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842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 112
5 September 2011 asianbondsonlineadborg
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
Key Developments in Asian Local Currency Markets
1
ross domestic product (GDP) growth in the Philippines fell to 34 year-on-year (y-o-y) in 2Q11-the fourthstraight quarter of slowing growth The 2Q11 data brought the countrys GDP growth in 1H11 to 40 y-o-yfollowing 46 growth in 1Q11 The slowdown in GDP growth was due to faltering global demand that curbedexports and investments Despite the global slowdown the Philippine economy benefited from a robust
rebound in the agriculture sector the sustained albeit slowing performance of the manufacturing sector and balancedgrowth in the services sector On the demand side consumer spending also boosted GDP with growth of 54 y-o-y in2Q11
Japans industrial production rose 06 inJuly from the previous month the slowestmonthly growth rate since March In theRepublic of Korea industrial output in July grewat the slowest pace in 10 months 38 y-o-yas annual growth rates in manufacturing andproducers shipments fell In Viet Nam
industrial production surged 58 y-o-y and43 month-on-month (m-o-m)
Retail sales in Hong Kong China grew291 y-o-y to HKD352 billion in July onaccount of robust local consumption and touristspending In Viet Nam the total value of retailsales of goods and services increased 222to VND1224 trillion (USD597 billion) in the first8 months of the year
Consumer price inflation for the Republic ofKorea accelerated to 53 y-o-y in August thehighest level in 3 years mainly triggered by asharp increase in food prices In Thailandconsumer price inflation in August rose to 43y-o-y the highest level since September 2008spurred by escalating food costs
The Republic of Koreas trade surplusplunged to USD821 million in August fromUSD63 billion in the previous month amidstrong import growth and only modest exportgrowth In Thailand the current account surpluswidened to USD36 billion in July from USD25billion in June as the trade surplus for themonth increased to USD27 billion fromUSD19 billion in the previous month
The Peoples Bank of China (PBOC)announced its plan to include the margindeposits of commercial banks-the deposit paidby clients to secure the issuance of bankersacceptance and letters of credit-as part of thereserve requirement in order to mop upexcessive liquidity Meanwhile the State Bankof Viet Nam issued its decision effective 1September to increase foreign currency
reserve requirement ratios for demand deposits and time deposits
Last week notable bond issuances from the Peoples Republic ofChina included commerical paper from Sinohydro Group (CNY1billion) Shaanxi Regional Electric Power (CNY1 billion) andMetallurgical Corporation of China (CNY3 billion) In the Republic ofKorea steel producer Posco priced a KRW500 billion 5-year bond at acoupon rate of 399 In Thailand Glow Energy Public Company Ltdissued a 10-year bond worth THB56 billion with a 50 coupon
Government bond yields fell last week for all tenors in Viet Namand for most tenors in the Republic of Korea Malaysia the Philippinesand Singapore Yields rose for all tenors in the PRC and for mosttenors in Thailand Yield movements were mixed in Hong Kong Chinaand were mostly unchanged in Indonesia Yield spreads between 2-and 10- year maturities widened in the Philippines and Thailand whilespreads narrowed in most other emerging East Asian markets
G Asia Bond Monitor September 2011
10-Year Selected LCY Government Security Yields Close of 2 September 2011
basis point change from
Markets Latest Closing Previous Day Previous Week 1-Jan-11
Selected
Benchmark Yield Curves - Local Currency Government Bonds
Policy Rate versus Inflation Rate Charts
Government Security Yields
Credit Default Swap Spreads amp Exchange Rate Indexes
Selected Debt Security Issuances Selected Asia Data Releases
2-versus-10 Yield Spread Chart
US 199 -1445 -2042 -13078
EU 201 -1370 -1490 -9550Japan 103 -210 -120 -970
PRC 409 -100 1400 1800
Hong Kong China 173 -630 -320 -11310
India 834 150 330 4170
Indones ia 679 000 -480 -8120
Malays ia 361 -300 -310 -4240
Korea Rep of 379 -200 -800 -7300
Philipp ines 563 -587 -1371 -2572
Singapore 158 -600 -500 -11300
Thailand 355 -110 540 -1780
Viet Nam 1267 000 -500 9170
-2042
-1490
-120
1400
-320
330
-480
-310
-800
-1371
-500
540
-500
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 212
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
EBT HIGHLIGHTS ASIANBONDSONLINE
2
Summary Text of News Articles
Philippine Economy Expands 34 in 2Q11Gross domestic product (GDP) growth in the Philippines was reported at 34 year-on-year (y-o-y) in 2Q11-the fourth
straight quarter of slowing growth The median forecast for 2Q11 GDP was 41 The 2Q11 data brought the countrysGDP growth in 1H11 to 40 y-o-y after posting 46 growth in 1Q11 The slowdown in GDP growth was due tofaltering global demand that curbed exports and investments Despite the global slowdown the Philippine economybenefited from a robust rebound in the agriculture sector the sustained albeit slowing performance of themanufacturing sector and balanced growth in the services sector The agriculture services and manufacturing sectorsclimbed 71 50 and 48 y-o-y respectively On the demand side consumer spending also boosted GDP withgrowth of 54 y-o-y in 2Q11 The country aims to achieve 7 economic growth in 2011
For historical data on the Philippines GDP refer to this link
httpasianbondsonlineadborgphilippinesdatamacroeconomic_creditphp
Japans Industrial Production Rises 06 in July
Republic of Koreas Business Sentiment Wanes Industrial Output Growth Slows in July Viet Nams Industrial Production Surges 58 in August
Japans industrial production rose 06 in July from the previous month However this was a decline of 28 y-o-yJulys month-on-month (m-o-m) output growth was the slowest since March and below the median forecast of 15The strong Japanese yen and a weakening global economy are weighing on the recovery in the export-reliant economyThe lackluster increase was buoyed by the production of transport equipment communications equipment and generalmachinery Production is expected to increase 28 m-o-m in August and decrease 24 m-o-m in Septemberaccording to the Survey of Production Forecast in Manufacturing
In the Republic of Korea business sentiment waned in August while the outlook for September dimmed The businesssurvey index (BSI) on conditions in the manufacturing sector dropped 11 points to 80 in August and the Septemberoutlook fell 5 points to 86 For business conditions in the non-manufacturing sector the BSI declined 3 points to 81 in
August while the September outlook remained unchanged from the previous month at 83 Meanwhile the Republic ofKoreas industrial output grew at its slowest pace in 10 months in July at 38 y-o-y as annual growth rates inmanufacturing and producers shipments declined from the previous month On a m-o-m basis industrial productioncontracted 04 in July
The Index of Industrial Production (IIP) in Viet Nam surged 58 y-o-y and 43 m-o-m in August For the first 8months of 2011 the countrys IIP soared 73 y-o-y on the back of a 107 increase in the processing industry sectorand a 98 increase in production and distribution in the electricity gas and water sector Meanwhile the mining sectorsaw a slight decline of 07 y-o-y during the same period
Retail Sales Growth Remains Strong in Hong Kong China and Viet NamRetail sales growth in Hong Kong China accelerated in July on account of robust local consumption and touristspending Retail sales grew 291 y-o-y to HKD352 billion in July It was the fifth consecutive month that sales rose by
more than 20 According to a statement from the Census and Statistics Department local consumer sentiment shouldstay largely positive amid improving income conditions
In Viet Nam retail sales of goods and services increased 222 to VND1224 trillion during the first 8 months of theyear During this period commercial sector revenue which accounted for around 80 of the countrys totalconsumption soared 225 y-o-y while the services sector which accounted for around 10 of total consumptionrecorded growth of 227 There was also 148 y-o-y growth in the tourism industry during the same time period
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 312
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
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asianbondsonlineadborg EBT HIGHLIGHTS ASIANBONDSONLINE
3
Summary Text of News Articles
Consumer Price Inflation Accelerates in August in the Republic of Korea and Thailand on Food Price HikesConsumer price inflation in the Republic of Korea accelerated to 53 y-o-y in August the highest rate in 3 years
mainly triggered by a sharp increase in food prices The price index for food and non-alcoholic beverages postedanother month of double-digit growth at 114 while housing and utilities climbed to 55 from 52 in the previousmonth On a m-o-m basis consumer prices rose 09 in August with food prices soaring 30
In Thailand consumer price inflation in August stood at 43 y-o-y-the highest level since September 2008-spurred byescalating food costs The food price index surged 84 y-o-y for the month compared with a 72 increase in July Ona non-seasonally adjusted basis the consumer price index in August increased 04 m-o-m up from a 02 rise inJuly
For inflation trends in the Republic of Korea refer to this linkhttpasianbondsonlineadborgkoreadatamarketwatchphpcode=policy_rate_and_inflation_trends
For inflation trends in Thailand refer to this link
httpasianbondsonlineadborgthailanddatamarketwatchphpcode=policy_rate_and_inflation_trends
Republic of Koreas Trade Surplus Narrows Sharply in August
Thailand Records Wider Trade and Current Account Surpluses in July The Republic of Koreas trade surplus plunged to USD821 million in August from USD63 billion in the previous monthamid strong import growth and modest export growth Overseas shipments grew 271 y-o-y to USD464 billion inAugust after rising 252 in July led by strong growth in chemical and petroleum products and automobiles andautomobile parts Meanwhile imports surged 292 y-o-y to USD456 billion in August on the back of robust growth inraw materials imports
In Thailand the current account surplus widened to USD36 billion in July from USD25 billion in June as the tradesurplus increased to USD27 billion from USD19 billion Exports grew an impressive 364 y-o-y to USD211 billion in
July following a 164 rise in the previous month thanks to buoyant growth in agricultural exports On the other handimports grew by a modest 131 y-o-y to USD184 billion after rising 235 in June
PBOC to Expand Reserve Requirement Base
State Bank of Viet Nam to Increase Foreign Currency Reserve Requirement RatioThe Peoples Bank of China (PBOC) announced plans to include margin deposits of commercial banks-the deposit paidby clients to secure the issuance of bankers acceptance and letters of credit-as part of the reserve requirement in orderto mop up excessive liquidity The new policy is expected to freeze about CNY900 billion in bank capital The countryslarge banks will begin to pay their first margin deposit for the reserve requirement starting 5 September while otherbanks will follow beginning 15 September
The State Bank of Viet Nam (SBV) issued a decision effective 1 September increasing foreign currency reserve
requirement ratios for demand deposits and time deposits of less than 12 months to 8 and time deposits of more than12 months to 6 of the total deposits outstanding for state-owned commercial banks (excluding the Viet Nam Bank forAgriculture and Rural Development) joint-stock commercial banks joint venture banks foreign bank branches andwholly owned foreign banks The SBV will also increase foreign currency reserve requirement ratios for demanddeposits and time deposits of less than 12 months to 7 and time deposits of more than 12-months to 5 of the totaldeposits outstanding for the Viet Nam Bank for Agriculture and Rural Development Central Peoples Credit Fund andcooperative banks
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 412
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
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asianbondsonlineadborg EBT HIGHLIGHTS ASIANBONDSONLINE
4
Summary Text of News Articles
Bond Issuance in the PRC Republic of Korea and ThailandLast week Sinohydro Group a multinational construction group issued CNY1 billion worth of commercial paper in the
