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The Bank of Korea has restricted foreign exchange agencies investments in foreigncurrency-denominated bonds issued domestically by local enterprises for the purpose of Korean won financing, effective 25 July. Last week, Korea Housing Finance Corporation priced a USD500 million 5.5-year covered bond at a coupon rate of 3.50% and Samsung Securities issued a KRW300 billion 3-year bond at a coupon rate of 4.33%. In the Philippines, power conglomerate First Gen Corporation offered PHP10 billion worth of perpetual preferred shares last week with a dividend rate of 8% per annum. In Thailand, real estate developer Sansiri issued a THB1 billion 5-year bond carrying a coupon rate of 5.4%. In Singapore last week, water treatment company Hyflux issued a SGD100 million 5year bond carrying a coupon rate of 3.5%; real estate developer Joynote issued a SGD180 million 5-year bond and a SGD320 million 7year bond at coupon rates of 2.585% and 3.408%, respectively; and Singapores Housing Development Board sold a SGD600 million 10year bond at a coupon rate of 2.815%. The ExportImport Bank of China plans to issue CNY24 billion worth of bonds in two tranches. The China Three Gorges Project plans to issue a 3-year CNY5 billion mediumterm note. In Indonesia, Medco Energi Internasional plans to auction USD50 million USD100 million worth of bonds, while Permodalan Nasional Madani and Nippon Indosari Corpindo plan to sell IDR300 billion and IDR500 billion worth of bonds, respectively. Meanwhile, the Treasury Department of Thailand announced its plan to issue a THB3 billion securitized bond to finance property development projects. Japan recorded a trade surplus of JPY70.7 billion in June after posting a deficit of JPY855.8 billion in May. Singapores non-oil
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onsumer price inflation in Malaysia accelerated to 3.5% year-on-year (y-o-y) in June, the highest level in 27 months, on the back of rising food and transportation prices. On a month-on-month (m-o-m) basis, consumer price inflation stood at 0.3% in June. In Hong Kong, China, the composite consumer price index rose 5.6% y-o-y in June, after climbing 5.2% in May, primarily driven by increasing food and housing rental prices.
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Close of 22 July 2011
basis point change from Latest Closing Previous Day* Previous Week* 1-Jan-11*
2.96 2.83 1.10 4.11 2.29 8.31 7.26 3.89 4.18 6.11 2.18 4.03 12.56 -5.15 -4.90 0.60 1.00 2.60 3.40 -2.20 2.00 1.00 -2.65 -4.00 0.90 -11.00 5.63 13.30 13.30 1.20 1.20 17.00 17.00 6.006.00 4.60 4.60 -5.70 3.20 3.20 1.00 1.00 -3.75 7.00 7.00 -1.50 0.70 0.70
5.63
US EU Japan PRC Hong Kong, China India Indonesia Malaysia Korea, Rep. of Philippines Singapore Thailand Viet Nam
-5.70
-3.75
-1.50
-33.14 -13.50 -2.40 20.00 -56.40 38.80 -35.00 -14.40 -34.00 22.52 -53.00 29.90 80.70
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
domestic export growth eased to 1.1% y-o-y in June from 7.6% in May, due to lower shipments of electronic goods and declining sales of pharmaceutical products. The Philippines balance of payments surplus soared to USD5 billion in 1H11 on the back of strong portfolio inflows and overseas Filipino remittances. Indonesias car sales fell 0.3% y-o-y in June, while domestic motorcycle sales rose 0.8% y-o-y. In Thailand, total car sales decreased 0.4% y-o-y in June, following a 10.2% fall in May. In Japan, department store sales rose 0.3% y-o-y in June after registering a 2.4% decline in May. Government bond yields fell last week for most tenors in Indonesia, the Philippines and Thailand, while yields rose for all tenors in the Peoples Republic of China (PRC), the Republic of Korea, and Viet Nam and for most tenors in Malaysia. Yield movements were mixed in Hong Kong, China; and Singapore. Yield spreads between 2- and 10year maturities widened in Hong Kong, China; Indonesia; Malaysia; Singapore; and Thailand, while spreads narrowed in most other emerging East Asian markets.
