28 March 2011 asianbondsonline.adb.

org
Key Developments in Asian Local Currency Markets

C
onsumer price inflation quickened in Hong Kong, China; Malaysia; and Viet Nam last week, driven by the
escalating costs of food, transport, and fuel, while slowing in Singapore. For the month of February, inflation in
Hong Kong, China inched higher to 3.7% year-on-year (y-o-y) from 3.6% in January. Malaysia's consumer price
inflation rose to 2.9% y-o-y in February from 2.4% y-o-y in January. Viet Nam's consumer price inflation climbed
to 14.0% y-o-y in March from 12.3% in February. Meanwhile, inflation in Singapore slowed to 5.0% y-o-y in February
after accelerating to 5.5% in January.
The Philippines joined its Association of
Southeast Asian Nations (ASEAN) neighbors Asia Bond Monitor November 2010 read more
last week in hiking policy rates as the Monetary
Board of the Bangko Sentral ng Pilipinas (BSP) 10-Year Selected LCY Government Security Yields Close of 25 March 2011
raised its key rates by 25 basis points amid basis point change from
rising commodity and food prices. The Markets Latest Closing Previous Day* Previous Week* 1-Jan-11*
overnight borrowing, or reverse repurchase US 3.44 3.51 17.10 17 .10 14.53
(RRP) facility, was increased to 4.25% and the EU 3.28 3.50 9.209 .20 31.70
overnight lending, or repurchase (RP) facility, Japan 1.23 1.10 1.00
1 .00 9.70
was raised to 6.25%. The interest rates on term PRC 3.92 0.00 2.00
2 .00 1.00
Hong Kong, China 2.68 3.90 6.40
6.4 0 -18.00
RRPs, RPs, and special deposit accounts were India 8.00 -1.30 0.90
0 .90 7.80
also raised accordingly. Indonesia 8.11 -2.00 -2 1.4 0 -21.40 50.70
Malaysia 4.04 1.20 5.50
5 .50 0.30
The People's Bank of China (PBOC) Korea, Rep. of 4.48 1.00 2.00
2 .00 -4.00
announced that it has allowed eight additional Philippines 7.10 30.60 -19 .90
-19.90 129.98
2 .00
banks to use offshore renminbi proceeds to Singapore 2.39 1.00 2.00 -32.00
-1.5 0
Thailand 3.70 0.10 -1.50 -2.80
purchase bonds in the onshore interbank bond Viet Nam 12.00 0.00 2.5 0
2.50 25.00
market.
Selected Government Security Yields
Last week, Chinese property developers
Yanlord Land and KWG Property sold USD400 Benchmark Yield Curves - Local Currency Government Bonds
million of 7-year callable bonds (at a 10.625% 2-versus-10 Yield Spread Chart
coupon) and USD350 million of 5-year bonds Policy Rate versus Inflation Rate Charts
(12.75%). In the Republic of Korea, the Credit Default Swap Spreads & Exchange Rate Indexes
Industrial Bank of Korea (IBK) priced a USD500 Selected Debt Security Issuances
million 5.5-year bond, while Korea Land & Selected Asia Data Releases
Housing Corp. sold KRW100 billion of 40-year
bonds. Meanwhile, the Philippine government Stock Bank for Trade and Industry (VietinBank) plans to sell
issued USD1.5 billion of 15-year bonds with a international bonds worth USD500 million-USD1 billion.
coupon of 5.5%. The Development Bank of the The Republic of Korea announced last week that it will reinstate
Philippines sold USD300 million of 10-year limits on the debt-to-income ratio for mortgage loans effective 1 April.
bonds with a coupon of 5.5%, and SM Prime This measure was made in order to help control the country's rising
Holdings Inc. sold PHP5 billion of 5-year household debt.
floating rate notes.
Danajamin National Berhad (Danajamin), Malaysia's bond
In the People's Republic of China, retail guarantee agency, plans to introduce bond guarantees with short-term
conglomerate Bailian Group and Guangxi financing from banks.
Beibu Gulf International Port Group plan to
issue short-term commercial papers worth Government bond yields fell last week for all tenors in Indonesia
CNY2 billion and CNY1 billion, respectively. and for most tenors in the Philippines, while yields rose for all tenors in
Indonesia's Bank Saudara plans to issue the Republic of Korea and for most tenors in Hong Kong, China;
IDR250 billion of bonds. Federal International Malaysia; Thailand; and Viet Nam. Yield movements were mixed in the
Finance, an Indonesian auto-leasing company PRC and Singapore. Yield spreads between 2- and 10- year maturities
owned by the automaker Astra International, widened in the PRC; Hong Kong, China; and Malaysia, while spreads
plans to issue IDR2 trillion worth of multi- narrowed in most other emerging East Asian markets.
tranche bonds. Viet Nam Commercial Joint
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Summary Text of News Articles
Inflation Accelerates in Hong Kong, China; Malaysia; and Viet Nam; Eases in Singapore
........................................................................................................................................
Consumer prices in Hong Kong, China rose 3.7% year-on-year (y-o-y) in February, slightly higher than January's
increase of 3.6% y-o-y. The increase in consumer prices was driven mostly by rising food prices, which jumped 6.5% y-
o-y, and housing-related items such as utilities, which rose 5.9% y-o-y.
Malaysia's consumer price inflation rose to 2.9% y-o-y in February from 2.4% y-o-y in January, on the back of higher
food prices. This is the fastest pace in two years, raising speculations that the central bank will hike interest rates at its
next meeting on 5 May. On a month-on-month (m-o-m) basis, Malaysia's consumer price inflation rose 0.5% in
February.
Singapore's consumer price inflation eased to 5.0% y-o-y in February after have accelerated to 5.5% in January on
account of an increase in transport, housing, and food prices. Inflation in transport costs eased to 15.2% y-o-y in
February from 18.4% in January; housing inflation accelerated to 5.8% y-o-y in February from 5.3% in January; and
food price inflation slowed to 2.6% y-o-y in February from 2.8% in January. On a month-on-month (m-o-m) basis,
consumer price inflation fell marginally by 0.1% in February, primarily due to lower transport costs, which declined 2.3%.
Meanwhile, housing and food prices rose 0.5% and 0.4% m-o-m, respectively.
Viet Nam's consumer price inflation accelerated to 14.0% y-o-y in March from 12.3% in February due to higher costs for
food, transportation, and fuel. The index for transportation rose by 9.5% y-o-y after Viet Nam raised fuel prices in
February. Gasoline prices were increased by 17.5% to VND19,300 per liter, while the price of diesel rose by 24% to
VND18,300 per liter. Meanwhile, electricity prices were hiked by 15% to VND1,200 per kilowatt hour starting 1 March.
On a m-on-m basis, consumer prices in Viet Nam rose by 2.17%.
For historical trends in consumer price inflation in Hong Kong, China, refer to this link:
http://asianbondsonline.adb.org/hongkong/data/macroeconomic_credit.php
For historical trends in consumer price inflation in Malaysia, refer to this link:
http://asianbondsonline.adb.org/malaysia/data/macroeconomic_credit.php

