July, due to a timing difference in the government's payment of public housing rentals in July. Netting out this effect, consumer price inflation in August rose to 6.3% y-o-y from 5.8% in July on account of higher private housing rental and food prices. Malaysia's consumer price inflation eased slightly to 3.3% y-o-y in August from 3.4% in July. The index for food and non-alcoholic beverages increased 4.6% y-o-y in August, slightly lower than the 4.9% increase posted in July. In Singapore, consumer price inflation accelerated to 5.7% y-o-y in August from 5.4% in July due to higher costs for transportation, housing, and food. The People's Republic of China's (PRC) outstanding foreign debt climbed to USD642.5 billion as of end-June from USD586.0 billion at end-March. The seasonally adjusted unemployment rate in Hong Kong, China eased to 3.2% in JuneAugust compared with 3.4% in May-July. The unemployment rate in the Republic of Korea fell to 3.0% in August from 3.3% in July amid strong export growth and a modest increase in domestic demand. Malaysia's unemployment rate fell to 3.0% in July from 3.2% in June. Japan reported a trade deficit of JPY775.3 billion in August-the highest recorded deficit since 1979-resulting from the fuel imports of utility firms to meet electricity demand as many nuclear reactors remain offline. The Philippines' balance of payments (BOP) surplus soared 166.0% y-o-y to USD9.0 billion in the first 8 months of the year, exceeding the revised fullyear target of USD6.7 billion. The Philippines posted a budget surplus of PHP9.2 billion in August due to higher revenue collections and constrained government spending. The Bureau of the Treasury plans to issue retail treasury bonds in 4Q11. Last week in Hong Kong, China, US-based Yum! Brands priced a CNH350 million 3-year bond at 2.375%. In the Republic of Korea, Honam Petrochemical Corporation priced a KRW500 billion 3-year bond at a coupon rate of 3.93%, while Dongkuk Steel priced a KRW250 billion 3-year bond and a KRW70 billion 5-year bond at coupon rates of 4.35% and 4.53%, respectively. In Malaysia, shipping company MISC sold two tranches of Islamic mediumterm notes totaling MYR800 million: (i) a MYR500 million 3-year tranche, which pays an annual return of 3.51%; and (ii) a MYR300 million 5-year tranche, which pays an annual return of 3.71%. In Singapore, Overseas Union

Key Developments in Asian Local Currency Markets

asianbondsonline.adb.org

Asia Bond Monitor September 2011


10-Year Selected LCY Government Security Yields
Markets
Close of 23 September 2011

basis point change from Latest Closing Previous Day* Previous Week* 1-Jan-11*
1.83 1.75 0.99 4.08 1.24 8.30 7.36 3.72 3.76 6.30 1.51 3.85 12.70 11.54 7.30 0.00 -1.00 -11.60 0.10 -28.80 0.00 -6.00 38.57 -6.00 2.80 5.00
-21.45 -11.60 -2.60

US EU Japan PR C H ong Kong, C hina India Indones ia Malays ia Korea, R ep. of Philippines Singapore Thailand Viet N am

-30.50 -6.00

-10.00

-21.45 -11.60 -2.60 2.00 2.00 -30.50 -6.00 22.10 22.10 1.20 1.20 8.00 8.00 48.47 -10.00 15.20 15.20 1.70 1.70

48.47

-146.01 -121.60 -14.10 17.00 -162.10 38.40 -24.70 -31.80 -76.00 41.19 -120.00 12.60 95.00

Selected Government Security Yields Benchmark Yield Curves - Local Currency Government Bonds 2-versus-10 Yield Spread Chart Policy Rate versus Inflation Rate Charts Credit Default Swap Spreads & Exchange Rate Indexes Selected Debt Security Issuances Selected Asia Data Releases

Enterprise Ltd. (OUE) issued SGD200 million worth of 4-year mediumterm notes at 3.95% last week. Thailand's mobile phone operator True Move also completed its tender offer to buy back two USDdenominated bonds totaling USD690 million. In Viet Nam, Song Da Urban & Industrial Investment and Development Joint Stock Company issued VND700 billion 3-year corporate bonds with coupon rate to be adjusted every six months. Government bond yields fell last week for most tenors in Singapore, while yields rose for all tenors in Indonesia, the Republic of Korea, and the Philippines, and for most tenors in Malaysia, Thailand and Vietnam. Yield movements were mixed in the PRC and Hong Kong, China: falling in the shorter end of the curve in the PRC, but in the longer end of the curve in Hong Kong, China. Yield spreads between 2- and 10year maturities widened in the PRC, the Republic of Korea, the Philippines and Thailand, while spreads narrowed in most other emerging East Asian markets.