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Consumer Price Inflation Accelerates in Malaysia and Hong Kong, China in June
Malaysias consumer price inflation accelerated to 3.5% year-on-year (y-o-y) in June, the highest level in 27 months, driven by rising food and transportation prices. The price index for food and non-alcoholic beverages rose 4.7% y-o-y, while that of transportation increased 5.8%. On a month-on-month (m-o-m) basis, consumer price inflation in Malaysia stood at 0.3% in June. In Hong Kong, China, the composite consumer price index (CCPI) rose 5.6% y-o-y in June after increasing 5.2% in May. According to the government of the Special Administrative Region, the increase in consumer prices was driven primarily by increases in food and housing rental prices, which accounted for 70% of the CCPI hike. Housing rentals rose 6.7% yo-y and food prices increased 7.2%. For statistics on Malaysias consumer price inflation, refer to this link: http://asianbondsonline.adb.org/malaysia/data/macroeconomic_credit.php For statistics on Hong Kong, Chinas consumer price inflation, refer to this link: http://asianbondsonline.adb.org/hongkong/data/macroeconomic_credit.php
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Foreign Exchange Agencies Investment in Foreign-Currency-Denominated Bonds Issued in Domestic Market Restricted in the Republic of Korea
The Bank of Korea has restricted foreign exchange agencies investments in foreign-currency-denominated bonds issued domestically by local enterprises for the purpose of Korean won financing, effective 25 July. The step was taken as part of The Bank of Koreas recent measures to enhance regulations on foreign-currency-denominated loans by requiring them to be used for overseas purposes only. The Bank of Korea has noted that domestic foreign-currencydenominated bond issuance by local enterprises has increased recently, with the issuers converting 70% of their proceeds into the local currency.
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Korea Housing Finance Corporation (KHFC) priced a USD500 million 5.5-year covered bond last week. The coupon rate was set at 3.50%. Investors from the Asia-Pacific region purchased 48% of the bondsled by Hong Kong, China and Singapore with investor shares of 16% and 15%, respectivelywhile investors from the United States (US) bought 41% of the total. The remaining 11% were bought by European investors. The bond was rated Aa3 by Moodys Investors Service. Meanwhile, Samsung Securities issued KRW300 billion worth of 3-year bonds at a coupon rate of 4.33%. First Gen Corporationa Philippine power industry conglomeratelaunched the sale of its PHP10 billion (USD233 million) perpetual preferred shares with a dividend rate of 8% per annum. The shares will be sold via private placement and will have a call option with a step-up rate in the seventh year. The issue date has been set for 25 July. The sole bookrunner is BDO Capital, with RCBC Capital and Standard Charted as co-arrangers. In Thailand, real estate developer Sansiri issued THB1 billion of 5-year bonds last week. The bonds carry a coupon rate of 5.4%.
KHFC Prices USD500 Million 5.5-Year Covered Bond; Samsung Securities Issues KRW300 Billion 3-Year Bond; Philippines First Gen Corporation Issues PHP10 Billion Perpetual Preferred Shares; Thailands Sansiri Issues THB1 Billion 5-Year Bond
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In Singapore, water treatment company Hyflux issued SGD100 million of 5-year bonds at a coupon rate of 3.5% last week. Proceeds from the bonds will be used for general corporate purposes. DBS, HSBC, and Standard Chartered were the joint book runners. Real estate developer Joynote issued a total of SGD500 million worth of bonds including a SGD180 million 5-year bond and a SGD320 million 7-year bond with coupon rates of 2.585% and 3.408%, respectively. Meanwhile, the Housing Development Boards (HDB) 10-year bond offering received a strong response, with the deal
Hyflux, Joynote, and Housing Development Board Issue LCY Bonds in Singapore
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size finalized at SGD600 million from an original size of SGD400 million. The bonds were priced at 2.815%, or 32.5 basis points higher than HDBs SGD500 million 10-year bond sold in March.