For historical trends in consumer price inflation in Singapore, refer to this link:
http://asianbondsonline.adb.org/singapore/data/macroeconomic_credit.php

For historical trends in consumer price inflation in Viet Nam, refer to this link:
http://asianbondsonline.adb.org/vietnam/data/macroeconomic_credit.php

Philippines Raises Policy Rates by 25 Basis Points Each

........................................................................................................................................
The Bangko Sentral ng Pilipinas (BSP) hiked its policy rates by 25 basis points each, the first rate adjustment since July
2009. The overnight borrowing, or reverse repurchase (RRP) facility, was raised to 4.25% and the overnight lending, or
repurchase (RP) facility, was raised to 6.25%. The interest rates on term RRPs, RPs, and special deposit accounts
were also raised accordingly. The BSP took the policy action as a pre-emptive measure to ensure inflation remains well
anchored amid surging global oil and food prices, which have continued to escalate due to the combination of sustained
strong global demand and supply disruptions and constraints. The BSP has set an inflation target of 3%-5% for 2011-
2014. Inflation averaged 3.9% in the first 2 months of the year, rising to a 9-month high of 4.3% in February.
For policy rate trends in the Philippines, refer to this link:
http://asianbondsonline.adb.org/philippines/data/marketwatch.php?code=policy_rate_and_inflation_trends