interbank bond market Of the proceeds CNY700 million will be used for working capital and the remaining CNY300million will be used to repay bank loans Meanwhile Shaanxi Regional Electric Power a power supplier in the PeoplesRepublic of Chinas (PRC) Shaanxi Province also issued CNY1 billion worth of commercial paper with CNY350 millionof the proceeds to be used for working capital and the remaining CNY650 million to pay bank loans Lastly thecountrys leading mining and smelting operator Metallurgical Corporation of China issued CNY3 billion worth ofcommercial paper in the interbank bond market
One of the largest local currency bond issuers in the Republic of Korea last week was steel producer Posco whichpriced a KRW500 billion 5-year bond at a coupon rate of 399 In Thailand Glow Energy Public Company Ltd issueda 10-year bond worth THB56 billion with a 50 coupon Siam Cement plans to price a 4-year bond valued at THB10billion by mid-September with the companys existing retail investors and new individual investors as potential buyers
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 512
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
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asianbondsonlineadborg
DEBT HIGHLIGHTS ASIANBONDSONLINE
5
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
Close of 2 September 2011
Close of 2 September 2011
Source Based on data from Bloomberg LP
Previous
Day
Previous
Week1-Jan-11
US 002 051 204 -1044
EU 056 -620 -110 1630
Japan 010 000 000 -240
PRC 380 1600 5600 6200
Hong Kong China 010 000 000 -1800
India 835 200 500 12500
Malaysia 295 000 -010 1660Korea Rep of 327 000 000 7600
Philippines 085 -750 371 -3450
Singapore 018 100 500 -2100
Thailand 341 017 600 14400
basis point change fromLatest
ClosingMarkets
204
-110
000
5600
000
500
-010
000
371
500
600
Previous
Day
Previous
Week1-Jan-11
US 199 -1445 -2042 -13078
EU 201 -1370 -1490 -9550
Japan 103 -210 -120 -970
PRC 409 -100 1400 1800
Hong Kong China 173 -630 -320 -11310
India 834 150 330 4170
Indonesia 679 000 -480 -8120
Malaysia 361 -300 -310 -4240
Korea Rep of 379 -200 -800 -7300
Philippines 563 -587 -1371 -2572
Singapore 158 -600 -500 -11300
Thailand 355 -110 540 -1780
Viet Nam 1267 000 -500 9170
basis point change fromLatestClosing
Markets
-2042
-1490
-120
1400
-320
330
-480
-310
-800
-1371
-500
540
-500
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 612
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 712
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asianbondsonlineadborg
DEBT HIGHLIGHTS
ASIANBONDSONLINE
7
Tip Zoom-in on the table using the Acrobat zoom tool 2-versus-10 Yield Spread Chart
Yield Spread between the Two- and Ten-Year Government Bonds
Source Based on data from Bloomberg LP 0 50 100 150 200 250 300 350
China Peoples Repof
Hong Kong China
Indonesia
Korea Rep of
Malaysia
Philippines
Singapore
Thailand
Viet Nam
US
EU
Japan
basis points
2-Sep-11
26-Aug-11
19-Aug-11
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 812
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asianbondsonlineadborg
DEBT HIGHLIGHTS ASIANBONDSONLINE
8
Tip Zoom-in on the table using the Acrobat zoom tool
Policy Rate versus Inflation Rate Charts
Philippines Thailand
China Peoplersquos Rep of Hong Kong China India
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) cut-
off yield as its policy rate Source Bloomberg LP
Indonesia Korea Republic of Malaysia
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
Viet Nam
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
Inflation Rate
650
1-yearLending Rate
656
-4
-2
0
2
4
6
8
10
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
79
HKMA BaseRate
05
-4
-2
0
2
4
6
8
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
922
RepurchaseCut-off Yield
800
-2
0
2
4
6
8
10
12
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
340
OvernightPolicy Rate
300
-4
-2
0
2
4
6
8
10
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
530
7-Day RepoRate
325
0
2
4
6
8
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate461
675
0
2
4
6
8
10
12
14
16
18
20
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
BI Rate
InflationRate
510
OvernightReverse
Repo Rate
450
0
2
4
6
8
10
12
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
429
1-Day RepoRate
350
-6
-4
-2
0
2
4
6
8
10
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
2302
PrimeLending Rate
900
0
3
6
9
12
15
18
21
24
27
30
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 912
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asianbondsonlineadborg
DEBT HIGHLIGHTS
ASIANBONDSONLINE
Credit Default Swap Spreads amp Exchange Rate Indexes
ip Zoom-in on the table using the Acrobat zoom tool T Credit Default Swap Spreads - Senior 5-year
Exchange Rate Indexes (vis-agrave-vis US$ 2 January 2007=100)
In USD currency and basedon sovereign bonds
Source Thomson Reuters
M i d s p r e
a d i n b a s i s p o i n t s
Source ADB-OREI staff calculations based onBloomberg data
50
60
70
80
90
100
110
120
130
50
60
70
80
90
100
110
120
130
Jan-07 Aug-07 Mar-08 O ct-08 May-09 Dec-09 Jul-10 Feb-11 Sep -11
China Peoples Rep of
Indonesia
Malaysia
Phil ippines
Thailand
Singapore
Korea Rep of
Viet Nam
0
20 0
40 0
60 0
80 0
1000
1200
1400
Dec-07 Nov-08 Oct-09 Oct-10 Sep-11
China Peoples Rep of
Hong Kong China
Indonesia
Korea Rep of
Japan
Malaysia
Phil ippines
Thailand
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
9
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 1012
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asianbondsonlineadborg
DEBT HIGHLIGHTS ASIANBONDSONLINE
Selected Debt Security Issuances (29 August ndash 2 September 2011)
ip Zoom-in on the table using the Acrobat zoom tool T
PRC 30-Aug 1-year PBOC Bills 358 100 100
1-Sep 3-month PBOC Bil ls 316 100 100
HK 30-Aug 91-day Exchange Fund Bills 011 2591 2591
JP 30-Aug 2-year Japan Government Bonds 014 010 260000 259927
31-Aug 3-month Treasury Discount Bil ls 009 480000 481993
1-Sep 10-year Japan Government Bonds 108 110 220000 219894
KR 29-Aug 91-day Monetary Stabilization Bonds 332 100000 101000
PH 31-Aug 7-year Fixed Rate Treasury Notes 494 500 900 900
SG 29-Aug 91-day Treasury Bills 009 390 390
TH 30-Aug 28-day BOT Bills 341 1500 1500
31-Aug 6-year Government Bonds 344 1200 1200
1-Sep 14-day BOT Bills 341 6000 6000VN 1-Sep 3-year Government Bonds 1228 200000 192500
5-year Government Bonds 1240 200000 186700
Sources Local market sources and Bloomberg LP
C o u p o n
(in )A m o unt O f fe r e d
L C Y B i llio n s
A m o u n t Is s u e d
L CY B i l l i onsarkets
A uc t i on
D ate T y p e o f S e c u rity
A v e r a g e
Y i e ld ( )
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842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 1112
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asianbondsonlineadborg DEBT HIGHLIGHTS ASIANBONDSONLINE
1
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Tip Zoom-in on the table using the Acrobat zoom tool
Selected Asia Data Releases (6 - 12 September 2011)
Source AsianBondsOnline Bloomberg LP and Reuters
AUG 0711 204
Malaysia
Industrial Production
y-o-y
JUL
0909 0610 92
0710 29
0511 ndash56
0611 10
Industrial production in Malaysia grew 10 y-o-y in June after a 56 contraction in May
Japan
GDP Annualized (final)
2Q11
0909 0310 940
0610 ndash050
0311 ndash360
0611 ndash130
Japanrsquos preliminary annualized gross domestic product (GDP) contracted 13 in 2Q11
following a 36 decline in 1Q11
Peoplersquos Republic of China
Consumer Price Inflation
y-o-y
AUG
0909 0710 33
0810 35
0611 64
0711 65
Consumer price inflation in the Peoplersquos Republic of China (PRC) surged to its highest level
of the year at 65 y-o-y in July
Peoplersquos Republic of China
Industrial Production
y-o-y
AUG
0909 0710 134
0810 139
0611 151
0711 140
The PRCrsquos industrial production growth eased to 140 y-o-y in July from 151 in June
Philippines
Consumer Price Inflation
y-o-y
AUG
0906 0710 39
0810 40
0611 52
0711 51
Consumer price inflation in the Philippines eased marginally to 51 year-on-year (y-o-y)
in July from 52 in June
Japan
BOJ Target Rate
SEP 7
0810 010
0910 010
0711 010
0811 010
The Bank of Japan (BOJ) has kept its ta rget rate at 010 since December 2008 to boost
the economy
0907
Philippines
Foreign Reserves
USD billion
AUG
0907 0710 490
0810 499
0611 690
0711 719
0908 0810 400
0910 400
0711 450
0811 450
0908
Republic of Korea
7-Day Repurchase Rate
SEP 8
0908 0810 225
0910 225
0711 325
0811 325
The Bank of Korearsquos Monetary Policy Committee decided to maintain its base ratemdashthe 7-
day repurchase ratemdashat 325 in its 11 August meeting
Malaysia
Exports
y-o-y
JUL
Hong Kong Chinarsquos foreign reserves rose to HKD2788 billion in July from HKD2772 billion
in June
Indonesia
BI Rate
y-o-y
SEP 8
0908 0810 650
0910 650
0711 675
0811 675
Bank Indonesiarsquos (BI) Board of Governors left its benchmark rate steady at 65 in its
meeting held on 9 August
Release Date Recent TrendsountryVariable Historical Data
Bangko Sentral ng Pilipinas has kept its overnight borrowing rate at 45 since May 2011
Malaysia
Overnight Rate
SEP 8
0908 0810 275
0910 275
0711 3000811 300
Bank Negara Malaysia decided to keep its overnight policy rate constant at 300 during its
last Monetary Policy Committee meeting on 7 July
Philippines
Overnight Borrowing Rate
SEP 8
The foreign reserves of the Philippines surged to USD719 billion in July the highest level
ever recorded
0610 164
0710 124
0511 54
0611 86
Malaysiarsquos export growth increased to 86 y-o-y in June from 54 in May
Hong Kong China
Foreign Reserves
HKD billionAUG
0908 0710 2607
0810 2614
0611 27720711 2788
Malaysia
Manufacturing Sales
y-o-y
JUL
0909 0610 143
0710 88
0511 75
0611 129
Growth in Malaysiarsquos manufacturing sales increased to 129 y-o-y in June from 75 in
May
Peoplersquos Republic of China
Exports
y-o-y
0910 0710 381
0810 344
0611 179
Exports from the PRC surged 204 y-o-y in July following 179 growth in June
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 1212
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asianbondsonlineadborg
DEBT HIGHLIGHTS
Tip Click on link to open a new browser (Acrobat Reader 8) for lower versions right-click to open a new browser)
News Articles Sources for Further Reading
Philippine Economy Expands 34 in 2Q11bull Philippine Economy Decelerates With 34 GDP
Growth National Statistical Coordination Board(31 August 2011)
Japanrsquos Industrial Production Rises 06 in JulyRepublic of Korearsquos Business Sentiment WanesIndustrial Output Growth Slows in JulyViet Nams Industrial Production Surges 58 in August
bull Indices of Industrial Production ndash Statistics reportMinistry of Economy Trade and Industry(31 August 2011)
bull Business Survey Index (BSI) for August 2011 The Bank of Korea (30 August 2011)
bull The Industrial Activities in July 2011 Statistics Korea (31 August 2011)
bull Vietnams Index of Industrial Production Surges 43pctin AugIntellasia (30 August 2011)
Retail Sales Growth Remains Strong in Hong KongChina and Viet Nam
bull Provisional Statistics of Retail Sales for July 2011 Census and Statistics Department (29 August 2011)
bull Inflation Slows Growth of Retail Sales Viet News (31 August 2011)
Consumer Price Inflation Accelerates in August in theRepublic of Korea and Thailand on Food Price Hikes
bull Consumer Price Index in August 2011 Statistics Korea (01 September 2011)
bull Rocketing Food and Fuel Prices Push CPI to 429 The Nation (01 September 2011)
Republic of Korearsquos Trade Surplus Narrows Sharply inAugust Thailand Records Wider Trade and CurrentAccount Surpluses in July
bull S Korearsquos Trade Surplus Sinks to US$821 Mln in AugYONHAP News (01 September 2011)
bull Economic and Monetary Conditions for July 2011 Bank of Thailand (31 August 2011)
PBOC to Expand Reserve Requirement BaseState Bank of Viet Nam to Increase Foreign CurrencyReserve Requirement Ratio
bull PBOC to Expand Reserve Requirement BaseChina Daily (29 August 2011)
bull
New Foreign Currency Reserve Requirement Ratios forCredit InstitutionsThe State Bank of Vietnam (29 August 2011)
Bond Issuance in the PRC Republic of Korea andThailand
bull Sinohydro Group to issue RMB 1 bln in billsChina Knowledge (29 August 2011)
bull Shaanxi Regional Electric Power to issue RMB 1 blnin billsChina Knowledge (29 August 2011)
bull Metallurgical Corp of China to issue RMB 3 bln in bills China Knowledge (29 August 2011)
bull BONDS Siam Cement Banpu Prepare Bt10Bn Issuance
EachIFR Asia (31 August 2011)
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
Disclaimer AsianBondsOnline Newsletter is available to users free of charge The ADB provides no warranty or undertaking of any kind in respect to the information and materials
found on or linked to AsianBondsOnline Newsletter The ADB accepts no responsibility for the accuracy of the material posted or linked to the publication or the information
contained therein or for any consequences arising from its use and does not invite or accept reliance being placed on any materials or information so provided Views expressed in