Hyflux, Joynote, and Housing Development Board Issue LCY Bonds in Singapore (cont)
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The ExportImport Bank of China last week announced that it will issue CNY24 billion worth of bonds in two tranches: a 3-year tranche worth CNY12 billion and a 5-year tranche worth CNY12 billion. The China Three Gorges Project said it will issue CNY5 billion worth of medium-term notes. The notes will have a tenor of 3 years and a coupon that will be set via bookbuilding. Jiangxi Xinxin Industrial Company said that it plans to issue CNY500 million of 3-year notes on the interbank market as a means to replenish working capital. In Indonesia, oil and gas firm Medco Energi Internasional announced last week that it plans to issue USD50 million USD100 million worth of bonds in October after issuing USD50 million on 14 July. The company plans to issue a total of USD150 million within 2 years. Bahana Securities was appointed as the underwriter for the bond sale. The planned bond issue will carry a tenor of 5 years and a coupon of 6.05%. Proceeds from this second bond issue will be used to refinance the company's debts and for capital expenditures. Also in Indonesia, Permodalan Nasional Madani plans to issue IDR300 billion worth of bonds in 4Q11. Proceeds from the bond sale will be used to finance small and micro enterprises. Meanwhile, Nippon Indosari Corpindo plans to issue IDR500 billion worth of bonds to fund its business expansion. The Treasury Department of Thailand announced plans to issue THB3 billion worth of securitized bonds intended to finance property development projects, including construction of government office buildings in Soi Ratchakru, Phaholyothin Road with an estimated construction cost of THB2 billionTHB3 billion. If approved by the government, this would be the second time Thailand had issued securitized bonds since a THB21 billion issuance in 2005.
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Japan Records Trade Surplus; Singapores NODX Growth Eases; Philippines Posts BOP Surplus
Japans trade balance recorded a surplus of JPY70.7 billion in June, overturning deficit expectations and reversing a huge deficit of JPY855.8 billion in May. Exports fell 1.6% y-o-y to JPY5.8 trillion in June, which was an improvement over the 10.3% decline in May. Meanwhile, the growth of imports eased to 9.8% y-o-y in June from 12.3% in May. Exports to the Peoples Republic of China (PRC) and the European Union rose 1.2% and 8.0% y-o-y, respectively, while US-bound exports fell 6.1% in June. Singapores non-oil domestic export (NODX) growth eased to 1.1% y-o-y in June after posting 7.6% growth in May. The slower growth was attributed to declining shipments of electronic goods and lower sales of pharmaceutical products. Electronic shipments dropped 17.6% y-o-y in June, following a 15.0% decline in May. Growth in non-electronic shipments, which include petrochemicals and pharmaceuticals, eased to 12.0% y-o-y in June from 23.0% in May. On a m-o-m basis, NODX declined 4.5% in June, following a 7.4% expansion in May. Total exports grew 6.2% y-o-y in June after a 9.6% expansion in May, while total imports rose 3.7% y-o-y in June compared with 18.0% in May. The Philippines balance of payments (BOP) surplus soared to USD5 billion in the first half of 2011, up 52.7% from the same period last year. The growth in the BOP surplus was attributed to strong portfolio inflows and overseas Filipino remittances. For the month of June, the BOP surplus totaled USD222 million, down 59.2% y-o-y. The countrys gross international reserves jumped 41.7% y-o-y to USD69.0 billion at end-June due to the central banks strong earnings from investments abroad as well as gains from its gold holdings amid surging prices in the world market. For statistics on Japans export and import growth rates, refer to this link: http://asianbondsonline.adb.org/japan/data/macroeconomic_credit.php For statistics on selected balance of payments indicators for the Philippines, refer to this link: http://asianbondsonline.adb.org/philippines/data/macroeconomic_credit.php