PBOC Gives Approval to Eight Banks to Invest in Onshore Renminbi Bond Market
........................................................................................................................................
The People's Bank of China (PBOC) announced that it had given approval to eight additional banks to use offshore
renminbi proceeds to purchase bonds on the onshore interbank bond market. The banks granted approval include
Agricultural Bank of China (Hong Kong, China branch), China Construction Bank (Hong Kong, China branch), Citibank
(Hong Kong, China branch), Bank of Tokyo-Mitsubishi UFJ (Hong Kong, China branch), Nanyang Commercial Bank,
Wing Lung Bank, Wing Hang Bank, and Chiyu Banking Corp. Ltd.
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Summary Text of News Articles
Bond Issuances in the People's Republic of China, Republic of Korea, Philippines, and Singapore
........................................................................................................................................
Chinese property developer Yanlord Land priced USD400 million worth of 7-year bonds last week. The bonds are
callable after 4 years and carry a coupon of 10.625%. Fund managers purchased 70% of the issuance while 23% was
taken up by private banks. In terms of geography, Asian investors purchased 53% and US investors purchased 32%,
while the remainder was taken up by European investors. Chinese property developer KWG Property priced USD350
million worth of 5-year bonds, which are callable after 3 years. The bonds carry a coupon of 12.75% and the book size
was USD1 billion. The issue was rated B1 by Moodys and B+ by Standard and Poor's.
The Industrial Bank of Korea (IBK) priced USD500 million of 5.5-year bonds at a coupon rate of 3.75% last week.
Investors from Asia purchased 60% of the total, followed by US investors at 23% and European investors at 17%.
Samsung Card had issued USD300 million worth of 3-year asset-backed securities at 3.59% interest rate in order to
meet maturing obligations. In February, the foreign-currency (FCY) bond issuance of domestic banks in the Republic of
Korea jumped to USD1.1 billion from USD70 million in the previous month. This allowed the banks’ FCY long-term
borrowings in February to reach USD1.8 billion, up from the previous month’s figure of USD880 million. The FCY long-
term borrowings of commercial banks and specialized banks were both higher in February from the previous month at
USD740 million and USD1.1 billion, respectively. For LCY bond issuances, Korea Hydro & Nuclear Power sold a total
of KRW200 billion of senior unsecured bonds last week. The sale consisted of a KRW100 billion 10-year bond with a
coupon rate of 4.66% and a KRW100 billion 20-year bond at a 4.89% coupon. Also, Korea Gas Corp. issued KRW120
billion of 7-year senior unsecured bonds at a 4.53% coupon last week. Meanwhile, Korea Land & Housing Corp. sold
KRW100 billion of 40-year bonds at 5.26%, to finance its housing and other development projects.
The Philippine government sold USD1.5 billion of 15-year global bonds. The USD-denominated bonds had a coupon
rate of 5.5%. The geographical profile of investors included the Philippines (22%), rest of Asia (18%), US (30%), and
Europe (30%). The government has a program of foreign borrowing amounting to USD2.5 billion in 2011. Including this
issuance, the government has already raised USD2.75 billion from international markets following the USD1.25 billion
25-year peso global bonds issued in January. The Development Bank of the Philippines (DBP) also sold USD300
million worth of 10-year bonds at a coupon rate of 5.5%. DBP has a program of foreign borrowing totaling USD1.24
billion in 2011. SM Prime Holdings Inc. sold PPH5 billion worth of 5-year floating rate notes to fund capital expenditures
and other general corporate requirements. First Metro Investment Corp., the investment banking arm of the Metrobank
Group, solely arranged the offer. The notes were fully subscribed by Allied Banking Corp., Bank of the Philippine
Islands, and Metropolitan Bank & Trust Co.

Planned Issuance in the People's Republic of China; Hong Kong, China; Indonesia; and Viet Nam
........................................................................................................................................
Bailian Group, a retail conglomerate in the People's Republic of China (PRC), and Guangxi Beibu Gulf International Port
Group announced that they plan to issue short-term commercial papers with a maturity of 366 days on the interbank
market. Bailian plans to issue CNY2 billion while Guangxi Beibu Gulf intends to issue CNY1 billion. Both issuances are
rated A-1 by Shanghai Brilliance Credit Ratings and Investor Service Co Ltd. In addition, Zhuhai Gree Group Co Ltd.
announced that it will issue CNY800 million worth of 5-year bonds on the interbank bond market. The bonds are rated
AA+ by China Lianhe Credit Rating Co Ltd. China Wind Power Group Ltd. announced that it plans to issue CNY-
denominated bonds in the Hong Kong, China offshore bond market. Proceeds from the bonds will be used for general
corporate purposes and additional investments in the development of wind farms.
Bank Saudara plans to issue IDR250 billion worth of bonds this year to fund an expansion of its lending activities.
Federal International Finance, an Indonesian auto-leasing company owned by the automaker Astra International, plans
to issue IDR2 trillion in multi-tranche bonds.
Viet Nam Commercial Joint Stock Bank for Trade and Industry (VietinBank) plans to sell international bonds worth
USD500 million-USD1 billion. Proceeds of the planned issuance will be used to finance VietinBank's current projects.