articles marked with AsianBondsOnline are those of the authors and not ADB This disclaimer does not derogate from and is in addition to the general terms and conditions
regarding the use of the AsianBondsOnline Web Site which also apply
12
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 212
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
EBT HIGHLIGHTS ASIANBONDSONLINE
2
Summary Text of News Articles
Philippine Economy Expands 34 in 2Q11Gross domestic product (GDP) growth in the Philippines was reported at 34 year-on-year (y-o-y) in 2Q11-the fourth
straight quarter of slowing growth The median forecast for 2Q11 GDP was 41 The 2Q11 data brought the countrysGDP growth in 1H11 to 40 y-o-y after posting 46 growth in 1Q11 The slowdown in GDP growth was due tofaltering global demand that curbed exports and investments Despite the global slowdown the Philippine economybenefited from a robust rebound in the agriculture sector the sustained albeit slowing performance of themanufacturing sector and balanced growth in the services sector The agriculture services and manufacturing sectorsclimbed 71 50 and 48 y-o-y respectively On the demand side consumer spending also boosted GDP withgrowth of 54 y-o-y in 2Q11 The country aims to achieve 7 economic growth in 2011
For historical data on the Philippines GDP refer to this link
httpasianbondsonlineadborgphilippinesdatamacroeconomic_creditphp
Japans Industrial Production Rises 06 in July
Republic of Koreas Business Sentiment Wanes Industrial Output Growth Slows in July Viet Nams Industrial Production Surges 58 in August
Japans industrial production rose 06 in July from the previous month However this was a decline of 28 y-o-yJulys month-on-month (m-o-m) output growth was the slowest since March and below the median forecast of 15The strong Japanese yen and a weakening global economy are weighing on the recovery in the export-reliant economyThe lackluster increase was buoyed by the production of transport equipment communications equipment and generalmachinery Production is expected to increase 28 m-o-m in August and decrease 24 m-o-m in Septemberaccording to the Survey of Production Forecast in Manufacturing
In the Republic of Korea business sentiment waned in August while the outlook for September dimmed The businesssurvey index (BSI) on conditions in the manufacturing sector dropped 11 points to 80 in August and the Septemberoutlook fell 5 points to 86 For business conditions in the non-manufacturing sector the BSI declined 3 points to 81 in
August while the September outlook remained unchanged from the previous month at 83 Meanwhile the Republic ofKoreas industrial output grew at its slowest pace in 10 months in July at 38 y-o-y as annual growth rates inmanufacturing and producers shipments declined from the previous month On a m-o-m basis industrial productioncontracted 04 in July
The Index of Industrial Production (IIP) in Viet Nam surged 58 y-o-y and 43 m-o-m in August For the first 8months of 2011 the countrys IIP soared 73 y-o-y on the back of a 107 increase in the processing industry sectorand a 98 increase in production and distribution in the electricity gas and water sector Meanwhile the mining sectorsaw a slight decline of 07 y-o-y during the same period
Retail Sales Growth Remains Strong in Hong Kong China and Viet NamRetail sales growth in Hong Kong China accelerated in July on account of robust local consumption and touristspending Retail sales grew 291 y-o-y to HKD352 billion in July It was the fifth consecutive month that sales rose by
more than 20 According to a statement from the Census and Statistics Department local consumer sentiment shouldstay largely positive amid improving income conditions
In Viet Nam retail sales of goods and services increased 222 to VND1224 trillion during the first 8 months of theyear During this period commercial sector revenue which accounted for around 80 of the countrys totalconsumption soared 225 y-o-y while the services sector which accounted for around 10 of total consumptionrecorded growth of 227 There was also 148 y-o-y growth in the tourism industry during the same time period
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 312
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg EBT HIGHLIGHTS ASIANBONDSONLINE
3
Summary Text of News Articles
Consumer Price Inflation Accelerates in August in the Republic of Korea and Thailand on Food Price HikesConsumer price inflation in the Republic of Korea accelerated to 53 y-o-y in August the highest rate in 3 years
mainly triggered by a sharp increase in food prices The price index for food and non-alcoholic beverages postedanother month of double-digit growth at 114 while housing and utilities climbed to 55 from 52 in the previousmonth On a m-o-m basis consumer prices rose 09 in August with food prices soaring 30
In Thailand consumer price inflation in August stood at 43 y-o-y-the highest level since September 2008-spurred byescalating food costs The food price index surged 84 y-o-y for the month compared with a 72 increase in July Ona non-seasonally adjusted basis the consumer price index in August increased 04 m-o-m up from a 02 rise inJuly
For inflation trends in the Republic of Korea refer to this linkhttpasianbondsonlineadborgkoreadatamarketwatchphpcode=policy_rate_and_inflation_trends
For inflation trends in Thailand refer to this link
httpasianbondsonlineadborgthailanddatamarketwatchphpcode=policy_rate_and_inflation_trends
Republic of Koreas Trade Surplus Narrows Sharply in August
Thailand Records Wider Trade and Current Account Surpluses in July The Republic of Koreas trade surplus plunged to USD821 million in August from USD63 billion in the previous monthamid strong import growth and modest export growth Overseas shipments grew 271 y-o-y to USD464 billion inAugust after rising 252 in July led by strong growth in chemical and petroleum products and automobiles andautomobile parts Meanwhile imports surged 292 y-o-y to USD456 billion in August on the back of robust growth inraw materials imports
In Thailand the current account surplus widened to USD36 billion in July from USD25 billion in June as the tradesurplus increased to USD27 billion from USD19 billion Exports grew an impressive 364 y-o-y to USD211 billion in
July following a 164 rise in the previous month thanks to buoyant growth in agricultural exports On the other handimports grew by a modest 131 y-o-y to USD184 billion after rising 235 in June
PBOC to Expand Reserve Requirement Base
State Bank of Viet Nam to Increase Foreign Currency Reserve Requirement RatioThe Peoples Bank of China (PBOC) announced plans to include margin deposits of commercial banks-the deposit paidby clients to secure the issuance of bankers acceptance and letters of credit-as part of the reserve requirement in orderto mop up excessive liquidity The new policy is expected to freeze about CNY900 billion in bank capital The countryslarge banks will begin to pay their first margin deposit for the reserve requirement starting 5 September while otherbanks will follow beginning 15 September
The State Bank of Viet Nam (SBV) issued a decision effective 1 September increasing foreign currency reserve
requirement ratios for demand deposits and time deposits of less than 12 months to 8 and time deposits of more than12 months to 6 of the total deposits outstanding for state-owned commercial banks (excluding the Viet Nam Bank forAgriculture and Rural Development) joint-stock commercial banks joint venture banks foreign bank branches andwholly owned foreign banks The SBV will also increase foreign currency reserve requirement ratios for demanddeposits and time deposits of less than 12 months to 7 and time deposits of more than 12-months to 5 of the totaldeposits outstanding for the Viet Nam Bank for Agriculture and Rural Development Central Peoples Credit Fund andcooperative banks
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 412
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asianbondsonlineadborg EBT HIGHLIGHTS ASIANBONDSONLINE
4
Summary Text of News Articles
Bond Issuance in the PRC Republic of Korea and ThailandLast week Sinohydro Group a multinational construction group issued CNY1 billion worth of commercial paper in the
interbank bond market Of the proceeds CNY700 million will be used for working capital and the remaining CNY300million will be used to repay bank loans Meanwhile Shaanxi Regional Electric Power a power supplier in the PeoplesRepublic of Chinas (PRC) Shaanxi Province also issued CNY1 billion worth of commercial paper with CNY350 millionof the proceeds to be used for working capital and the remaining CNY650 million to pay bank loans Lastly thecountrys leading mining and smelting operator Metallurgical Corporation of China issued CNY3 billion worth ofcommercial paper in the interbank bond market
One of the largest local currency bond issuers in the Republic of Korea last week was steel producer Posco whichpriced a KRW500 billion 5-year bond at a coupon rate of 399 In Thailand Glow Energy Public Company Ltd issueda 10-year bond worth THB56 billion with a 50 coupon Siam Cement plans to price a 4-year bond valued at THB10billion by mid-September with the companys existing retail investors and new individual investors as potential buyers
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 512
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helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS ASIANBONDSONLINE
5
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
Close of 2 September 2011
Close of 2 September 2011
Source Based on data from Bloomberg LP
Previous
Day
Previous
Week1-Jan-11
US 002 051 204 -1044
EU 056 -620 -110 1630
Japan 010 000 000 -240
PRC 380 1600 5600 6200
Hong Kong China 010 000 000 -1800
India 835 200 500 12500
Malaysia 295 000 -010 1660Korea Rep of 327 000 000 7600
Philippines 085 -750 371 -3450
Singapore 018 100 500 -2100
Thailand 341 017 600 14400
basis point change fromLatest
ClosingMarkets
204
-110
000
5600
000
500
-010
000
371
500
600
Previous
Day
Previous
Week1-Jan-11
US 199 -1445 -2042 -13078
EU 201 -1370 -1490 -9550
Japan 103 -210 -120 -970
PRC 409 -100 1400 1800
Hong Kong China 173 -630 -320 -11310
India 834 150 330 4170
Indonesia 679 000 -480 -8120
Malaysia 361 -300 -310 -4240
Korea Rep of 379 -200 -800 -7300
Philippines 563 -587 -1371 -2572
Singapore 158 -600 -500 -11300
Thailand 355 -110 540 -1780
Viet Nam 1267 000 -500 9170
basis point change fromLatestClosing
Markets
-2042
-1490
-120
1400
-320
330
-480
-310
-800
-1371
-500
540
-500
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 612
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 712
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asianbondsonlineadborg
DEBT HIGHLIGHTS
ASIANBONDSONLINE
7
Tip Zoom-in on the table using the Acrobat zoom tool 2-versus-10 Yield Spread Chart
Yield Spread between the Two- and Ten-Year Government Bonds
Source Based on data from Bloomberg LP 0 50 100 150 200 250 300 350
China Peoples Repof
Hong Kong China
Indonesia
Korea Rep of
Malaysia
Philippines
Singapore
Thailand
Viet Nam
US
EU
Japan
basis points
2-Sep-11
26-Aug-11
19-Aug-11
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 812
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asianbondsonlineadborg
DEBT HIGHLIGHTS ASIANBONDSONLINE
8
Tip Zoom-in on the table using the Acrobat zoom tool
Policy Rate versus Inflation Rate Charts
Philippines Thailand
China Peoplersquos Rep of Hong Kong China India
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) cut-
off yield as its policy rate Source Bloomberg LP
Indonesia Korea Republic of Malaysia
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
Viet Nam
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
Inflation Rate
650
1-yearLending Rate
656
-4
-2
0
2
4
6
8
10
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
79
HKMA BaseRate
05
-4
-2
0
2
4
6
8
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
922
RepurchaseCut-off Yield
800
-2
0
2
4
6
8
10
12
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
340
OvernightPolicy Rate
300
-4
-2
0
2
4
6
8
10
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
530
7-Day RepoRate
325
0
2
4
6
8
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate461
675
0
2
4
6
8
10
12
14
16
18
20
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
BI Rate
InflationRate
510
OvernightReverse
Repo Rate
450
0
2
4
6
8
10
12
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
429
1-Day RepoRate
350
-6
-4
-2
0
2
4
6
8
10
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
2302
PrimeLending Rate
900
0
3
6
9
12
15
18
21
24
27
30
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 912
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS
ASIANBONDSONLINE
Credit Default Swap Spreads amp Exchange Rate Indexes