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Summary Text of News Articles Car Sales Decline in Indonesia and Thailand; Motorcycle Sales Rise Marginally in Indonesia; Department Store Sales Improve in Japan
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Indonesias car sales fell 0.3% y-o-y in June to 70,157 units compared with 70,388 units sold in the same period a year ago. On a m-o-m basis, however, car sales registered 14.9% growth. Meanwhile, domestic motorcycle sales increased a marginal 0.8% y-o-y to 658,817 units in June. This was a sharp slowdown from double-digit growth posted in most months in the first half of the year. In Thailand, total car sales fell 0.4% y-o-y to 70,259 units in June, an improvement from the 10.2% y-o-y decline in May. On a m-o-m basis, total car sales rose 25.8% in June after a 17.0% contraction in May. Improving car sales signal that car manufacturers have come close to normalizing car production following the supply chain disruption caused by the 11 March earthquake in Japan. In terms of company rankings, Toyota sold 25,348 units in June, followed by Isuzu (12,888), Mitsubishi (6,635), and Nissan (6,024). In Japan, department store sales rose for the first time in 4 months in June. The 0.3% y-o-y increase was buoyed by sales of casual business clothing as the country experienced earlier-than-usual summer heat. In Tokyo, the combined sales of 26 department stores rose 0.4% y-o-y in June, a potential indication of improving consumer sentiment. For statistics on Indonesia's car sales, refer to this link: http://asianbondsonline.adb.org/indonesia/data/macroeconomic_credit.php
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Markets US EU Japan PRC Hong Kong, China India Malaysia Korea, Rep. of Philippines Singapore Thailand
Close of 22 July 2011
Latest Closing 0.03 1.09 0.10 3.48 0.06 8.05 2.95 3.32 2.60 0.26 3.26
Markets US EU Japan PRC Hong Kong, China India Indonesia Malaysia Korea, Rep. of Philippines Singapore Thailand Viet Nam
Latest Closing 2.96 2.83 1.10 4.11 2.29 8.31 7.26 3.89 4.18 6.11 2.18 4.03 12.56
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Indonesia
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Yield (%)
Yield (%)
Yield (%)
0 2 4 6 8 10 12 14 16
3.50
Korea, Republic of
6.00 5.50 5.00 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 6.0 5.0 4.0 3.0 2.0 1.0 0.0 8 10 12 14 16 18 20 22 0 3 6
Philippines
Yield (%)
Yield (%)
Yield (%)
4.50
12
15
18
21
24
27
Singapore
3.8 3.3 2.8
4.5 4.3 4.0 3.8 3.5 3.3 3.0 2.8 2.5 2.3 2.0
Thailand
12.8
Viet Nam
Yield (%)
Yield (%)
Yield (%)
0 2 4 6 8 10 12 14 16
12.5
12.3
12.0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
US
5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 0 4 8 12 16 20 24 28 32
4.5 4.0 3.5 3.0
EU
2.5 2.3 2.0 1.8
Japan
Yield (%)
Yield (%)
Yield (%)
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India
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9.44 7.50
Inflation Rate
Jan-05 Sep-05 Jun-06 Mar-07 Nov-07 Aug-08 May-09 Jan-10 Oct-1 Jul-1 0 1
Jan-05 Sep-05 Jun-06 Mar-07 Nov-07 Aug-08 May-09 Jan-10 Oct-1 Jul-1 0 1
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 8
Korea, Republic of
10
c
Malaysia
8 6 4.40 4 2 0
16 14 12 10 8 6 4 2 0
BI Rate
3.50 3.00
4 6.75 5.54 Inflation Rate 0 Jan-05 Sep-05Jun-06 Mar-07 Nov-07 Aug-08 May-09 Jan-10 Oct-1 Jul-1 0 1 2 Inflation Rate 3.25
-2 -4
Inflation Rate
Jan-05 Sep-05 Jun-06 Feb-07 Nov-07 Aug-08 Apr-0 Jan-10 Sep-10 Jun-11 9
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
14 12 10 8 2 6 4.60 4 2 0 Jan-05 Sep-05 Jun-06 Mar-07 Nov-07 Aug-08 May-09 Jan-10 Oct-1 Jul-1 0 1 4.50 0 -2 Overnight Reverse Repo Rate 10 8 Inflation Rate 6 4 1-Day Repo Rate
Thailand
30 Inflation Rate 27 24 4.06 3.25 21 18 15 12 9 6 -4 -6 Jan-05 Sep-05 Jun-06 Mar-07 Nov-07 Aug-08 May-09 Jan-10 Oct-1 Jul-1 0 1 3 0 Prime Lending Rate
Viet Nam
9.00
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.