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Consumer Price Inflation Slows in Hong Kong, China; and Malaysia, Accelerates in Singapore in August

Consumer price inflation in Hong Kong, China slowed to 5.7% year-on-year (y-o-y) in August from 7.9% in July. Inflation had quickened in July due to the low base effect from the difference in the timing of the government's payment of public housing rentals in July 2010. The impact of this subsidy on inflation did not come into play in 2011 until August. However, netting out the effect of the government's housing relief measures, consumer price inflation in August rose to 6.3% y-o-y, compared with 5.8% in July, on account of increases in private housing rental and food prices. Malaysia's consumer price inflation eased slightly to 3.3% y-o-y in August from 3.4% in July. Consumer prices increased 0.2% on a month-on-month (m-o-m) basis. The index for food and non-alcoholic beverages increased 4.6% y-o-y in August, slightly lower than the 4.9% increase posted in July. Also, the index for transportation rose 4.0% y-o-y in August versus 4.8% in the previous month. During the first 8 months of the year, the consumer price index increased 3.1%. In Singapore, consumer price inflation accelerated to 5.7% y-o-y in August from 5.4% in July due to higher costs for transportation, housing, and food. The index for transportation increased 12.5% y-o-y, while that of housing and food rose 9.9% and 3.0% y-o-y, respectively. On a m-o-m basis, the consumer price index rose 0.7% in August. In JanuaryAugust, the consumer price index increased 5.1% over the same period last year. For inflation trends in Hong Kong, China, refer to this link: http://asianbondsonline.adb.org/hongkong/data/marketwatch.php?code=policy_rate_and_inflation_trends For inflation trends in Malaysia, refer to this link: http://asianbondsonline.adb.org/malaysia/data/marketwatch.php?code=policy_rate_and_inflation_trends For inflation trends in Singapore, refer to this link: http://asianbondsonline.adb.org/singapore/data/marketwatch.php?code=policy_rate_and_inflation_trends.

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The PRC's Foreign Debt Climbs to USD642.5 Billion in June

The People's Republic of China's (PRC) State Administration of Foreign Exchanges reported that the country's outstanding foreign debt climbed to USD642.5 billion at end-June from USD586.0 billion at end-March. Of this amount, 78.3% was denominated in US dollars and 4.1% was denominated in euros. Medium- to long-term foreign debt stood at USD180.4 billion and short-term foreign debt amounted to USD462.1 billion. Of the short-term foreign debt outstanding, about 75% (USD348.2 billion) comprised trade loans and financing. For statistics on the PRC's external debt, refer to this link: http://asianbondsonline.adb.org/china/data/macroeconomic_credit.php

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Unemployment Eases to 3.2% in Hong Kong, China in June-August; Unemployment Falls to 3.0% in the Republic of Korea (August) and Malaysia (July)

The seasonally adjusted unemployment rate in Hong Kong, China eased to 3.2% in June-August from 3.4% in MayJuly, reaching the lowest level since December 1997-February 1998. Meanwhile, the underemployment rate rose slightly to 1.8% in June-August from 1.7% in May-July. According to the Secretary for Labour and Welfare, with most summer workers returning to school at the start of academic year in September, the labor supply is expected to shrink slightly in the next few months. The Republic of Korea's unemployment rate fell to 3.0% in August from 3.3% in July amid strong export growth and a modest increase in domestic demand. The unemployment rate for high school graduates recorded the sharpest monthly drop among all categories in August, falling by 0.6 percentage points from the previous month to 3.5%. The unemployment rate in Malaysia fell to 3.0% in July from 3.2% in June as total employment reached 12.4 million, up 2.1% m-o-m and 3.5% y-o-y. The labor force participation rate increased to 65.0% in July from 63.9% in June. The actual number of unemployed fell to 380,600 in July from 400,000 in June.