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Summary Text of News Articles
Republic of Korea Reinstates Limits on Mortgage Loans
........................................................................................................................................
The Republic of Korea announced last week that it will reinstate limits on the debt-to-income ratio for mortgage loans
effective 1 April. The limits are 40% for speculative areas in Seoul, 50% for non-speculative areas in Seoul, and 60% for
Incheon and the province of Gyeonggi. This measure is designed to help control the country's household debt.
Household loans from banks climbed 5.6% y-o-y to KRW431.2 trillion in January after increasing 5.4% in December.
Banks' mortgage loan growth stood at 1.5% y-o-y in January.

Danajamin Plans to Issue Guarantees with Short-Term Financing

........................................................................................................................................
Danajamin National Berhad (Danajamin), Malaysia's bond guarantee agency, plans to introduce bond guarantees with
short-term financing from banks. Danajamin is looking at partnering with banks to provide short-term financing to
corporate issuers while the agency provides a guarantee on the issuers' long-term financing needs. Danajamin hopes to
roll out the first deal within the first half of 2011.
Danajamin has already approved 21 bond guarantees for various companies. Its most recent deal is an Al-Kafalah
guarantee facility with a Geme Padu subsidiary for its MYR170 million 7-year Islamic Securities Programme.

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Selected Government Security Yields
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3-Month Selected LCY Government Security Yields

basis point change from

Markets Latest Closing Previous Previous
1-Jan-11*
Day* Week*
US 0.08 0.61 1.62
1.62 -3.96
EU 0.83 0.70 6.206.20 43.30
Japan 0.11 -0.40 -0.90
-0.90 -1.40
PRC 2.64 0.00 14.00 14.00 -54.00
Hong Kong, China 0.21 -1.00 -3.00
-3.00
-7.00
India 7.20 -5.00 1.00
1.00
10.00
Malaysia 2.76 -0.10 -0.10
-0.10
-2.00
1.00
Korea, Rep. of 3.04 0.00 1.00 53.00
Philippines 0.98 0.99 -42.43 -42.43 -22.43
-6.00
Singapore 0.24 0.00 -6.00 -15.00
2.17
Thailand 2.42 0.93 2.17 44.50
Close of 25 March 2011

10-Year Selected LCY Government Bond Yields

basis point change from

Markets Latest Closing Previous Previous
1-Jan-11*
Day* Week*
US 3.44 3.51 17.10 17.10 14.53
EU 3.28 3.50 9.209.20 31.70
Japan 1.23 1.10 1.00
1.00 9.70
PRC 3.92 0.00 2.00
2.00 1.00
Hong Kong, China 2.68 3.90 6.406.40 -18.00
India 8.00 -1.30 0.90
0.90 7.80
Indonesia 8.11 -2.00 -21.40 -21.40 50.70
Malaysia 4.04 1.20 5.505.50 0.30
Korea, Rep. of 4.48 1.00 2.00
2.00 -4.00
Philippines 7.10 30.60 -19.90 -19.90 129.98
2.00
Singapore 2.39 1.00 2.00 -32.00
-1.50
Thailand 3.70 0.10 -1.50 -2.80
2.50
Viet Nam 12.00 0.00 2.50 25.00
Close of 25 March 2011

Source: Based on data from Bloomberg, LP.