ASIANBONDSONLINE
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1,200
Indone s ia
Kore a , Re p. of
1,000
J a pa n
M a la ys ia
800
P hilippine s
600
Tha ila nd
400
200
0 Dec-07 M ay-08 N o v-08 Ap r-09 S ep -09 M ar-10 Au g -10 Jan -11 Ju l-11
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
50
ASIANBONDSONLINE
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Amount Offered LCY Billions
5.00 30.00 6.00 25.20 9.00 3.00 7,000.00
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Markets
PRC
Auction Date
19-Jul 20-Jul 21-Jul 1-year PBOC Bills
Type of Security
10-year China Government Bonds 3-month PBOC Bills 91-day Exchange Fund Bills 182-day Exchange Fund Bills 364-day Exchange Fund Bills
Coupon (in %)
HK
19-Jul
ID
19-Jul
3-month Treasury Bills 1-year Treasury Bills 10-year Treasury Bonds 21-year Treasury Bonds 30-year Treasury Bonds
JP
3-month Treasury Discount Bills 2-month Treasury Discount Bills 20-year Japan Government Bonds 91-day Monetary Stabilization Bonds 182-day Monetary Stabilization Bonds 10-year Treasury bonds
4,800.00 2,500.00 1,100.00 1,000.00 500.00 1,600.00 0.50 1.00 1.00 0.50 2.00 1.00 4.88 9.00 3.90 20.00 20.00 20.00 30.00
4,759.87 2,499.89 1,098.80 1,100.00 550.00 1,600.00 0.50 1.00 1.00 0.50 2.00 1.00 9.00 3.90 20.00 12.71 12.35 30.00
KR
18-Jul
MY
18-Jul
154-day BNM Islamic Notes 163-day BNM Notes 261-day BNM Notes
20-Jul
PH SG TH
4-year Fixed Rate Treasury Notes 91-day Treasury Bills 28-day BOT Bills 91-day BOT Bills 182-day BOT Bills 363-day BOT Bills
Sources:LocalmarketsourcesandBloomberg,LP.
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Country/Variable
Republic of Korea Real GDP y-o-y, % 2Q11 P Hong Kong, China Exports y-o-y, % JUN Republic of Korea Current Account USD million JUN Philippines Overnight Borrow ing Rate % JUL 28 Japan Consumer Price Index y-o-y, % JUN Malaysia M3 Money Supply y-o-y, % JUN Singapore M2 Money Supply y-o-y, % JUN Thailand Exports y-o-y, % JUN Indonesia Consumer Price Index y-o-y % JUL Indonesia Exports y-o-y, % JUN Peoples Republic of China Purchasing Managers Index Index JUL Republic of Korea Consumer Price Index y-o-y, % JUL Thailand Consumer Price Index y-o-y, % JUL
Release Date
7/27
Historical Data
1Q10: 8.5% 2Q10: 7.5% 4Q10: 4.7% 1Q11: 4.2% 05/10: 24.4% 06/10: 26.7% 04/11: 4.1% 05/11: 10.1% 05/10: 3,998.9 06/10: 4,330.0 04/11: 1,277.6 05/11: 2,259.9 06/10: 4.00% 07/10: 4.00% 05/11: 4.50% 06/11: 4.50% 05/10: 0.9% 06/10: 0.7% 04/11: 0.3% 05/11: 0.3% 05/10: 9.3% 06/10: 8.8% 04/11: 10.1% 05/11: 11.1% 05/10: 9.0% 06/10: 7.3% 04/11: 11.0% 05/11: 10.8% 05/10: 42.5% 06/10: 47.1% 04/11: 24.7% 05/11: 17.3% 06/10: 5.1% 07/10: 6.2% 05/11: 6.0% 06/11: 5.5% 05/10: 37.0% 06/10: 31.4% 04/11: 37.5% 05/11: 45.3% 06/10: 52.1 07/10: 51.2 05/11: 52.0 06/11: 50.9 06/10: 2.6% 07/10: 2.6% 05/11: 4.1% 06/11: 4.4% 06/10: 3.3% 07/10: 3.4% 05/11: 4.2% 06/11: 4.1%
Recent Trends
Real gross domestic product (GDP) grow th in the Republic of Korea eased to 4.2% year-on-year (y-o-y) in 1Q11 from 4.7% in the previous quarter.