ip Zoom-in on the table using the Acrobat zoom tool T Credit Default Swap Spreads - Senior 5-year
Exchange Rate Indexes (vis-agrave-vis US$ 2 January 2007=100)
In USD currency and basedon sovereign bonds
Source Thomson Reuters
M i d s p r e
a d i n b a s i s p o i n t s
Source ADB-OREI staff calculations based onBloomberg data
50
60
70
80
90
100
110
120
130
50
60
70
80
90
100
110
120
130
Jan-07 Aug-07 Mar-08 O ct-08 May-09 Dec-09 Jul-10 Feb-11 Sep -11
China Peoples Rep of
Indonesia
Malaysia
Phil ippines
Thailand
Singapore
Korea Rep of
Viet Nam
0
20 0
40 0
60 0
80 0
1000
1200
1400
Dec-07 Nov-08 Oct-09 Oct-10 Sep-11
China Peoples Rep of
Hong Kong China
Indonesia
Korea Rep of
Japan
Malaysia
Phil ippines
Thailand
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
9
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 1012
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asianbondsonlineadborg
DEBT HIGHLIGHTS ASIANBONDSONLINE
Selected Debt Security Issuances (29 August ndash 2 September 2011)
ip Zoom-in on the table using the Acrobat zoom tool T
PRC 30-Aug 1-year PBOC Bills 358 100 100
1-Sep 3-month PBOC Bil ls 316 100 100
HK 30-Aug 91-day Exchange Fund Bills 011 2591 2591
JP 30-Aug 2-year Japan Government Bonds 014 010 260000 259927
31-Aug 3-month Treasury Discount Bil ls 009 480000 481993
1-Sep 10-year Japan Government Bonds 108 110 220000 219894
KR 29-Aug 91-day Monetary Stabilization Bonds 332 100000 101000
PH 31-Aug 7-year Fixed Rate Treasury Notes 494 500 900 900
SG 29-Aug 91-day Treasury Bills 009 390 390
TH 30-Aug 28-day BOT Bills 341 1500 1500
31-Aug 6-year Government Bonds 344 1200 1200
1-Sep 14-day BOT Bills 341 6000 6000VN 1-Sep 3-year Government Bonds 1228 200000 192500
5-year Government Bonds 1240 200000 186700
Sources Local market sources and Bloomberg LP
C o u p o n
(in )A m o unt O f fe r e d
L C Y B i llio n s
A m o u n t Is s u e d
L CY B i l l i onsarkets
A uc t i on
D ate T y p e o f S e c u rity
A v e r a g e
Y i e ld ( )
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 1112
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asianbondsonlineadborg DEBT HIGHLIGHTS ASIANBONDSONLINE
1
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Tip Zoom-in on the table using the Acrobat zoom tool
Selected Asia Data Releases (6 - 12 September 2011)
Source AsianBondsOnline Bloomberg LP and Reuters
AUG 0711 204
Malaysia
Industrial Production
y-o-y
JUL
0909 0610 92
0710 29
0511 ndash56
0611 10
Industrial production in Malaysia grew 10 y-o-y in June after a 56 contraction in May
Japan
GDP Annualized (final)
2Q11
0909 0310 940
0610 ndash050
0311 ndash360
0611 ndash130
Japanrsquos preliminary annualized gross domestic product (GDP) contracted 13 in 2Q11
following a 36 decline in 1Q11
Peoplersquos Republic of China
Consumer Price Inflation
y-o-y
AUG
0909 0710 33
0810 35
0611 64
0711 65
Consumer price inflation in the Peoplersquos Republic of China (PRC) surged to its highest level
of the year at 65 y-o-y in July
Peoplersquos Republic of China
Industrial Production
y-o-y
AUG
0909 0710 134
0810 139
0611 151
0711 140
The PRCrsquos industrial production growth eased to 140 y-o-y in July from 151 in June
Philippines
Consumer Price Inflation
y-o-y
AUG
0906 0710 39
0810 40
0611 52
0711 51
Consumer price inflation in the Philippines eased marginally to 51 year-on-year (y-o-y)
in July from 52 in June
Japan
BOJ Target Rate
SEP 7
0810 010
0910 010
0711 010
0811 010
The Bank of Japan (BOJ) has kept its ta rget rate at 010 since December 2008 to boost
the economy
0907
Philippines
Foreign Reserves
USD billion
AUG
0907 0710 490
0810 499
0611 690
0711 719
0908 0810 400
0910 400
0711 450
0811 450
0908
Republic of Korea
7-Day Repurchase Rate
SEP 8
0908 0810 225
0910 225
0711 325
0811 325
The Bank of Korearsquos Monetary Policy Committee decided to maintain its base ratemdashthe 7-
day repurchase ratemdashat 325 in its 11 August meeting
Malaysia
Exports
y-o-y
JUL
Hong Kong Chinarsquos foreign reserves rose to HKD2788 billion in July from HKD2772 billion
in June
Indonesia
BI Rate
y-o-y
SEP 8
0908 0810 650
0910 650
0711 675
0811 675
Bank Indonesiarsquos (BI) Board of Governors left its benchmark rate steady at 65 in its
meeting held on 9 August
Release Date Recent TrendsountryVariable Historical Data
Bangko Sentral ng Pilipinas has kept its overnight borrowing rate at 45 since May 2011
Malaysia
Overnight Rate
SEP 8
0908 0810 275
0910 275
0711 3000811 300
Bank Negara Malaysia decided to keep its overnight policy rate constant at 300 during its
last Monetary Policy Committee meeting on 7 July
Philippines
Overnight Borrowing Rate
SEP 8
The foreign reserves of the Philippines surged to USD719 billion in July the highest level
ever recorded
0610 164
0710 124
0511 54
0611 86
Malaysiarsquos export growth increased to 86 y-o-y in June from 54 in May
Hong Kong China
Foreign Reserves
HKD billionAUG
0908 0710 2607
0810 2614
0611 27720711 2788
Malaysia
Manufacturing Sales
y-o-y
JUL
0909 0610 143
0710 88
0511 75
0611 129
Growth in Malaysiarsquos manufacturing sales increased to 129 y-o-y in June from 75 in
May
Peoplersquos Republic of China
Exports
y-o-y
0910 0710 381
0810 344
0611 179
Exports from the PRC surged 204 y-o-y in July following 179 growth in June
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 1212
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS
Tip Click on link to open a new browser (Acrobat Reader 8) for lower versions right-click to open a new browser)
News Articles Sources for Further Reading
Philippine Economy Expands 34 in 2Q11bull Philippine Economy Decelerates With 34 GDP
Growth National Statistical Coordination Board(31 August 2011)
Japanrsquos Industrial Production Rises 06 in JulyRepublic of Korearsquos Business Sentiment WanesIndustrial Output Growth Slows in JulyViet Nams Industrial Production Surges 58 in August
bull Indices of Industrial Production ndash Statistics reportMinistry of Economy Trade and Industry(31 August 2011)
bull Business Survey Index (BSI) for August 2011 The Bank of Korea (30 August 2011)
bull The Industrial Activities in July 2011 Statistics Korea (31 August 2011)
bull Vietnams Index of Industrial Production Surges 43pctin AugIntellasia (30 August 2011)
Retail Sales Growth Remains Strong in Hong KongChina and Viet Nam
bull Provisional Statistics of Retail Sales for July 2011 Census and Statistics Department (29 August 2011)
bull Inflation Slows Growth of Retail Sales Viet News (31 August 2011)
Consumer Price Inflation Accelerates in August in theRepublic of Korea and Thailand on Food Price Hikes
bull Consumer Price Index in August 2011 Statistics Korea (01 September 2011)
bull Rocketing Food and Fuel Prices Push CPI to 429 The Nation (01 September 2011)
Republic of Korearsquos Trade Surplus Narrows Sharply inAugust Thailand Records Wider Trade and CurrentAccount Surpluses in July
bull S Korearsquos Trade Surplus Sinks to US$821 Mln in AugYONHAP News (01 September 2011)
bull Economic and Monetary Conditions for July 2011 Bank of Thailand (31 August 2011)
PBOC to Expand Reserve Requirement BaseState Bank of Viet Nam to Increase Foreign CurrencyReserve Requirement Ratio
bull PBOC to Expand Reserve Requirement BaseChina Daily (29 August 2011)
bull
New Foreign Currency Reserve Requirement Ratios forCredit InstitutionsThe State Bank of Vietnam (29 August 2011)
Bond Issuance in the PRC Republic of Korea andThailand
bull Sinohydro Group to issue RMB 1 bln in billsChina Knowledge (29 August 2011)
bull Shaanxi Regional Electric Power to issue RMB 1 blnin billsChina Knowledge (29 August 2011)
bull Metallurgical Corp of China to issue RMB 3 bln in bills China Knowledge (29 August 2011)
bull BONDS Siam Cement Banpu Prepare Bt10Bn Issuance
EachIFR Asia (31 August 2011)
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Disclaimer AsianBondsOnline Newsletter is available to users free of charge The ADB provides no warranty or undertaking of any kind in respect to the information and materials
found on or linked to AsianBondsOnline Newsletter The ADB accepts no responsibility for the accuracy of the material posted or linked to the publication or the information
contained therein or for any consequences arising from its use and does not invite or accept reliance being placed on any materials or information so provided Views expressed in
articles marked with AsianBondsOnline are those of the authors and not ADB This disclaimer does not derogate from and is in addition to the general terms and conditions
regarding the use of the AsianBondsOnline Web Site which also apply
12
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 312
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg EBT HIGHLIGHTS ASIANBONDSONLINE
3
Summary Text of News Articles
Consumer Price Inflation Accelerates in August in the Republic of Korea and Thailand on Food Price HikesConsumer price inflation in the Republic of Korea accelerated to 53 y-o-y in August the highest rate in 3 years
mainly triggered by a sharp increase in food prices The price index for food and non-alcoholic beverages postedanother month of double-digit growth at 114 while housing and utilities climbed to 55 from 52 in the previousmonth On a m-o-m basis consumer prices rose 09 in August with food prices soaring 30
In Thailand consumer price inflation in August stood at 43 y-o-y-the highest level since September 2008-spurred byescalating food costs The food price index surged 84 y-o-y for the month compared with a 72 increase in July Ona non-seasonally adjusted basis the consumer price index in August increased 04 m-o-m up from a 02 rise inJuly
For inflation trends in the Republic of Korea refer to this linkhttpasianbondsonlineadborgkoreadatamarketwatchphpcode=policy_rate_and_inflation_trends
For inflation trends in Thailand refer to this link
httpasianbondsonlineadborgthailanddatamarketwatchphpcode=policy_rate_and_inflation_trends
Republic of Koreas Trade Surplus Narrows Sharply in August
Thailand Records Wider Trade and Current Account Surpluses in July The Republic of Koreas trade surplus plunged to USD821 million in August from USD63 billion in the previous monthamid strong import growth and modest export growth Overseas shipments grew 271 y-o-y to USD464 billion inAugust after rising 252 in July led by strong growth in chemical and petroleum products and automobiles andautomobile parts Meanwhile imports surged 292 y-o-y to USD456 billion in August on the back of robust growth inraw materials imports
In Thailand the current account surplus widened to USD36 billion in July from USD25 billion in June as the tradesurplus increased to USD27 billion from USD19 billion Exports grew an impressive 364 y-o-y to USD211 billion in
July following a 164 rise in the previous month thanks to buoyant growth in agricultural exports On the other handimports grew by a modest 131 y-o-y to USD184 billion after rising 235 in June
PBOC to Expand Reserve Requirement Base
State Bank of Viet Nam to Increase Foreign Currency Reserve Requirement RatioThe Peoples Bank of China (PBOC) announced plans to include margin deposits of commercial banks-the deposit paidby clients to secure the issuance of bankers acceptance and letters of credit-as part of the reserve requirement in orderto mop up excessive liquidity The new policy is expected to freeze about CNY900 billion in bank capital The countryslarge banks will begin to pay their first margin deposit for the reserve requirement starting 5 September while otherbanks will follow beginning 15 September
The State Bank of Viet Nam (SBV) issued a decision effective 1 September increasing foreign currency reserve
requirement ratios for demand deposits and time deposits of less than 12 months to 8 and time deposits of more than12 months to 6 of the total deposits outstanding for state-owned commercial banks (excluding the Viet Nam Bank forAgriculture and Rural Development) joint-stock commercial banks joint venture banks foreign bank branches andwholly owned foreign banks The SBV will also increase foreign currency reserve requirement ratios for demanddeposits and time deposits of less than 12 months to 7 and time deposits of more than 12-months to 5 of the totaldeposits outstanding for the Viet Nam Bank for Agriculture and Rural Development Central Peoples Credit Fund andcooperative banks
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 412
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg EBT HIGHLIGHTS ASIANBONDSONLINE
4
Summary Text of News Articles
Bond Issuance in the PRC Republic of Korea and ThailandLast week Sinohydro Group a multinational construction group issued CNY1 billion worth of commercial paper in the