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Summary Text of News Articles Japan Reports JPY775.3 Billion Trade Deficit in August; The Philippines' Balance of Payments Surplus Surges to USD9.0 Billion

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Japan reported a trade deficit of JPY775.3 billion in August-the highest recorded deficit since 1979. The huge deficit resulted from utility firms importing fuel to meet electricity demand since many nuclear reactors remain offline. Meanwhile, exports recovered in August to grow 2.8% y-o-y after a 3.4% decline in July. However, this increase was dwarfed by 19.2% y-o-y growth in imports following a 9.9% increase in July. Bangko Sentral ng Pilipinas (BSP) reported that the Philippines' balance of payments (BOP) surplus soared 166.0% yo-y to USD9.0 billion in the first 8 months of the year, exceeding the revised full-year target of USD6.7 billion on the back of strong capital inflows into emerging market economies, strong exports, increased remittances from overseas Filipino workers, as well as business process outsourcing and tourism earnings. For the month of August, the BOP surplus reached USD2.7 billion compared with only USD151 million in August 2010. For statistics on Japan's exports and imports, refer to this link: http://asianbondsonline.adb.org/japan/data/macroeconomic_credit.php For statistics on the Philippines' balance of payments, refer to this link: http://asianbondsonline.adb.org/philippines/data/macroeconomic_credit.php

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The Philippines Posts Budget Surplus of PHP9.2 Billion in August, Plans RTB Sale in 4Q11

The Philippines posted a budget surplus of PHP9.2 billion in the month of August, according to the Bureau of the Treasury (BTr). The cumulative budget deficit for January-August was PHP34.5 billion, down significantly from PHP228.1 billion in the same period last year. The smaller January-August deficit, which was below budget projections, was attributed to increased revenue collections and limited government spending. Revenue grew 13.7% y-o-y to PHP912.8 billion in January-August. The Bureau of Internal Revenue (BIR) contributed PHP619.7 billion to government revenue, a 13.4% increase over the same period last year. Government spending, on the other hand, was down 8.2% y-o-y to PHP947.2 billion. Government expenditures are expected to accelerate in the second half of the year to spur the economy after gross domestic product (GDP) growth fell to 3.4% y-o-y in 2Q11 from 4.6% y-o-y in 1Q11. Last week, BTr received borrowing authority from the Office of the President to issue as much as PHP500 billion worth of retail treasury bonds (RTB) in 4Q11. BTr has requested financing proposals from 10 banks to become arrangers or deal managers for the RTB sale. The government is looking at 10- or 15-year tenors for the upcoming sale. BTr will announce the mandated banks for the RTB sale later this week. For statistics on the Philippines' fiscal balance, refer to this link: http://asianbondsonline.adb.org/philippines/data/macroeconomic_credit.php

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Issuance in Hong Kong, China; Republic of Korea; Malaysia; Singapore; Thailand; and Viet Nam

Last week, US-based Yum! Brands priced CNH350 million worth of 3-year bonds. The bonds were priced to yield 2.375%. HSBC and Bank of China (Hong Kong) Ltd. were the joint bookrunners for the bond issue. In the Republic of Korea, Honam Petrochemical Corporation priced a KRW500 billion 3-year bond at a coupon rate of 3.93%, while Dongkuk Steel priced a KRW250 billion 3-year bond and a KRW70 billion 5-year bond at coupon rates of 4.35% and 4.53%, respectively. In Malaysia, shipping company MISC sold two tranches of Islamic medium-term notes totaling MYR800 million last week. The first tranche is a MYR500 million 3-year note, which pays a 3.51% annual return, while the second is a MYR300 million 5-year note, which pays a 3.71% annual return. In Singapore, Overseas Union Enterprise Ltd. issued SGD200 million worth of 4-year medium-term notes. The issuance carries a semi-annual coupon of 3.95% and will mature on 29 September 2015.

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Issuance in Hong Kong, China; Republic of Korea; Malaysia; Singapore; Thailand; and Viet Nam (cont)

Meanwhile, Thailand's mobile phone operator True Move bought back two USD-denominated bonds totaling USD690 million. One bond worth USD465 million was due on December 2013 and carried a coupon rate of 10.75%; the other bond worth USD225 million was due on March 2014 and carried a 10.35% coupon. In Viet Nam, Song Da Urban & Industrial Investment and Development Joint Stock Company issued 700 3-year corporate bonds amounting to VND700 billion with par value of VND1 billion per bond. The coupon rates will be adjusted every six months, with coupon rate of 22% for the first period, and floating interest rates equivalent to 12month deposit rates at Techcombank plus 6% for the coming years. The proceeds are used for supplementing the company's capital for business activities. Singapore's Housing and Development Board issued last week SGD625 million worth of 5-year bonds and SGD650 million 10-year bonds. The 5-year paper carries 1.01% annual coupon, while the 10-year paper pays 1.95%. Meanwhile, Thailand auctioned a 50-year THB5.0 billion bond with a 4.85% coupon.