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Benchmark Yield Curves – Local Currency Government Bonds
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China, People’s Rep. of Hong Kong, China Indonesia

4.25 3.5 12.0
4.00 3.0 11.0
3.75 10.0
2.5
3.50 9.0

Yield (%)
Yield (%)
Yield (%)

2.0
3.25 8.0
1.5
3.00 7.0
1.0
2.75 6.0
2.50 0.5 5.0
2.25 0.0 4.0
0 1 2 3 4 5 6 7 8 9 10 11 12 0 2 4 6 8 10 12 14 16 0 3 6 9 12 15 18 21 24 27 30 33

Time to maturity (years) Time to maturity (years) Time to maturity (years)

25-Mar-11 18-Mar-11 11-Mar-11 25-Mar-11 18-Mar-11 11-Mar-11 25-Mar-11 18-Mar-11 11-Mar-11

Korea, Republic of Malaysia Philippines

6.00 4.8 10.0
5.50 4.6 9.0
4.3 8.0
5.00
4.1 7.0
4.50 3.8 6.0
Yield (%)
Yield (%)

Yield (%)
4.00 3.6 5.0
3.50 3.3 4.0
3.1 3.0
3.00
2.8 2.0
2.50 2.6 1.0
2.00 2.3 0.0
1 3 5 7 9 11 13 15 17 19 21 0 2 4 6 8 10 12 14 16 18 20 22 0 3 6 9 12 15 18 21 24 27

Time to maturity (years) Time to maturity (years) Time to maturity (years)

25-Mar-11 18-Mar-11 11-Mar-11 25-Mar-11 18-Mar-11 11-Mar-11 25-Mar-11 18-Mar-11 11-Mar-11

Singapore Thailand Viet Nam

4.5 12.3
3.8
4.3
3.3 4.0 12.0
2.8 3.8
Yield (%)

3.5 11.8
2.3
Yield (%)

Yield (%)

3.3
1.8 3.0 11.5
1.3 2.8
2.5 11.3
0.8
2.3
0.3 2.0 11.0
0 3 6 9 12 15 18 21 0 2 4 6 8 10 12 14 16 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

Time to maturity (years) Time to maturity (years) Time to maturity (years)

25-Mar-11 18-Mar-11 11-Mar-11 25-Mar-11 18-Mar-11 11-Mar-11 25-Mar-11 18-Mar-11 11-Mar-11

US EU Japan
5.0
4.5 2.5
4.5
4.0 2.3
4.0 2.0
3.5
3.5 1.8
3.0
3.0 1.5
Yield (%)

Yield (%)

Yield (%)

2.5 2.5
1.3
2.0 2.0
1.0
1.5 1.5 0.8
1.0 1.0 0.5
0.5 0.5 0.3
0.0 0.0 0.0
0 4 8 12 16 20 24 28 32 0 5 10 15 20 25 30 0 4 8 12 16 20 24 28 32 36 40

Time to maturity (years) Time to maturity (years) Time to maturity (years)

25-Mar-11 18-Mar-11 11-Mar-11 25-Mar-11 18-Mar-11 11-Mar-11 25-Mar-11 18-Mar-11 11-Mar-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

25-Mar-11
Hong Kong, China 18-Mar-11

11-Mar-11
Indonesia

Korea, Rep. of

Malaysia

Philippines

Singapore

Thailand

Viet Nam

U.S.

E.U.

Japan

0 50 100 150 200 250 300 350

basis points

Source: Based on data from Bloomberg LP.

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Policy Rate versus Inflation Rate Charts
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China, People’s Rep. of Hong Kong, China India

10 8 12 India
1-year
Repurchase
8 Lending Rate 10
6 Cut-off Yield
6.06 HKMA Base 8.31
6 Inflation Rate 8
4 Rate
3.7
4 4.90 6 6.75
2
2 4
0.5
0
0 2 Inflation Rate

Inflation Rate -2
-2 0

-4 -4 -2
Jan- Sep- May- Jan- Sep- Jun- Feb- Oct- Jun- Mar- Jan- Sep- May- Jan- Sep- Jun- Feb- Oct- Jun- Mar- Jan- Sep- May- Jan- Sep- Jun- Feb- Oct- Jun- Mar-
05 05 06 07 07 08 09 09 10 11 05 05 06 07 07 08 09 09 10 11 05 05 06 07 07 08 09 09 10 11

PRC uses 1-year lending rate as one of its policy rates. The Hong Kong Monetary Authority maintains a Discount The Reserve Bank of India uses the repurchase (repo) cut-
Source: Bloomberg LP. Window Base Rate. Source: Bloomberg LP. off yield as its policy rate. Source: Bloomberg LP.