interbank bond market Of the proceeds CNY700 million will be used for working capital and the remaining CNY300million will be used to repay bank loans Meanwhile Shaanxi Regional Electric Power a power supplier in the PeoplesRepublic of Chinas (PRC) Shaanxi Province also issued CNY1 billion worth of commercial paper with CNY350 millionof the proceeds to be used for working capital and the remaining CNY650 million to pay bank loans Lastly thecountrys leading mining and smelting operator Metallurgical Corporation of China issued CNY3 billion worth ofcommercial paper in the interbank bond market
One of the largest local currency bond issuers in the Republic of Korea last week was steel producer Posco whichpriced a KRW500 billion 5-year bond at a coupon rate of 399 In Thailand Glow Energy Public Company Ltd issueda 10-year bond worth THB56 billion with a 50 coupon Siam Cement plans to price a 4-year bond valued at THB10billion by mid-September with the companys existing retail investors and new individual investors as potential buyers
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 512
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS ASIANBONDSONLINE
5
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
Close of 2 September 2011
Close of 2 September 2011
Source Based on data from Bloomberg LP
Previous
Day
Previous
Week1-Jan-11
US 002 051 204 -1044
EU 056 -620 -110 1630
Japan 010 000 000 -240
PRC 380 1600 5600 6200
Hong Kong China 010 000 000 -1800
India 835 200 500 12500
Malaysia 295 000 -010 1660Korea Rep of 327 000 000 7600
Philippines 085 -750 371 -3450
Singapore 018 100 500 -2100
Thailand 341 017 600 14400
basis point change fromLatest
ClosingMarkets
204
-110
000
5600
000
500
-010
000
371
500
600
Previous
Day
Previous
Week1-Jan-11
US 199 -1445 -2042 -13078
EU 201 -1370 -1490 -9550
Japan 103 -210 -120 -970
PRC 409 -100 1400 1800
Hong Kong China 173 -630 -320 -11310
India 834 150 330 4170
Indonesia 679 000 -480 -8120
Malaysia 361 -300 -310 -4240
Korea Rep of 379 -200 -800 -7300
Philippines 563 -587 -1371 -2572
Singapore 158 -600 -500 -11300
Thailand 355 -110 540 -1780
Viet Nam 1267 000 -500 9170
basis point change fromLatestClosing
Markets
-2042
-1490
-120
1400
-320
330
-480
-310
-800
-1371
-500
540
-500
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 612
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 712
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS
ASIANBONDSONLINE
7
Tip Zoom-in on the table using the Acrobat zoom tool 2-versus-10 Yield Spread Chart
Yield Spread between the Two- and Ten-Year Government Bonds
Source Based on data from Bloomberg LP 0 50 100 150 200 250 300 350
China Peoples Repof
Hong Kong China
Indonesia
Korea Rep of
Malaysia
Philippines
Singapore
Thailand
Viet Nam
US
EU
Japan
basis points
2-Sep-11
26-Aug-11
19-Aug-11
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 812
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS ASIANBONDSONLINE
8
Tip Zoom-in on the table using the Acrobat zoom tool
Policy Rate versus Inflation Rate Charts
Philippines Thailand
China Peoplersquos Rep of Hong Kong China India
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) cut-
off yield as its policy rate Source Bloomberg LP
Indonesia Korea Republic of Malaysia
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
Viet Nam
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
Inflation Rate
650
1-yearLending Rate
656
-4
-2
0
2
4
6
8
10
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
79
HKMA BaseRate
05
-4
-2
0
2
4
6
8
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
922
RepurchaseCut-off Yield
800
-2
0
2
4
6
8
10
12
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
340
OvernightPolicy Rate
300
-4
-2
0
2
4
6
8
10
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
530
7-Day RepoRate
325
0
2
4
6
8
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate461
675
0
2
4
6
8
10
12
14
16
18
20
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
BI Rate
InflationRate
510
OvernightReverse
Repo Rate
450
0
2
4
6
8
10
12
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
429
1-Day RepoRate
350
-6
-4
-2
0
2
4
6
8
10
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
2302
PrimeLending Rate
900
0
3
6
9
12
15
18
21
24
27
30
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 912
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS
ASIANBONDSONLINE
Credit Default Swap Spreads amp Exchange Rate Indexes
ip Zoom-in on the table using the Acrobat zoom tool T Credit Default Swap Spreads - Senior 5-year
Exchange Rate Indexes (vis-agrave-vis US$ 2 January 2007=100)
In USD currency and basedon sovereign bonds
Source Thomson Reuters
M i d s p r e
a d i n b a s i s p o i n t s
Source ADB-OREI staff calculations based onBloomberg data
50
60
70
80
90
100
110
120
130
50
60
70
80
90
100
110
120
130
Jan-07 Aug-07 Mar-08 O ct-08 May-09 Dec-09 Jul-10 Feb-11 Sep -11
China Peoples Rep of
Indonesia
Malaysia
Phil ippines
Thailand
Singapore
Korea Rep of
Viet Nam
0
20 0
40 0
60 0
80 0
1000
1200
1400
Dec-07 Nov-08 Oct-09 Oct-10 Sep-11
China Peoples Rep of
Hong Kong China
Indonesia
Korea Rep of
Japan
Malaysia
Phil ippines
Thailand
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
9
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 1012
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS ASIANBONDSONLINE
Selected Debt Security Issuances (29 August ndash 2 September 2011)
ip Zoom-in on the table using the Acrobat zoom tool T
PRC 30-Aug 1-year PBOC Bills 358 100 100
1-Sep 3-month PBOC Bil ls 316 100 100
HK 30-Aug 91-day Exchange Fund Bills 011 2591 2591
JP 30-Aug 2-year Japan Government Bonds 014 010 260000 259927
31-Aug 3-month Treasury Discount Bil ls 009 480000 481993
1-Sep 10-year Japan Government Bonds 108 110 220000 219894
KR 29-Aug 91-day Monetary Stabilization Bonds 332 100000 101000
PH 31-Aug 7-year Fixed Rate Treasury Notes 494 500 900 900
SG 29-Aug 91-day Treasury Bills 009 390 390
TH 30-Aug 28-day BOT Bills 341 1500 1500
31-Aug 6-year Government Bonds 344 1200 1200
1-Sep 14-day BOT Bills 341 6000 6000VN 1-Sep 3-year Government Bonds 1228 200000 192500
5-year Government Bonds 1240 200000 186700
Sources Local market sources and Bloomberg LP
C o u p o n
(in )A m o unt O f fe r e d
L C Y B i llio n s
A m o u n t Is s u e d
L CY B i l l i onsarkets
A uc t i on
D ate T y p e o f S e c u rity
A v e r a g e
Y i e ld ( )
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 1112
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg DEBT HIGHLIGHTS ASIANBONDSONLINE
1
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
Tip Zoom-in on the table using the Acrobat zoom tool
Selected Asia Data Releases (6 - 12 September 2011)
Source AsianBondsOnline Bloomberg LP and Reuters
AUG 0711 204
Malaysia
Industrial Production
y-o-y
JUL
0909 0610 92
0710 29
0511 ndash56
0611 10
Industrial production in Malaysia grew 10 y-o-y in June after a 56 contraction in May
Japan
GDP Annualized (final)
2Q11
0909 0310 940
0610 ndash050
0311 ndash360
0611 ndash130
Japanrsquos preliminary annualized gross domestic product (GDP) contracted 13 in 2Q11
following a 36 decline in 1Q11
Peoplersquos Republic of China
Consumer Price Inflation
y-o-y
AUG
0909 0710 33
0810 35
0611 64
0711 65
Consumer price inflation in the Peoplersquos Republic of China (PRC) surged to its highest level
of the year at 65 y-o-y in July
Peoplersquos Republic of China
Industrial Production
y-o-y
AUG
0909 0710 134
0810 139
0611 151
0711 140
The PRCrsquos industrial production growth eased to 140 y-o-y in July from 151 in June
Philippines
Consumer Price Inflation
y-o-y
AUG
0906 0710 39
0810 40
0611 52
0711 51
Consumer price inflation in the Philippines eased marginally to 51 year-on-year (y-o-y)
in July from 52 in June
Japan
BOJ Target Rate
SEP 7
0810 010
0910 010
0711 010
0811 010
The Bank of Japan (BOJ) has kept its ta rget rate at 010 since December 2008 to boost
the economy
0907
Philippines
Foreign Reserves
USD billion
AUG
0907 0710 490
0810 499
0611 690
0711 719
0908 0810 400
0910 400
0711 450
0811 450
0908
Republic of Korea
7-Day Repurchase Rate
SEP 8
0908 0810 225
0910 225
0711 325
0811 325
The Bank of Korearsquos Monetary Policy Committee decided to maintain its base ratemdashthe 7-
day repurchase ratemdashat 325 in its 11 August meeting
Malaysia
Exports
y-o-y
JUL
Hong Kong Chinarsquos foreign reserves rose to HKD2788 billion in July from HKD2772 billion
in June
Indonesia
BI Rate
y-o-y
SEP 8
0908 0810 650
0910 650
0711 675
0811 675
Bank Indonesiarsquos (BI) Board of Governors left its benchmark rate steady at 65 in its
meeting held on 9 August
Release Date Recent TrendsountryVariable Historical Data
Bangko Sentral ng Pilipinas has kept its overnight borrowing rate at 45 since May 2011
Malaysia
Overnight Rate
SEP 8
0908 0810 275
0910 275
0711 3000811 300
Bank Negara Malaysia decided to keep its overnight policy rate constant at 300 during its
last Monetary Policy Committee meeting on 7 July
Philippines
Overnight Borrowing Rate
SEP 8
The foreign reserves of the Philippines surged to USD719 billion in July the highest level
ever recorded
0610 164
0710 124
0511 54
0611 86
Malaysiarsquos export growth increased to 86 y-o-y in June from 54 in May
Hong Kong China
Foreign Reserves
HKD billionAUG
0908 0710 2607
0810 2614
0611 27720711 2788
Malaysia
Manufacturing Sales
y-o-y
JUL
0909 0610 143
0710 88
0511 75
0611 129
Growth in Malaysiarsquos manufacturing sales increased to 129 y-o-y in June from 75 in
May
Peoplersquos Republic of China
Exports
y-o-y
0910 0710 381
0810 344
0611 179
Exports from the PRC surged 204 y-o-y in July following 179 growth in June
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 1212
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS
Tip Click on link to open a new browser (Acrobat Reader 8) for lower versions right-click to open a new browser)
News Articles Sources for Further Reading
Philippine Economy Expands 34 in 2Q11bull Philippine Economy Decelerates With 34 GDP
Growth National Statistical Coordination Board(31 August 2011)
Japanrsquos Industrial Production Rises 06 in JulyRepublic of Korearsquos Business Sentiment WanesIndustrial Output Growth Slows in JulyViet Nams Industrial Production Surges 58 in August
bull Indices of Industrial Production ndash Statistics reportMinistry of Economy Trade and Industry(31 August 2011)
bull Business Survey Index (BSI) for August 2011 The Bank of Korea (30 August 2011)
bull The Industrial Activities in July 2011 Statistics Korea (31 August 2011)
bull Vietnams Index of Industrial Production Surges 43pctin AugIntellasia (30 August 2011)
Retail Sales Growth Remains Strong in Hong KongChina and Viet Nam
bull Provisional Statistics of Retail Sales for July 2011 Census and Statistics Department (29 August 2011)
bull Inflation Slows Growth of Retail Sales Viet News (31 August 2011)
Consumer Price Inflation Accelerates in August in theRepublic of Korea and Thailand on Food Price Hikes
bull Consumer Price Index in August 2011 Statistics Korea (01 September 2011)
bull Rocketing Food and Fuel Prices Push CPI to 429 The Nation (01 September 2011)
Republic of Korearsquos Trade Surplus Narrows Sharply inAugust Thailand Records Wider Trade and CurrentAccount Surpluses in July
bull S Korearsquos Trade Surplus Sinks to US$821 Mln in AugYONHAP News (01 September 2011)
bull Economic and Monetary Conditions for July 2011 Bank of Thailand (31 August 2011)
PBOC to Expand Reserve Requirement BaseState Bank of Viet Nam to Increase Foreign CurrencyReserve Requirement Ratio
bull PBOC to Expand Reserve Requirement BaseChina Daily (29 August 2011)
bull
New Foreign Currency Reserve Requirement Ratios forCredit InstitutionsThe State Bank of Vietnam (29 August 2011)
Bond Issuance in the PRC Republic of Korea andThailand
bull Sinohydro Group to issue RMB 1 bln in billsChina Knowledge (29 August 2011)
bull Shaanxi Regional Electric Power to issue RMB 1 blnin billsChina Knowledge (29 August 2011)
bull Metallurgical Corp of China to issue RMB 3 bln in bills China Knowledge (29 August 2011)
bull BONDS Siam Cement Banpu Prepare Bt10Bn Issuance
EachIFR Asia (31 August 2011)
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
Disclaimer AsianBondsOnline Newsletter is available to users free of charge The ADB provides no warranty or undertaking of any kind in respect to the information and materials
found on or linked to AsianBondsOnline Newsletter The ADB accepts no responsibility for the accuracy of the material posted or linked to the publication or the information
contained therein or for any consequences arising from its use and does not invite or accept reliance being placed on any materials or information so provided Views expressed in
articles marked with AsianBondsOnline are those of the authors and not ADB This disclaimer does not derogate from and is in addition to the general terms and conditions
regarding the use of the AsianBondsOnline Web Site which also apply
12
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 412