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Selected Government Security Yields


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3-Month Selected LCY Government Security Yields


Latest Closing -0.01 0.36 0.10 3.55 0.10 8.40 2.99 3.27 1.90 0.19 3.47 basis point change from Previous Previous 1-Jan-11* Day* Week* -0.51 -0.51 -0.51 -12.48 -4.80 -11.40 -11.40 -3.40 0.00 0.00 0.00 -2.40 -2.00 -2.00 -2.00 37.00 0.00 0.00 0.00 -18.00 3.00 3.00 0.00 130.00 2.10 2.10 0.00 21.10 2.00 2.00 0.00 76.00 120.02 150.02 150.02 70.52 1.00 1.00 0.00 -20.00 3.67 3.67 3.40 150.00

Markets US EU Japan PRC Hong Kong, China India Malaysia Korea, Rep. of Philippines Singapore Thailand

Close of 23 September 2011

10-Year Selected LCY Government Bond Yields


Latest Closing 1.83 1.75 0.99 4.08 1.24 8.30 7.36 3.72 3.76 6.30 1.51 3.85 12.70 basis point change from Previous Previous 1-Jan-11* Day* Week* 11.54 -21.45 -21.45 -146.01 -11.60 7.30 -11.60 -121.60 -2.60 0.00 -2.60 -14.10 2.00 -1.00 2.00 17.00 -11.60 -30.50 -30.50 -162.10 -6.00 0.10 -6.00 38.40 22.10 -28.80 22.10 -24.70 1.20 0.00 1.20 -31.80 8.00 -6.00 8.00 -76.00 48.47 38.57 48.47 41.19 -10.00 -6.00 -10.00 -120.00 15.20 2.80 15.20 12.60 1.70 5.00 1.70 95.00

Markets US EU Japan PRC Hong Kong, China India Indones ia Malays ia Korea, Rep. of Philippines Singapore Thailand Viet Nam

Close of 23 September 2011

Source: Based on data from Bloomberg, LP.

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Indonesia

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Benchmark Yield Curves Local Currency Government Bonds


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China, Peoples Rep. of


4.25 3.0 2.5 4.00
Yield (%)

Hong Kong, China


12.0 11.0 10.0
Yield (%)
Yield (%)

2.0 1.5 1.0 0.5

9.0 8.0 7.0 6.0 5.0 4.0

3.75

3.50

3.25 0 1 2 3 4 5 6 7 8 9 10 11 12

0.0 0 2 4 6 8 10 12 14 16

12

15

18

21

24

27

30

33

Time to maturity (years)


23-Sep-11 16-Sep-11 09-Sep-11

Time to maturity (years)


23-Sep-11 16-Sep-11 09-Sep-11

Time to maturity (years)


23-Sep-11 16-Sep-11 09-Sep-11

Korea, Republic of
4.50 4.8 4.6 4.4 4.2 4.0 3.8 3.6 3.4 3.2 3.0 2.8 2.6 0 2 4 6

Malaysia
10.0 9.0 8.0 7.0
Yield (%)

Philippines

4.00
Yield (%)

Yield (%)

6.0 5.0 4.0 3.0 2.0 1.0 0.0

3.50

3.00 2.50 0 2 4 6 8 10 12 14 16 18 20 22

10

12

14

16

18

20

22

12

15

18

21

24

27

Time to maturity (years)


23-Sep-11 16-Sep-11 09-Sep-11

Time to maturity (years)


23-Sep-11 16-Sep-11 09-Sep-11

Time to maturity (years)


23-Sep-11 16-Sep-11 09-Sep-11

Singapore
3.0 2.5 2.0
Yield (%)

Thailand
4.5 4.3 4.0 3.8
Yield (%)

Viet Nam
13.0

12.8
Yield (%)

3.5 3.3 3.0 2.8 2.5 2.3 2.0

1.5 1.0 0.5 0.0 0 3 6 9 12 15 18 21

12.5

12.3

12.0 0 2 4 6 8 10 12 14 16 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

Time to maturity (years)


