Country

US
PRC
Indonesia
Malaysia
Thailand
Philippines

2-year rate 10-year rate

0.289
3.01
5.239
3.008
2.85
2.5

Projected Inflation Rates

1.719
3.57
5.726
3.473
3.306
4.7

2
3.1
4.5
1.7
3.1
3.4

Spreads between 10-year and 2-year T-Bonds

10 year to 2-year Spread (bps)
Real 10-year yield
Oct 1, 2012
-0.28
139
0.47
55
1.23
60
1.77
50
0.21
36
246
1.30

8
7

US

PRC

Indonesia

Malaysia

Thailand

Philippines

6
5
4
3
2
1
0
1

10

year and 2-year T-Bonds

0 year to 2-year Spread (bps)
Oct. 30, 2012
143
56
49
46
46
220

10

Spread Change (bps)

Latest Policy Rate

Real Policy Rate

4
1
-11
-4
10
-26

0.25
6
5.75
3
2.75
3.5

-1.75
2.9
1.25
1.3
-0.35
0.1

1
2
5
10

US
0.168
0.289
0.739
1.719

1
2
5
10

1.52
5.88
11.38
8.54

PRC
Indonesia Malaysia
2.93
5.004
2.983
3.01
5.239
3.008
3.23
5.442
3.244
3.57
5.726
3.473
MTD close Oct 30
18
-16.2
-1.5
11
-9.1
-5.1
5
-17.8
-6.9
12
-24
-8.1

Thailand Philippines
2.8
0.883
2.85
2.5
3.056
4.126
3.306
4.7
-22
-27.5
-23.4
-20

-56.71
22.5
-22.4
1.69