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg EBT HIGHLIGHTS ASIANBONDSONLINE
4
Summary Text of News Articles
Bond Issuance in the PRC Republic of Korea and ThailandLast week Sinohydro Group a multinational construction group issued CNY1 billion worth of commercial paper in the
interbank bond market Of the proceeds CNY700 million will be used for working capital and the remaining CNY300million will be used to repay bank loans Meanwhile Shaanxi Regional Electric Power a power supplier in the PeoplesRepublic of Chinas (PRC) Shaanxi Province also issued CNY1 billion worth of commercial paper with CNY350 millionof the proceeds to be used for working capital and the remaining CNY650 million to pay bank loans Lastly thecountrys leading mining and smelting operator Metallurgical Corporation of China issued CNY3 billion worth ofcommercial paper in the interbank bond market
One of the largest local currency bond issuers in the Republic of Korea last week was steel producer Posco whichpriced a KRW500 billion 5-year bond at a coupon rate of 399 In Thailand Glow Energy Public Company Ltd issueda 10-year bond worth THB56 billion with a 50 coupon Siam Cement plans to price a 4-year bond valued at THB10billion by mid-September with the companys existing retail investors and new individual investors as potential buyers
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 512
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS ASIANBONDSONLINE
5
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
Close of 2 September 2011
Close of 2 September 2011
Source Based on data from Bloomberg LP
Previous
Day
Previous
Week1-Jan-11
US 002 051 204 -1044
EU 056 -620 -110 1630
Japan 010 000 000 -240
PRC 380 1600 5600 6200
Hong Kong China 010 000 000 -1800
India 835 200 500 12500
Malaysia 295 000 -010 1660Korea Rep of 327 000 000 7600
Philippines 085 -750 371 -3450
Singapore 018 100 500 -2100
Thailand 341 017 600 14400
basis point change fromLatest
ClosingMarkets
204
-110
000
5600
000
500
-010
000
371
500
600
Previous
Day
Previous
Week1-Jan-11
US 199 -1445 -2042 -13078
EU 201 -1370 -1490 -9550
Japan 103 -210 -120 -970
PRC 409 -100 1400 1800
Hong Kong China 173 -630 -320 -11310
India 834 150 330 4170
Indonesia 679 000 -480 -8120
Malaysia 361 -300 -310 -4240
Korea Rep of 379 -200 -800 -7300
Philippines 563 -587 -1371 -2572
Singapore 158 -600 -500 -11300
Thailand 355 -110 540 -1780
Viet Nam 1267 000 -500 9170
basis point change fromLatestClosing
Markets
-2042
-1490
-120
1400
-320
330
-480
-310
-800
-1371
-500
540
-500
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 612
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 712
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS
ASIANBONDSONLINE
7
Tip Zoom-in on the table using the Acrobat zoom tool 2-versus-10 Yield Spread Chart
Yield Spread between the Two- and Ten-Year Government Bonds
Source Based on data from Bloomberg LP 0 50 100 150 200 250 300 350
China Peoples Repof
Hong Kong China
Indonesia
Korea Rep of
Malaysia
Philippines
Singapore
Thailand
Viet Nam
US
EU
Japan
basis points
2-Sep-11
26-Aug-11
19-Aug-11
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 812
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS ASIANBONDSONLINE
8
Tip Zoom-in on the table using the Acrobat zoom tool
Policy Rate versus Inflation Rate Charts
Philippines Thailand
China Peoplersquos Rep of Hong Kong China India
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) cut-
off yield as its policy rate Source Bloomberg LP
Indonesia Korea Republic of Malaysia
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
Viet Nam
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
Inflation Rate
650
1-yearLending Rate
656
-4
-2
0
2
4
6
8
10
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
79
HKMA BaseRate
05
-4
-2
0
2
4
6
8
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
922
RepurchaseCut-off Yield
800
-2
0
2
4
6
8
10
12
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
340
OvernightPolicy Rate
300
-4
-2
0
2
4
6
8
10
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
530
7-Day RepoRate
325
0
2
4
6
8
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate461
675
0
2
4
6
8
10
12
14
16
18
20
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
BI Rate
InflationRate
510
OvernightReverse
Repo Rate
450
0
2
4
6
8
10
12
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
429
1-Day RepoRate
350
-6
-4
-2
0
2
4
6
8
10
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
2302
PrimeLending Rate
900
0
3
6
9
12
15
18
21
24
27
30
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 912
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS
ASIANBONDSONLINE
Credit Default Swap Spreads amp Exchange Rate Indexes
ip Zoom-in on the table using the Acrobat zoom tool T Credit Default Swap Spreads - Senior 5-year
Exchange Rate Indexes (vis-agrave-vis US$ 2 January 2007=100)
In USD currency and basedon sovereign bonds
Source Thomson Reuters
M i d s p r e
a d i n b a s i s p o i n t s
Source ADB-OREI staff calculations based onBloomberg data
50
60
70
80
90
100
110
120
130
50
60
70
80
90
100
110
120
130
Jan-07 Aug-07 Mar-08 O ct-08 May-09 Dec-09 Jul-10 Feb-11 Sep -11
China Peoples Rep of
Indonesia
Malaysia
Phil ippines
Thailand
Singapore
Korea Rep of
Viet Nam
0
20 0
40 0
60 0
80 0
1000
1200
1400
Dec-07 Nov-08 Oct-09 Oct-10 Sep-11
China Peoples Rep of
Hong Kong China
Indonesia
Korea Rep of
Japan
Malaysia
Phil ippines
Thailand
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
9
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 1012
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS ASIANBONDSONLINE
Selected Debt Security Issuances (29 August ndash 2 September 2011)
ip Zoom-in on the table using the Acrobat zoom tool T
PRC 30-Aug 1-year PBOC Bills 358 100 100
1-Sep 3-month PBOC Bil ls 316 100 100
HK 30-Aug 91-day Exchange Fund Bills 011 2591 2591
JP 30-Aug 2-year Japan Government Bonds 014 010 260000 259927
31-Aug 3-month Treasury Discount Bil ls 009 480000 481993
1-Sep 10-year Japan Government Bonds 108 110 220000 219894
KR 29-Aug 91-day Monetary Stabilization Bonds 332 100000 101000
PH 31-Aug 7-year Fixed Rate Treasury Notes 494 500 900 900
SG 29-Aug 91-day Treasury Bills 009 390 390
TH 30-Aug 28-day BOT Bills 341 1500 1500
31-Aug 6-year Government Bonds 344 1200 1200
1-Sep 14-day BOT Bills 341 6000 6000VN 1-Sep 3-year Government Bonds 1228 200000 192500
5-year Government Bonds 1240 200000 186700
Sources Local market sources and Bloomberg LP
C o u p o n
(in )A m o unt O f fe r e d
L C Y B i llio n s
A m o u n t Is s u e d
L CY B i l l i onsarkets
A uc t i on
D ate T y p e o f S e c u rity
A v e r a g e
Y i e ld ( )
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 1112
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg DEBT HIGHLIGHTS ASIANBONDSONLINE
1
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
Tip Zoom-in on the table using the Acrobat zoom tool
Selected Asia Data Releases (6 - 12 September 2011)
Source AsianBondsOnline Bloomberg LP and Reuters
AUG 0711 204
Malaysia
Industrial Production
y-o-y
JUL
0909 0610 92
0710 29
0511 ndash56
0611 10
Industrial production in Malaysia grew 10 y-o-y in June after a 56 contraction in May
Japan
GDP Annualized (final)
2Q11
0909 0310 940
0610 ndash050
0311 ndash360
0611 ndash130
Japanrsquos preliminary annualized gross domestic product (GDP) contracted 13 in 2Q11
following a 36 decline in 1Q11
Peoplersquos Republic of China
Consumer Price Inflation
y-o-y
AUG
0909 0710 33
0810 35
0611 64
0711 65
Consumer price inflation in the Peoplersquos Republic of China (PRC) surged to its highest level
of the year at 65 y-o-y in July
Peoplersquos Republic of China
Industrial Production
y-o-y
AUG
0909 0710 134
0810 139
0611 151
0711 140
The PRCrsquos industrial production growth eased to 140 y-o-y in July from 151 in June
Philippines
Consumer Price Inflation
y-o-y
AUG
0906 0710 39
0810 40
0611 52
0711 51
Consumer price inflation in the Philippines eased marginally to 51 year-on-year (y-o-y)
in July from 52 in June
Japan
BOJ Target Rate
SEP 7
0810 010
0910 010
0711 010
0811 010
The Bank of Japan (BOJ) has kept its ta rget rate at 010 since December 2008 to boost
the economy
0907
Philippines
Foreign Reserves
USD billion
AUG
0907 0710 490
0810 499
0611 690
0711 719
0908 0810 400
0910 400
0711 450
0811 450
0908
Republic of Korea
7-Day Repurchase Rate
SEP 8
0908 0810 225
0910 225
0711 325
0811 325
The Bank of Korearsquos Monetary Policy Committee decided to maintain its base ratemdashthe 7-
day repurchase ratemdashat 325 in its 11 August meeting
Malaysia
Exports
y-o-y
JUL
Hong Kong Chinarsquos foreign reserves rose to HKD2788 billion in July from HKD2772 billion
in June
Indonesia
BI Rate
y-o-y
SEP 8
0908 0810 650
0910 650
0711 675
0811 675
Bank Indonesiarsquos (BI) Board of Governors left its benchmark rate steady at 65 in its
meeting held on 9 August
Release Date Recent TrendsountryVariable Historical Data
Bangko Sentral ng Pilipinas has kept its overnight borrowing rate at 45 since May 2011
Malaysia
Overnight Rate
SEP 8
0908 0810 275
0910 275
0711 3000811 300
Bank Negara Malaysia decided to keep its overnight policy rate constant at 300 during its
last Monetary Policy Committee meeting on 7 July
Philippines
Overnight Borrowing Rate
SEP 8
The foreign reserves of the Philippines surged to USD719 billion in July the highest level
ever recorded
0610 164
0710 124
0511 54
0611 86
Malaysiarsquos export growth increased to 86 y-o-y in June from 54 in May
Hong Kong China
Foreign Reserves
HKD billionAUG
0908 0710 2607
0810 2614
0611 27720711 2788
Malaysia
Manufacturing Sales
y-o-y
JUL
0909 0610 143
0710 88
0511 75
0611 129
Growth in Malaysiarsquos manufacturing sales increased to 129 y-o-y in June from 75 in
May
Peoplersquos Republic of China
Exports
y-o-y
0910 0710 381
0810 344
0611 179
Exports from the PRC surged 204 y-o-y in July following 179 growth in June
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 1212
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS
Tip Click on link to open a new browser (Acrobat Reader 8) for lower versions right-click to open a new browser)
News Articles Sources for Further Reading
Philippine Economy Expands 34 in 2Q11bull Philippine Economy Decelerates With 34 GDP
Growth National Statistical Coordination Board(31 August 2011)
Japanrsquos Industrial Production Rises 06 in JulyRepublic of Korearsquos Business Sentiment WanesIndustrial Output Growth Slows in JulyViet Nams Industrial Production Surges 58 in August
bull Indices of Industrial Production ndash Statistics reportMinistry of Economy Trade and Industry(31 August 2011)
bull Business Survey Index (BSI) for August 2011 The Bank of Korea (30 August 2011)
bull The Industrial Activities in July 2011 Statistics Korea (31 August 2011)
bull Vietnams Index of Industrial Production Surges 43pctin AugIntellasia (30 August 2011)
Retail Sales Growth Remains Strong in Hong KongChina and Viet Nam
bull Provisional Statistics of Retail Sales for July 2011 Census and Statistics Department (29 August 2011)
bull Inflation Slows Growth of Retail Sales Viet News (31 August 2011)
Consumer Price Inflation Accelerates in August in theRepublic of Korea and Thailand on Food Price Hikes
bull Consumer Price Index in August 2011 Statistics Korea (01 September 2011)
bull Rocketing Food and Fuel Prices Push CPI to 429 The Nation (01 September 2011)
Republic of Korearsquos Trade Surplus Narrows Sharply inAugust Thailand Records Wider Trade and CurrentAccount Surpluses in July
bull S Korearsquos Trade Surplus Sinks to US$821 Mln in AugYONHAP News (01 September 2011)
bull Economic and Monetary Conditions for July 2011 Bank of Thailand (31 August 2011)
PBOC to Expand Reserve Requirement BaseState Bank of Viet Nam to Increase Foreign CurrencyReserve Requirement Ratio
bull PBOC to Expand Reserve Requirement BaseChina Daily (29 August 2011)
bull
New Foreign Currency Reserve Requirement Ratios forCredit InstitutionsThe State Bank of Vietnam (29 August 2011)
Bond Issuance in the PRC Republic of Korea andThailand
bull Sinohydro Group to issue RMB 1 bln in billsChina Knowledge (29 August 2011)
bull Shaanxi Regional Electric Power to issue RMB 1 blnin billsChina Knowledge (29 August 2011)
bull Metallurgical Corp of China to issue RMB 3 bln in bills China Knowledge (29 August 2011)
bull BONDS Siam Cement Banpu Prepare Bt10Bn Issuance
EachIFR Asia (31 August 2011)
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
Disclaimer AsianBondsOnline Newsletter is available to users free of charge The ADB provides no warranty or undertaking of any kind in respect to the information and materials
found on or linked to AsianBondsOnline Newsletter The ADB accepts no responsibility for the accuracy of the material posted or linked to the publication or the information