Indonesia Korea, Republic of Malaysia

20 8 10

18
8
16
6
14 7-Day Repo 6
Rate Overnight
12
4.50 4 Policy Rate
Inflation Rate 2.90
10 4
BI Rate 2 2.75
8 6.84
3.00
6 6.75 0
2
4
Inflation Rate -2
2 Inflation Rate

0 0 -4
Jan- Sep- May- Jan- Sep- Jun- Feb- Oct- Jun- Mar- Jan- Sep- May- Jan- Sep- Jun- Feb- Oct- Jun- Mar- Jan- Sep- May- Jan- Sep- Jun- Feb- Oct- Jun- Mar-
05 05 06 07 07 08 09 09 10 11 05 05 06 07 07 08 09 09 10 11 05 05 06 07 07 08 09 09 10 11

Bank Indonesia uses its reference interest rate (BI rate) as its The Bank of Korea shifted its policy rate from the overnight Bank Negara Malaysia uses the overnight policy rate
policy rate. Source: Bloomberg LP. repurchase (repo) rate to the 7-day repo rate in March 2008. (OPR) as its policy rate. Source: Bloomberg LP.
Source: Bloomberg LP.

Philippines Thailand Viet Nam

14 10 30

27
12 8
24
Overnight 6
10 Inflation Rate
Reverse 21
Inflation Rate
Repo Rate 4 2.87 18
8
2 1-Day Repo 15 Prime
2.50 14.0
6 Rate Lending Rate
12
4.30 0
4 9
-2 9.0
4.25
6
2 Inflation -4
Rate 3

0 -6 0
Jan- Sep- May- Jan- Sep- Jun- Feb- Oct- Jun- Mar- Jan- Sep- May- Jan- Sep- Jun- Feb- Oct- Jun- Mar- Jan- Sep- May- Jan- Sep- Jun- Feb- Oct- Jun- Mar-
05 05 06 07 07 08 09 09 10 11 05 05 06 07 07 08 09 09 10 11 05 05 06 07 07 08 09 09 10 11

Bangko Sentral uses the Philippine overnight reverse The Bank of Thailand replaced the 14-day repurchase The State Bank of Viet Nam uses a benchmark prime
repurchase agreement rate as one of its policy rate with the 1-day repurchase rate in January 2007 as lending rate as its policy rate. Source: Bloomberg LP.
instruments. Source: Bloomberg LP. 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*

1,40 0 14 00 C h in a, Peo p le 's R ep . o f

H o n g K o n g , C h in a

In d o n esia

1,20 0 12 00 K o rea , R ep . o f

Jap an

M a laysia

Ph il ip p in es
1,00 0 10 00
Si ng a p or e
Mid spread in basis points

Th a ilan d

80 0 80 0

60 0 60 0

40 0 40 0

20 0 20 0
* In USD currency and based
on sovereign bonds

Source: Thomson Reuters

0 0
D ec-07 Ju n -08 J an -09 Ju l-09 F eb -10 A u g -10 M ar-11

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

130 13 0
C h in a, P eo p le 's Rep . of

In d o n esia
120 12 0

K o rea , R ep . o f

M al aysia
110 11 0

Ph il ip p in es

100 10 0 Th a ilan d

Sin g a po r e

90 90
Vie t N am

80 80

70 70

60 60
Source: ADB-OREI staff
calculations based on
Bloomberg data.
50 50
Jan -07 Ju l-07 Jan -08 Ju l-08 Jan -09 A u g -09 Fe b -1 0 A u g -10 M ar -1 1

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Selected Debt Security Issuances (21 - 25 March 2011)
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Average Yield Coupon Amount Offered LCY Amount Issued LCY