23-Sep-11 16-Sep-11 09-Sep-11

Time to maturity (years)


23-Sep-11 16-Sep-11 09-Sep-11

Time to maturity (years)


23-Sep-11 16-Sep-11 09-Sep-11

US
5.0 4.5 4.0 3.5
Yield (%)
4.5 4.0 3.5 3.0

EU
2.5 2.3 2.0 1.8
Yield (%)

Japan

Yield (%)

3.0 2.5 2.0 1.5 1.0 0.5 0.0 0 4 8 12 16 20 24 28 32

2.5 2.0 1.5 1.0 0.5 0.0 0 5 10 15 20 25 30

1.5 1.3 1.0 0.8 0.5 0.3 0.0 0 4 8 12 16 20 24 28 32 36 40

Time to maturity (years)


23-Sep-11 16-Sep-11 09-Sep-11

Time to maturity (years)


23-Sep-11 16-Sep-11 09-Sep-11

Time to maturity (years)


23-Sep-11 16-Sep-11 09-Sep-11

Source: Based on data from Bloomberg.

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2-versus-10 Yield Spread Chart


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

China, People's Rep. of


23-Sep-11

Hong Kong, China Indonesia Korea, Rep. of Malaysia Philippines Singapore Thailand Viet Nam U.S. E.U. Japan 0 50 100 150 200 250 300

16-Sep-11 9-Sep-11

350

400

basis points

Source: Based on data from Bloomberg LP.

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India

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Policy Rate versus Inflation Rate Charts


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China, Peoples Rep. of


10 8 6 4 2 2 0 0 -2 -4 Jan-06 Inflation Rate -2 -4 Jan-06 1-year Lending Rate 6.56 6.20 6 4 8

Hong Kong, China


12 10 8 6 4 Inflation Rate 2 0 -2 Jan-06 Repurchase Cut-off Yield

5.7 HKMA Base Rate Inflation Rate

9.78 8.25

0.5

Dec-06

Nov-07

Nov-08

Oct-0 9

Sep-10

Sep-11

Dec-06

Nov-07

Nov-08

Oct-0 9

Sep-10

Sep-11

Dec-06

Nov-07

Nov-08

Oct-0 9

Sep-10

Sep-11

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) cutoff yield as its policy rate. Source: Bloomberg LP.

Indonesia
20 18 16 14 12 10 8 6 4 2 0 Jan-06 Dec-06 Nov-07 Nov-08 Oct-0 9 Sep-10 Sep-11 0 Jan-06 Dec-06 Inflation Rate 6.75 4.79 2 4 BI Rate 6 8

Korea, Republic of
10
c

Malaysia

7-Day Repo Rate

8 6 5.30 4 3.25 2 0

Overnight Policy Rate

3.30 3.00

Inflation Rate

-2 -4 Jan-06

Inflation Rate

Nov-07

Nov-08

Oct-0 9

Sep-10

Sep-11

Dec-06

Nov-07

Nov-08

Oct-0 9

Sep-10

Sep-11

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.

Philippines
12 10 8 6 4.70 4 2 0 Jan-06 4.50 0 -2 Overnight Reverse Repo Rate 10 8 Inflation Rate 6 4 2 1-Day Repo Rate

Thailand
30 Inflation Rate 27 24 4.29 3.50 21 18 15 12 9 6 -4 -6 Jan-06 3 Dec-06 Nov-07 Nov-08 Oct-0 9 Sep-10 Sep-11 0 Jan-06 Dec-06 Nov-07 Prime Lending Rate

Viet Nam

Inflation Rate 23.02

9.00

Dec-06

Nov-07

Nov-08

Oct-0 9

Sep-10

Sep-11

Nov-08

Oct-0 9

Sep-10

Sep-11

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.

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Credit Default Swap Spreads & Exchange Rate Indexes


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Credit Default Swap Spreads - Senior 5-year*


1,400
C hina , P e ople 's R e p. of

H ong K ong, C hina

1,200
Indone s ia

K ore a , R e p. of

1,000

Mid spread in basis points

J a pa n

M a la ys ia

800
P hilippine s

600

Tha ila nd

400

200

* In USD currency and based on sovereign bonds Source: Thomson Reuters

0 Dec-07

No v-08

O ct-09

O ct-10

S ep -11

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


130 130
China , P e ople 's Re p. of

Indone s ia

120

120
Ma la ys ia

P hilippine s

110

110
Tha ila nd

100

100

S inga pore

Kore a , Re p. of

90

90
V ie t Na m

80

80

70

70

60

60

Source: ADB-OREI staff calculations based on Bloomberg data.