contained therein or for any consequences arising from its use and does not invite or accept reliance being placed on any materials or information so provided Views expressed in
articles marked with AsianBondsOnline are those of the authors and not ADB This disclaimer does not derogate from and is in addition to the general terms and conditions
regarding the use of the AsianBondsOnline Web Site which also apply
12
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 512
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS ASIANBONDSONLINE
5
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
Close of 2 September 2011
Close of 2 September 2011
Source Based on data from Bloomberg LP
Previous
Day
Previous
Week1-Jan-11
US 002 051 204 -1044
EU 056 -620 -110 1630
Japan 010 000 000 -240
PRC 380 1600 5600 6200
Hong Kong China 010 000 000 -1800
India 835 200 500 12500
Malaysia 295 000 -010 1660Korea Rep of 327 000 000 7600
Philippines 085 -750 371 -3450
Singapore 018 100 500 -2100
Thailand 341 017 600 14400
basis point change fromLatest
ClosingMarkets
204
-110
000
5600
000
500
-010
000
371
500
600
Previous
Day
Previous
Week1-Jan-11
US 199 -1445 -2042 -13078
EU 201 -1370 -1490 -9550
Japan 103 -210 -120 -970
PRC 409 -100 1400 1800
Hong Kong China 173 -630 -320 -11310
India 834 150 330 4170
Indonesia 679 000 -480 -8120
Malaysia 361 -300 -310 -4240
Korea Rep of 379 -200 -800 -7300
Philippines 563 -587 -1371 -2572
Singapore 158 -600 -500 -11300
Thailand 355 -110 540 -1780
Viet Nam 1267 000 -500 9170
basis point change fromLatestClosing
Markets
-2042
-1490
-120
1400
-320
330
-480
-310
-800
-1371
-500
540
-500
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 612
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 712
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS
ASIANBONDSONLINE
7
Tip Zoom-in on the table using the Acrobat zoom tool 2-versus-10 Yield Spread Chart
Yield Spread between the Two- and Ten-Year Government Bonds
Source Based on data from Bloomberg LP 0 50 100 150 200 250 300 350
China Peoples Repof
Hong Kong China
Indonesia
Korea Rep of
Malaysia
Philippines
Singapore
Thailand
Viet Nam
US
EU
Japan
basis points
2-Sep-11
26-Aug-11
19-Aug-11
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 812
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS ASIANBONDSONLINE
8
Tip Zoom-in on the table using the Acrobat zoom tool
Policy Rate versus Inflation Rate Charts
Philippines Thailand
China Peoplersquos Rep of Hong Kong China India
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) cut-
off yield as its policy rate Source Bloomberg LP
Indonesia Korea Republic of Malaysia
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
Viet Nam
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
Inflation Rate
650
1-yearLending Rate
656
-4
-2
0
2
4
6
8
10
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
79
HKMA BaseRate
05
-4
-2
0
2
4
6
8
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
922
RepurchaseCut-off Yield
800
-2
0
2
4
6
8
10
12
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
340
OvernightPolicy Rate
300
-4
-2
0
2
4
6
8
10
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
530
7-Day RepoRate
325
0
2
4
6
8
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate461
675
0
2
4
6
8
10
12
14
16
18
20
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
BI Rate
InflationRate
510
OvernightReverse
Repo Rate
450
0
2
4
6
8
10
12
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
429
1-Day RepoRate
350
-6
-4
-2
0
2
4
6
8
10
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
2302
PrimeLending Rate
900
0
3
6
9
12
15
18
21
24
27
30
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 912
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS
ASIANBONDSONLINE
Credit Default Swap Spreads amp Exchange Rate Indexes
ip Zoom-in on the table using the Acrobat zoom tool T Credit Default Swap Spreads - Senior 5-year
Exchange Rate Indexes (vis-agrave-vis US$ 2 January 2007=100)
In USD currency and basedon sovereign bonds
Source Thomson Reuters
M i d s p r e
a d i n b a s i s p o i n t s
Source ADB-OREI staff calculations based onBloomberg data
50
60
70
80
90
100
110
120
130
50
60
70
80
90
100
110
120
130
Jan-07 Aug-07 Mar-08 O ct-08 May-09 Dec-09 Jul-10 Feb-11 Sep -11
China Peoples Rep of
Indonesia
Malaysia
Phil ippines
Thailand
Singapore
Korea Rep of
Viet Nam
0
20 0
40 0
60 0
80 0
1000
1200
1400
Dec-07 Nov-08 Oct-09 Oct-10 Sep-11
China Peoples Rep of
Hong Kong China
Indonesia
Korea Rep of
Japan
Malaysia
Phil ippines
Thailand
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
9
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 1012
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS ASIANBONDSONLINE
Selected Debt Security Issuances (29 August ndash 2 September 2011)
ip Zoom-in on the table using the Acrobat zoom tool T
PRC 30-Aug 1-year PBOC Bills 358 100 100
1-Sep 3-month PBOC Bil ls 316 100 100
HK 30-Aug 91-day Exchange Fund Bills 011 2591 2591
JP 30-Aug 2-year Japan Government Bonds 014 010 260000 259927
31-Aug 3-month Treasury Discount Bil ls 009 480000 481993
1-Sep 10-year Japan Government Bonds 108 110 220000 219894
KR 29-Aug 91-day Monetary Stabilization Bonds 332 100000 101000
PH 31-Aug 7-year Fixed Rate Treasury Notes 494 500 900 900
SG 29-Aug 91-day Treasury Bills 009 390 390
TH 30-Aug 28-day BOT Bills 341 1500 1500
31-Aug 6-year Government Bonds 344 1200 1200
1-Sep 14-day BOT Bills 341 6000 6000VN 1-Sep 3-year Government Bonds 1228 200000 192500
5-year Government Bonds 1240 200000 186700
Sources Local market sources and Bloomberg LP
C o u p o n
(in )A m o unt O f fe r e d
L C Y B i llio n s
A m o u n t Is s u e d
L CY B i l l i onsarkets
A uc t i on
D ate T y p e o f S e c u rity
A v e r a g e
Y i e ld ( )
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 1112
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg DEBT HIGHLIGHTS ASIANBONDSONLINE
1
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
Tip Zoom-in on the table using the Acrobat zoom tool
Selected Asia Data Releases (6 - 12 September 2011)
Source AsianBondsOnline Bloomberg LP and Reuters
AUG 0711 204
Malaysia
Industrial Production
y-o-y
JUL
0909 0610 92
0710 29
0511 ndash56
0611 10
Industrial production in Malaysia grew 10 y-o-y in June after a 56 contraction in May
Japan
GDP Annualized (final)
2Q11
0909 0310 940
0610 ndash050
0311 ndash360
0611 ndash130
Japanrsquos preliminary annualized gross domestic product (GDP) contracted 13 in 2Q11
following a 36 decline in 1Q11
Peoplersquos Republic of China
Consumer Price Inflation
y-o-y
AUG
0909 0710 33
0810 35
0611 64
0711 65
Consumer price inflation in the Peoplersquos Republic of China (PRC) surged to its highest level
of the year at 65 y-o-y in July
Peoplersquos Republic of China
Industrial Production
y-o-y
AUG
0909 0710 134
0810 139
0611 151
0711 140
The PRCrsquos industrial production growth eased to 140 y-o-y in July from 151 in June
Philippines
Consumer Price Inflation
y-o-y
AUG
0906 0710 39
0810 40
0611 52
0711 51
Consumer price inflation in the Philippines eased marginally to 51 year-on-year (y-o-y)
in July from 52 in June
Japan
BOJ Target Rate
SEP 7
0810 010
0910 010
0711 010
0811 010
The Bank of Japan (BOJ) has kept its ta rget rate at 010 since December 2008 to boost
the economy
0907
Philippines
Foreign Reserves
USD billion
AUG
0907 0710 490
0810 499
0611 690
0711 719
0908 0810 400
0910 400
0711 450
0811 450
0908
Republic of Korea
7-Day Repurchase Rate
SEP 8
0908 0810 225
0910 225
0711 325
0811 325
The Bank of Korearsquos Monetary Policy Committee decided to maintain its base ratemdashthe 7-
day repurchase ratemdashat 325 in its 11 August meeting
Malaysia
Exports
y-o-y
JUL
Hong Kong Chinarsquos foreign reserves rose to HKD2788 billion in July from HKD2772 billion
in June
Indonesia
BI Rate
y-o-y
SEP 8
0908 0810 650
0910 650
0711 675
0811 675
Bank Indonesiarsquos (BI) Board of Governors left its benchmark rate steady at 65 in its
meeting held on 9 August
Release Date Recent TrendsountryVariable Historical Data
Bangko Sentral ng Pilipinas has kept its overnight borrowing rate at 45 since May 2011
Malaysia
Overnight Rate
SEP 8
0908 0810 275
0910 275
0711 3000811 300
Bank Negara Malaysia decided to keep its overnight policy rate constant at 300 during its
last Monetary Policy Committee meeting on 7 July
Philippines
Overnight Borrowing Rate
SEP 8
The foreign reserves of the Philippines surged to USD719 billion in July the highest level
ever recorded
0610 164
0710 124
0511 54
0611 86
Malaysiarsquos export growth increased to 86 y-o-y in June from 54 in May
Hong Kong China
Foreign Reserves
HKD billionAUG
0908 0710 2607
0810 2614
0611 27720711 2788
Malaysia
Manufacturing Sales
y-o-y
JUL
0909 0610 143
0710 88
0511 75
0611 129
Growth in Malaysiarsquos manufacturing sales increased to 129 y-o-y in June from 75 in
May
Peoplersquos Republic of China
Exports
y-o-y
0910 0710 381
0810 344
0611 179
Exports from the PRC surged 204 y-o-y in July following 179 growth in June
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 1212
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS
Tip Click on link to open a new browser (Acrobat Reader 8) for lower versions right-click to open a new browser)
News Articles Sources for Further Reading
Philippine Economy Expands 34 in 2Q11bull Philippine Economy Decelerates With 34 GDP
Growth National Statistical Coordination Board(31 August 2011)
Japanrsquos Industrial Production Rises 06 in JulyRepublic of Korearsquos Business Sentiment WanesIndustrial Output Growth Slows in JulyViet Nams Industrial Production Surges 58 in August
bull Indices of Industrial Production ndash Statistics reportMinistry of Economy Trade and Industry(31 August 2011)
bull Business Survey Index (BSI) for August 2011 The Bank of Korea (30 August 2011)
bull The Industrial Activities in July 2011 Statistics Korea (31 August 2011)
bull Vietnams Index of Industrial Production Surges 43pctin AugIntellasia (30 August 2011)
Retail Sales Growth Remains Strong in Hong KongChina and Viet Nam
bull Provisional Statistics of Retail Sales for July 2011 Census and Statistics Department (29 August 2011)
bull Inflation Slows Growth of Retail Sales Viet News (31 August 2011)
Consumer Price Inflation Accelerates in August in theRepublic of Korea and Thailand on Food Price Hikes
bull Consumer Price Index in August 2011 Statistics Korea (01 September 2011)
bull Rocketing Food and Fuel Prices Push CPI to 429 The Nation (01 September 2011)
Republic of Korearsquos Trade Surplus Narrows Sharply inAugust Thailand Records Wider Trade and CurrentAccount Surpluses in July
bull S Korearsquos Trade Surplus Sinks to US$821 Mln in AugYONHAP News (01 September 2011)
bull Economic and Monetary Conditions for July 2011 Bank of Thailand (31 August 2011)
PBOC to Expand Reserve Requirement BaseState Bank of Viet Nam to Increase Foreign CurrencyReserve Requirement Ratio
bull PBOC to Expand Reserve Requirement BaseChina Daily (29 August 2011)
bull
New Foreign Currency Reserve Requirement Ratios forCredit InstitutionsThe State Bank of Vietnam (29 August 2011)
Bond Issuance in the PRC Republic of Korea andThailand
bull Sinohydro Group to issue RMB 1 bln in billsChina Knowledge (29 August 2011)
bull Shaanxi Regional Electric Power to issue RMB 1 blnin billsChina Knowledge (29 August 2011)
bull Metallurgical Corp of China to issue RMB 3 bln in bills China Knowledge (29 August 2011)
bull BONDS Siam Cement Banpu Prepare Bt10Bn Issuance
EachIFR Asia (31 August 2011)
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
Disclaimer AsianBondsOnline Newsletter is available to users free of charge The ADB provides no warranty or undertaking of any kind in respect to the information and materials
found on or linked to AsianBondsOnline Newsletter The ADB accepts no responsibility for the accuracy of the material posted or linked to the publication or the information
contained therein or for any consequences arising from its use and does not invite or accept reliance being placed on any materials or information so provided Views expressed in
articles marked with AsianBondsOnline are those of the authors and not ADB This disclaimer does not derogate from and is in addition to the general terms and conditions
regarding the use of the AsianBondsOnline Web Site which also apply
12
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 612
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 712
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS
ASIANBONDSONLINE
7
Tip Zoom-in on the table using the Acrobat zoom tool 2-versus-10 Yield Spread Chart
Yield Spread between the Two- and Ten-Year Government Bonds
Source Based on data from Bloomberg LP 0 50 100 150 200 250 300 350
China Peoples Repof
Hong Kong China
Indonesia
Korea Rep of
Malaysia
Philippines
Singapore
Thailand
Viet Nam
US
EU
Japan
basis points
2-Sep-11
26-Aug-11
19-Aug-11