Markets Auction Date Type of Security (%) (in %) Billions Billions
PRC 22-Mar 1-year PBOC Bills 3.20 50.00 50.00
23-Mar 1-year China Government Bonds 2.80 30.00 30.00
24-Mar 3-month PBOC Bills 2.79 47.00 47.00
HK 22-Mar 91-day Exchange Fund Bills 0.25 28.79 28.79
182-day Exchange Fund Bills 0.27 9.00 9.00
ID 22-Mar 3-month Treasury Bills 5.19 2,000.00
1-year Treasury Bills 6.38 2,000.00
7,000.00
5-year Treasury Bonds 7.92 1,500.00
20-year Treasury Bonds 9.47 4,500.00
JP 22-Mar 2-month Treasury Discount Bills 0.12 2,500.00 2,499.92
23-Mar 3-month Treasury Discount Bills 0.11 4,800.00 4,761.98
KR 21-Mar 28-day Monetary Stabilization Bonds 3.10 2,000.00 2,060.00
91-day Monetary Stabilization Bonds 3.29 1,000.00 800.00
10-year Treasury Bonds 4.50 1,600.00 1,600.00
MY 21-Mar 91-day BNM Islamic Notes 2.80 1.00 1.00
128-day BNM Notes 2.81 2.00 2.00
306-day BNM Notes 2.84 1.00 1.00
23-Mar 63-day BNM Islamic Notes 2.78 1.50 1.50
128-day BNM Notes 2.79 3.00 3.00
210-day BNM Notes 2.83 0.50 0.50
PH 21-Mar 91-day Treasury Bills 1.13 1.00 1.00
182-day Treasury Bills 1.75 3.50 3.50
364-day Treasury Bills 2.87 4.00 2.89
SG 21-Mar 91-day Treasury Bills 0.19 3.90 3.90
TH 22-Mar 28-day BOT Bills 2.30 25.00 25.00
91-day BOT Bills 2.45 20.00 20.00
182-day BOT Bills 2.64 12.00 12.00
Sources:  Local market sources and Bloomberg, LP.

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Selected Asia Data Releases (29 March – 4 April 2011)
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Historical
Country/Variable Release Date Recent Trends
Data
Japan 03/30 01/10: 18.9% Industrial production growth in Japan eased to 3.5% year-on-year (y-o-y) in January from 4.9%
Industrial Production 02/10: 31.3% in December.
y-o-y % 12/10: 4.9%
FEB 01/11: 3.5%
Republic of Korea 03/30 4Q09: 6.0% An advance estimate of the Republic of Korea’s real gross domestic product (GDP) in 4Q10
GDP 1Q10: 8.1% showed an expansion of 4.8% y-o-y, following 4.4% growth in 3Q10.
y-o-y % 3Q10: 4.4%
4Q F 4Q10: 4.8%
Malaysia 03/31 01/10: 7.9% Malaysia’s M3 money supply growth accelerated to 8.8% y-o-y in January from 7.0% in
M3 Money Supply 02/10: 8.2% December.
y-o-y % 12/10: 7.0%
FEB 01/11: 8.8%
Singapore 03/31 01/10: 10.8% Singapore’s M2 money supply growth eased slightly to 8.5% y-o-y in January from 8.6% in
M2 Money Supply 02/10: 9.8% December.
y-o-y % 12/10: 8.6 %
FEB 01/11: 8.5%
Thailand 03/31 01/10: 569 Thailand posted a trade deficit of USD588 million in January after recording a trade surplus of
Trade Balance 02/10: 453 USD1.3 billion in December.
USD million 12/10: 1,310
FEB 01/11: –588
Hong Kong, China 03/31 01/10: 9.5 Hong Kong, China’s M2 money supply grew at a faster pace in January at 9.8% y-o-y, versus
M2 Money Supply 02/10: 10.8 7.8% in December.
y-o-y % 12/10: 7.8
FEB 01/11: 9.8
Indonesia 04/01 02/10: 3.8% Consumer price inflation in Indonesia eased for the first time in 4 months to 6.8% y-o-y in
CPI 03/10: 3.4% February, compared with 7.0% in January.
y-o-y % 01/11: 7.0%
MAR 02/11: 6.8%
Indonesia 04/01 01/10: 2.1 Indonesia registered a trade surplus of USD1.9 billion in January, mainly generated by the non-
Trade Balance 02/10: 1.7 oil and gas trade.
USD billion 12/10: 3.7
FEB 01/11: 1.9
Japan 04/01 02/10: 35.1% Japan’s decline in vehicle sales slowed to –14.3% y-o-y in February from –21.5% in January.
Vehicle Sales 03/10: 37.2%
y-o-y % 01/11: –21.5%
MAR 02/11: –14.3%

Republic of Korea 04/01 02/10: 2.7% Consumer price inflation in the Republic of Korea accelerated to 4.5% y-o-y in February from
CPI 03/10: 2.3% 4.1% in January.
y-o-y % 01/11: 4.1%
MAR 02/11: 4.5%
Republic of Korea 04/01 02/10: 1,995 The Republic of Korea’s trade surplus in February settled at USD2.8 billion, slightly down from
Trade Balance 03/10: 1,733 USD2.9 billion in January.
USD million 01/11: 2,915
MAR 02/11: 2,846