50 Jan - 07

A u g -07

M ar-08

O ct-08

M ay- 09

D ec-09

Ju l-10

Jan -11

50 Sep -11

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Selected Debt Security Issuances (19 - 23 September 2011) )


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Mark ets
PRC

A u c tio n D ate
20-Sep 21-Sep 22-Sep

T y p e o f S ec u rity
1-year PBOC Bills 10-year China Government Bond 3-month PBOC Bills 91-day Exchange Fund Bills 182-day Exchange Fund Bills 3-month Treasury Discount Bills 91-day Monetary Stabilization Bonds 182-day Monetary Stabilization Bonds 10-year Treasury Bonds

A v erag e C o u p o n A m o u n t O ffered A m o u n t Is s u ed (in % ) Y ield (% ) L C Y B illio n s L C Y B illio n s


3.58 4.07 3.16 0.11 0.12 0.09 3.29 3.39 3.69 2.99 2.95 2.98 3.05 3.03 2.96 0.69 1.13 0.11 3.48 3.56 3.66 4.13 3.69 4.52 3.63 4.85 4.25 1.00 30.00 1.00 29.09 9.00 4,760.00 1,200.00 500.00 1,600.00 3.00 2.50 1.00 1.50 2.50 2.00 2.00 4.00 3.90 20.00 18.00 7.00 9.00 8.00 5.00 1.00 30.00 1.00 29.09 9.00 4,759.91 1,080.00 460.00 1,600.00 2.00 2.00 0.50 1.00 1.50 1.00 0.63 2.50 3.90 17.26 18.00 7.00 9.00 8.00 5.00

HK JP KR

20-Sep 20-Sep 19-Sep

MY

19-Sep

56-day BNM Notes 114-day BNM Notes 154-day BNM Islamic Notes

21-Sep

126-day BNM Islamic Notes 168-day BNM Notes 210-day BNM Notes

PH SG TH

19-Sep 19-Sep 20-Sep 21-Sep 14-Sep

91-day Treasury Bills 364-day Treasury Bills 91-day Treasury Bills 91-day BOT Bills 182-day BOT Bills 3-year Treasury Bonds 20-year Treasury Bonds 12-year Government Bonds 50-year Government Bonds

Sources: Local market sources and Bloomberg, LP.

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Selected Asia Data Releases (27 September 3 October 2011)


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C o u n tr y / a r ia b le V
Philippine s Total Im por ts y-o-y, % JUL Hong Kong, China Exports y-o-y, % A UG Hong Kong, China M 2 M one y Supply y-o-y, % A UG Re public of Kore a Curr e nt Account USD million A UG Japan Cons um e r Price Inflation y-o-y, % A UG Thailand Curr e nt Account USD million A UG Thailand Exports y-o-y, % A UG M alays ia M 3 M one y Supply y-o-y, % A UG Singapor e M 2 M one y Supply y-o-y, % A UG Re public of Kore a Exports y-o-y, % SEP Indone s ia CPI y-o-y, % SEP Indone s ia Tr ade Balance USD billion A UG Thailand CPI y-o-y, % SEP

R e le a s e D a te
09/27

H is to r ic a l D a ta
06/10: 2.9% 07/10: 16.2% 05/11: 1.6% 06/11: 6.6% 07/10: 36.0% 08/10: 24.1% 06/11: 9.2% 07/11: 9.3% 07/10: 4.4% 08/10: 5.3% 06/11: 8.5% 07/11: 9.4% 07/10: 4,458 08/10: 1,976 06/11: 2,031 07/11: 4,938 07/10: 0.9% 08/10: 0.9% 06/11: 0.4% 07/11: 0.2% 07/10: 1,001 08/10: 280 06/11: 2,499 07/11: 3,574 07/10: 21.1% 08/10: 23.7% 06/11: 16.4% 07/11: 36.4% 07/10: 7.8% 08/10: 7.8% 06/11: 12.4% 07/11: 11.6% 07/10: 7.5% 08/10: 8.2% 06/11: 10.7% 07/11: 11.9% 08/10: 26.0% 09/10: 16.2% 07/11: 21.7% 08/11: 25.9% 08/10: 6.4% 09/10: 5.8% 07/11: 4.6% 08/11: 4.8% 08/10: 1.55 09/10: 2.53 06/11: 3.31 07/11: 1.36 08/10: 3.3% 09/10: 3.0% 07/11: 4.1% 08/11: 4.3%

R ec en t T ren d s
The Philippines total imports grew 6.6% year-on-year (y-o-y) in June f ollow ing a 1.6% increase in May.