7/28
Export grow th in Hong Kong, China accelerated to 10.1% y-o-y in May from 4.1% in the previous month.
7/28
The Republic of Koreas current account surplus rose to USD2.3 billion in May from USD1.3 billion in April.
7/28
The Philippines overnight borrow ing rate remained steady at 4.50% in June.
7/29
Consumer price inflation in Japan remained unchanged from the previous month at 0.3% y-o-y in May.
7/29
Grow th in Malaysias M3 money supply accelerated to 11.1% y-o-y in May from 10.1% in the previous month.
7/29
Singapores M2 money supply grow th rate eased slightly to 10.8% y-o-y in May from 11.0% in April.
7/29
Thailands export grow th slow ed to 17.3% y-o-y in May from 24.7% in April.
8/01
Indonesias consumer price inflation eased to 5.5% y-o-y in June from 6.0% in the previous month.
8/01
Indonesias exports surged 45.3% y-o-y in May follow ing 37.5% grow th in April.
8/01
The Purchasing Managers Index (PMI) of the Peoples Republic of China slipped to 50.9 in June from 52.0 in May.
8/01
Consumer price inflation in the Republic of Korea climbed to 4.4% y-o-y in June from 4.1% in May.
8/01
Consumer price inflation in Thailand stood at 4.1% y-o-y in June, dow n slightly from 4.2% in the previous month.
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Foreign Exchange Agencies Investment in Foreign-CurrencyDenominated Bonds Issued in Domestic Market Restricted in the Republic of Korea Measures to Restrict Investment in Foreign Currencydenominated Bonds Issued in the Domestic Market The Bank of Korea (19 July 2011)
KHFC Prices USD500 Million 5.5-Year Covered Bond; Samsung Securities Issues KRW300 Billion 3-Year Bond; Philippines First Gen Corporation Issues PHP10 Billion Perpetual Preferred Shares; Thailands Sansiri Issues THB1 Billion 5-Year Bond BONDS: KHFC Raises US$500m from Covered Bond IFR Asia (19 July 2011)
Hyflux, Joynote, and Housing Development Board Issue LCY Bonds in Singapore Re-flux re-action IFR Asia (16 July 2011) BONDS: HDB sells lightning 10-year deal at tight 2.815% IFR Asia (20 July 2011)
Planned Bond Issues in the PRC, Indonesia, and Thailand Export-Import Bank of China to Issue RMB 24 bln in Bonds China Knowledge (19 July 2011) China Three Gorges to Issue RMB 5 bln 3-year Notes China Knowledge (20 July 2011) Jiangxi Xinxin Industrial to Issue RMB 500 mln in Notes China Knowledge (21 July 2011) Medco to Issue Phase-2 Bond in October The Indonesia Today (20 July 2011) Nippon Indosari to Issue Rp500 Billion Bonds The Indonesia Today (19 July 2011) PNM to Issue Rp300 Billion Bonds The Indonesia Today (20 July 2011) Treasury Aims to Issue Bt3 bn Bond The Nation (20 July 2011)
Japan Records Trade Surplus; Singapores NODX Growth Eases; Philippines Posts BOP Surplus Japan Posts 1st Trade Surplus in 3 Months Japan Today (21 July 2011) First-half Payment Surplus Nears Full-year Goal Business World (20 July 2011) Singapores External Trade June 2011 International Enterprise Singapore (18 July 2011)
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