Thailand 04/01 02/10: 3.7% Thailand’s consumer price inflation eased to 2.9% y-o-y in February after posting 3.0% in
CPI 03/10: 3.4% January.
y-o-y % 01/11: 3.0%
MAR 02/11: 2.9%
China, People’s Republic of 04/01 02/10: 52.0 The People’s Republic of China’s (PRC) manufacturing purchasing managers’ index (PMI) fell
PMI Manufacturing 03/10: 55.1 slightly to 52.2 in February from 52.9 in January.
Index 01/11: 52.9
MAR 02/11: 52.2

Source: AsianBondsOnline, Bloomberg LP, and Reuters.

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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)

Inflation Accelerates in Hong Kong, China, Malaysia and

Viet Nam; Eases in Singapore • DBP, Landbank to issue up to $1.5-B bonds this year
Manila Bulletin (24 March 2011)
• Consumer Price Indices for February 2011
Census and Statistics Department (22 March 2011) • SM Prime raises P5 billion from debt sale for capex
• Consumer Price Index Malaysia February 2011 Manila time (25 March 2011)
Department of Statistics Malaysia (25 March 2011)

• Press Release Singapore Consumer Price Index

Singapore Department of Statistics (23 March 2011) Planned Issuances in the People’s Republic of China, Hong
Kong, Indonesia and Vietnam
• Consumer price index, gold and USD price indexes, March • Bailian Group to issue RMB 2 bln in bills
2011 China Knowledge (22 March 2011)
Government Statistics Office of Viet Nam (24 March 2011)
• Guangxi Beibu Gulf to issue RMB 1 bln in bills on Mar 25
• Vietnam Inflation Climbs to 25-Month High, Adding Rate
China Knowledge (22 March 2011)
Pressure
Bloomberg (24 March 2011)
• Zhuhai Gree to issue RMB 800 mln in bonds on Mar 25
China Knowledge (22 March 2011)
Philippines Raised its Policy Rates by 25 bps
• China WindPower proposes issue of RMB bonds
• Monetary Board Hikes Policy Rates by 25 Basis Points DailyChinaview.com (22 March 2011)
Bangko Sentral ng Pilipinas (24 March 2011)
• KWG pays up for $350 million bond
FinanceAsia (25 March 2011)
PBOC Gives Approval to 8 Banks to Invest in Onshore Bond
Market • Bank Saudara to Issue Rp250 Billion Bonds
Indonesia Today (21 March 2011)
• 8 overseas banks OKed to buy mainland bonds
China Business News (22 March 2011) • FIF Revs Up
IFR Asia (19 March 2011)

Actual Bond Issuances From the People’s Republic of China, • VietinBank petitions to issue international bonds worth
Republic of Korea, the Philippines and Singapore; $500m-$1b
FCY Long-Term Bond Issuance of Domestic Banks in the Intellasia (21 March 2011)
Republic of Korea Increases to USD1.1 Billion in February
• Yanlord prices $400 million bond at tight end
FinanceAsia (23 March 2011) Republic of Korea Reinstates Limits to Mortgage Loans

• Investors Buy IBK Bonds Despite Uncertainty About • Financial Measures to Support Normalization of Housing
Privatisation Transactions
Finance Asia (24 March 2011) Financial Services Commission (22 March 2011)

• Domestic Banks’ Foreign-Currency Liquidity in February • Household Loans by Depository Corporations during
2011 January 2011
Financial Supervisory Service (21 March 2011) The Bank of Korea (14 March 2011)

• State Developer Sells 100 Bln Won in Long-Term Bonds

YONHAP News (25 March 2011) Danajamin Plans to Issue Guarantees with Short-term
Financing
• Samsung Card Issues US$300 Mln in ABS Overseas
• Danajamin: Short-term bank guarantee financing soon
YONHAP News (25 March 2011)
The Star (22 March 2011)
• Korea Hydro & Nuclear Power Raises 200 Billion Won
• Gema Padu and Danajamin Signs RM170 million Al-Kafalah
From Unsecured Bonds
Guarantee Agreement
Bloomberg (25 March 2011)
Danajamin (21 March 2011)
• Gov't raises $1.5 billion from global bonds
Business World (22 March 2011)

• DBP raises $300 M from global notes

Philippine Star (22 March 2011)

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