09/27

Hong Kong, Chinas export grow th rate w as virtually unchanged at 9.3% y-o-y in July f rom 9.2% in June.

09/30

Hong Kong, Chinas M2 money supply grew at a pace of 9.4% y-o-y in July f ollow ing an 8.5% expansion in June.

09/30

The Republic of Koreas current account surplus jumped to USD4.9 billion in July f rom USD2.0 billion in June.

09/30

Consumer price inf lation in Japan w as 0.2% y-o-y in July af ter a decline of 0.4% in June.

09/30

The current account surplus of Thailand increased to USD3.6 billion in July f rom USD2.5 billion in the previous month.

09/30

Thailands exports surged 36.4% y-o-y in July af ter grow ing 16.4% in June.

09/30

Malaysias M3 money supply grow th eased to 11.6% y-o-y in July f rom 12.4% in June.

09/30

In Singapore, the M2 money supply increased 11.9% y-o-y in July, up f rom 10.7% grow th posted in June.

10/01

The Republic of Koreas export grow th rate rose to 25.9% y-o-y in A ugust f rom 21.7% in the previous month.

10/03

Consumer price inf lation in Indonesia rose to 4.8% y-o-y in A ugust f rom 4.6% in July as f ood price inf lation accelerated amid the Idul Fitri celebration.

10/03

Indonesia recorded a trade surplus of USD1.36 billion in July, the low est monthly total of the year.

10/03

Consumer price inf lation in Thailand climbed modestly to 4.3% y-o-y in A ugust f rom 4.1% in the previous month.

Source: AsianBondsOnline, Bloomberg LP, and Reuters.

11

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News Articles: Sources for Further Reading


Tip: Click on link to open a new browser (Acrobat Reader 8); for lower versions right-click to open a new browser) Consumer Price Inflation Slows in Hong Kong, China; and Malaysia, Accelerates in Singapore in August Consumer Price Indices for August 2011 Census and Statistics Department (22 September 2011) Consumer Price Index Malaysia August 2011 Department of Statistics Malaysia (21 September 2011) Singapore Consumer Price Index, Aug 2011 Department of Statistics Singapore (23 September 2011) MISC raises M$800m from 2-part Islamic MTN IFR Asia (21 September 2011) Overseas Union issues S$200mln 4yr MTN Reuters (21 September 2011) BONDS: True Move Tender Offer Succeeds IFR Asia (21 September 2011) SJS issues 700b dong corporate bonds Intellasia (19 September 2011)

The PRCs Foreign Debt Climbs to USD642.5 Billion in June China's outstanding foreign debt climbs to $642.5b China Daily (16 September 2011)

Unemployment Eases to 3.2% in Hong Kong, China in JuneAugust; Unemployment Falls to 3.0% in the Republic of Korea (August) and Malaysia (July) Unemployment and underemployment statistics for June - August 2011 Census and Statistics Department (20 September 2011) Economically Active Population Survey in August 2011 Statistics Korea (21 September 2011) Principal Statistics of Labour Force, Malaysia, July 2011 Department of Statistics Malaysia (21 September 2011)

Japan Reports JPY775.3 Billion Trade Deficit in August; The Philippines Balance of Payments Surplus Surges to USD9.0 Billion Japan records huge trade deficit as imports soar Japan Today (21 September 2011) BOP surplus surges 166% to $9 B in 8 mos Philippine Star (20 September 2011)

The Philippines Posts Budget Surplus of PHP9.2 Billion in August, Plans RTB Sale in 4Q11 National Government Achieves Surplus in August at P9.220 Billion Bureau of the Treasury (22 September 2011) RTB sale proposals solicited Business World (22 September 2011)

Issuance in Hong Kong, China; Republic of Korea; Malaysia; Singapore; Thailand; and Viet Nam BONDS: Yum! raises Rmb350m via three-year Dim Sum IFR Asia (19 September 2011)

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