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 812
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS ASIANBONDSONLINE
8
Tip Zoom-in on the table using the Acrobat zoom tool
Policy Rate versus Inflation Rate Charts
Philippines Thailand
China Peoplersquos Rep of Hong Kong China India
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) cut-
off yield as its policy rate Source Bloomberg LP
Indonesia Korea Republic of Malaysia
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
Viet Nam
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
Inflation Rate
650
1-yearLending Rate
656
-4
-2
0
2
4
6
8
10
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
79
HKMA BaseRate
05
-4
-2
0
2
4
6
8
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
922
RepurchaseCut-off Yield
800
-2
0
2
4
6
8
10
12
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
340
OvernightPolicy Rate
300
-4
-2
0
2
4
6
8
10
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
530
7-Day RepoRate
325
0
2
4
6
8
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate461
675
0
2
4
6
8
10
12
14
16
18
20
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
BI Rate
InflationRate
510
OvernightReverse
Repo Rate
450
0
2
4
6
8
10
12
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
429
1-Day RepoRate
350
-6
-4
-2
0
2
4
6
8
10
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
2302
PrimeLending Rate
900
0
3
6
9
12
15
18
21
24
27
30
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 912
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS
ASIANBONDSONLINE
Credit Default Swap Spreads amp Exchange Rate Indexes
ip Zoom-in on the table using the Acrobat zoom tool T Credit Default Swap Spreads - Senior 5-year
Exchange Rate Indexes (vis-agrave-vis US$ 2 January 2007=100)
In USD currency and basedon sovereign bonds
Source Thomson Reuters
M i d s p r e
a d i n b a s i s p o i n t s
Source ADB-OREI staff calculations based onBloomberg data
50
60
70
80
90
100
110
120
130
50
60
70
80
90
100
110
120
130
Jan-07 Aug-07 Mar-08 O ct-08 May-09 Dec-09 Jul-10 Feb-11 Sep -11
China Peoples Rep of
Indonesia
Malaysia
Phil ippines
Thailand
Singapore
Korea Rep of
Viet Nam
0
20 0
40 0
60 0
80 0
1000
1200
1400
Dec-07 Nov-08 Oct-09 Oct-10 Sep-11
China Peoples Rep of
Hong Kong China
Indonesia
Korea Rep of
Japan
Malaysia
Phil ippines
Thailand
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
9
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 1012
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS ASIANBONDSONLINE
Selected Debt Security Issuances (29 August ndash 2 September 2011)
ip Zoom-in on the table using the Acrobat zoom tool T
PRC 30-Aug 1-year PBOC Bills 358 100 100
1-Sep 3-month PBOC Bil ls 316 100 100
HK 30-Aug 91-day Exchange Fund Bills 011 2591 2591
JP 30-Aug 2-year Japan Government Bonds 014 010 260000 259927
31-Aug 3-month Treasury Discount Bil ls 009 480000 481993
1-Sep 10-year Japan Government Bonds 108 110 220000 219894
KR 29-Aug 91-day Monetary Stabilization Bonds 332 100000 101000
PH 31-Aug 7-year Fixed Rate Treasury Notes 494 500 900 900
SG 29-Aug 91-day Treasury Bills 009 390 390
TH 30-Aug 28-day BOT Bills 341 1500 1500
31-Aug 6-year Government Bonds 344 1200 1200
1-Sep 14-day BOT Bills 341 6000 6000VN 1-Sep 3-year Government Bonds 1228 200000 192500
5-year Government Bonds 1240 200000 186700
Sources Local market sources and Bloomberg LP
C o u p o n
(in )A m o unt O f fe r e d
L C Y B i llio n s
A m o u n t Is s u e d
L CY B i l l i onsarkets
A uc t i on
D ate T y p e o f S e c u rity
A v e r a g e
Y i e ld ( )
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 1112
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg DEBT HIGHLIGHTS ASIANBONDSONLINE
1
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
Tip Zoom-in on the table using the Acrobat zoom tool
Selected Asia Data Releases (6 - 12 September 2011)
Source AsianBondsOnline Bloomberg LP and Reuters
AUG 0711 204
Malaysia
Industrial Production
y-o-y
JUL
0909 0610 92
0710 29
0511 ndash56
0611 10
Industrial production in Malaysia grew 10 y-o-y in June after a 56 contraction in May
Japan
GDP Annualized (final)
2Q11
0909 0310 940
0610 ndash050
0311 ndash360
0611 ndash130
Japanrsquos preliminary annualized gross domestic product (GDP) contracted 13 in 2Q11
following a 36 decline in 1Q11
Peoplersquos Republic of China
Consumer Price Inflation
y-o-y
AUG
0909 0710 33
0810 35
0611 64
0711 65
Consumer price inflation in the Peoplersquos Republic of China (PRC) surged to its highest level
of the year at 65 y-o-y in July
Peoplersquos Republic of China
Industrial Production
y-o-y
AUG
0909 0710 134
0810 139
0611 151
0711 140
The PRCrsquos industrial production growth eased to 140 y-o-y in July from 151 in June
Philippines
Consumer Price Inflation
y-o-y
AUG
0906 0710 39
0810 40
0611 52
0711 51
Consumer price inflation in the Philippines eased marginally to 51 year-on-year (y-o-y)
in July from 52 in June
Japan
BOJ Target Rate
SEP 7
0810 010
0910 010
0711 010
0811 010
The Bank of Japan (BOJ) has kept its ta rget rate at 010 since December 2008 to boost
the economy
0907
Philippines
Foreign Reserves
USD billion
AUG
0907 0710 490
0810 499
0611 690
0711 719
0908 0810 400
0910 400
0711 450
0811 450
0908
Republic of Korea
7-Day Repurchase Rate
SEP 8
0908 0810 225
0910 225
0711 325
0811 325
The Bank of Korearsquos Monetary Policy Committee decided to maintain its base ratemdashthe 7-
day repurchase ratemdashat 325 in its 11 August meeting
Malaysia
Exports
y-o-y
JUL
Hong Kong Chinarsquos foreign reserves rose to HKD2788 billion in July from HKD2772 billion
in June
Indonesia
BI Rate
y-o-y
SEP 8
0908 0810 650
0910 650
0711 675
0811 675
Bank Indonesiarsquos (BI) Board of Governors left its benchmark rate steady at 65 in its
meeting held on 9 August
Release Date Recent TrendsountryVariable Historical Data
Bangko Sentral ng Pilipinas has kept its overnight borrowing rate at 45 since May 2011
Malaysia
Overnight Rate
SEP 8
0908 0810 275
0910 275
0711 3000811 300
Bank Negara Malaysia decided to keep its overnight policy rate constant at 300 during its
last Monetary Policy Committee meeting on 7 July
Philippines
Overnight Borrowing Rate
SEP 8
The foreign reserves of the Philippines surged to USD719 billion in July the highest level
ever recorded
0610 164
0710 124
0511 54
0611 86
Malaysiarsquos export growth increased to 86 y-o-y in June from 54 in May
Hong Kong China
Foreign Reserves
HKD billionAUG
0908 0710 2607
0810 2614
0611 27720711 2788
Malaysia
Manufacturing Sales
y-o-y
JUL
0909 0610 143
0710 88
0511 75
0611 129
Growth in Malaysiarsquos manufacturing sales increased to 129 y-o-y in June from 75 in
May
Peoplersquos Republic of China
Exports
y-o-y
0910 0710 381
0810 344
0611 179
Exports from the PRC surged 204 y-o-y in July following 179 growth in June
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 1212
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS
Tip Click on link to open a new browser (Acrobat Reader 8) for lower versions right-click to open a new browser)
News Articles Sources for Further Reading
Philippine Economy Expands 34 in 2Q11bull Philippine Economy Decelerates With 34 GDP
Growth National Statistical Coordination Board(31 August 2011)
Japanrsquos Industrial Production Rises 06 in JulyRepublic of Korearsquos Business Sentiment WanesIndustrial Output Growth Slows in JulyViet Nams Industrial Production Surges 58 in August
bull Indices of Industrial Production ndash Statistics reportMinistry of Economy Trade and Industry(31 August 2011)
bull Business Survey Index (BSI) for August 2011 The Bank of Korea (30 August 2011)
bull The Industrial Activities in July 2011 Statistics Korea (31 August 2011)
bull Vietnams Index of Industrial Production Surges 43pctin AugIntellasia (30 August 2011)
Retail Sales Growth Remains Strong in Hong KongChina and Viet Nam
bull Provisional Statistics of Retail Sales for July 2011 Census and Statistics Department (29 August 2011)
bull Inflation Slows Growth of Retail Sales Viet News (31 August 2011)
Consumer Price Inflation Accelerates in August in theRepublic of Korea and Thailand on Food Price Hikes
bull Consumer Price Index in August 2011 Statistics Korea (01 September 2011)
bull Rocketing Food and Fuel Prices Push CPI to 429 The Nation (01 September 2011)
Republic of Korearsquos Trade Surplus Narrows Sharply inAugust Thailand Records Wider Trade and CurrentAccount Surpluses in July
bull S Korearsquos Trade Surplus Sinks to US$821 Mln in AugYONHAP News (01 September 2011)
bull Economic and Monetary Conditions for July 2011 Bank of Thailand (31 August 2011)
PBOC to Expand Reserve Requirement BaseState Bank of Viet Nam to Increase Foreign CurrencyReserve Requirement Ratio
bull PBOC to Expand Reserve Requirement BaseChina Daily (29 August 2011)
bull
New Foreign Currency Reserve Requirement Ratios forCredit InstitutionsThe State Bank of Vietnam (29 August 2011)
Bond Issuance in the PRC Republic of Korea andThailand
bull Sinohydro Group to issue RMB 1 bln in billsChina Knowledge (29 August 2011)
bull Shaanxi Regional Electric Power to issue RMB 1 blnin billsChina Knowledge (29 August 2011)
bull Metallurgical Corp of China to issue RMB 3 bln in bills China Knowledge (29 August 2011)
bull BONDS Siam Cement Banpu Prepare Bt10Bn Issuance
EachIFR Asia (31 August 2011)
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
Disclaimer AsianBondsOnline Newsletter is available to users free of charge The ADB provides no warranty or undertaking of any kind in respect to the information and materials
found on or linked to AsianBondsOnline Newsletter The ADB accepts no responsibility for the accuracy of the material posted or linked to the publication or the information
contained therein or for any consequences arising from its use and does not invite or accept reliance being placed on any materials or information so provided Views expressed in
articles marked with AsianBondsOnline are those of the authors and not ADB This disclaimer does not derogate from and is in addition to the general terms and conditions
regarding the use of the AsianBondsOnline Web Site which also apply
12
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 712
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS
ASIANBONDSONLINE
7
Tip Zoom-in on the table using the Acrobat zoom tool 2-versus-10 Yield Spread Chart
Yield Spread between the Two- and Ten-Year Government Bonds
Source Based on data from Bloomberg LP 0 50 100 150 200 250 300 350
China Peoples Repof
Hong Kong China
Indonesia
Korea Rep of
Malaysia
Philippines
Singapore
Thailand
Viet Nam
US
EU
Japan
basis points
2-Sep-11
26-Aug-11
19-Aug-11
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 812
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS ASIANBONDSONLINE
8
Tip Zoom-in on the table using the Acrobat zoom tool
Policy Rate versus Inflation Rate Charts
Philippines Thailand
China Peoplersquos Rep of Hong Kong China India
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) cut-
off yield as its policy rate Source Bloomberg LP
Indonesia Korea Republic of Malaysia
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
Viet Nam
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
Inflation Rate
650
1-yearLending Rate
656
-4
-2
0
2
4
6
8
10
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
79
HKMA BaseRate
05
-4
-2
0
2
4
6
8
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
922
RepurchaseCut-off Yield
800
-2
0
2
4
6
8
10
12
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
340
OvernightPolicy Rate
300
-4
-2
0
2
4
6
8
10
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
530
7-Day RepoRate
325
0
2
4
6
8
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate461
675
0
2
4
6
8
10
12
14
16
18
20
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
BI Rate
InflationRate
510
OvernightReverse
Repo Rate
450
0
2
4
6
8
10
12
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
429
1-Day RepoRate
350
-6
-4
-2
0
2
4
6
8
10
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
2302
PrimeLending Rate
900
0
3
6
9
12
15
18
21
24
27
30
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 912
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS
ASIANBONDSONLINE
Credit Default Swap Spreads amp Exchange Rate Indexes
ip Zoom-in on the table using the Acrobat zoom tool T Credit Default Swap Spreads - Senior 5-year
Exchange Rate Indexes (vis-agrave-vis US$ 2 January 2007=100)
In USD currency and basedon sovereign bonds
Source Thomson Reuters
M i d s p r e
a d i n b a s i s p o i n t s
Source ADB-OREI staff calculations based onBloomberg data
50
60
70
80
90
100
110
120
130
50
60
70
80
90
100
110
120
130
Jan-07 Aug-07 Mar-08 O ct-08 May-09 Dec-09 Jul-10 Feb-11 Sep -11
China Peoples Rep of
Indonesia
Malaysia
Phil ippines
Thailand
Singapore
Korea Rep of
Viet Nam
0
20 0
40 0
60 0
80 0
1000
1200
1400
Dec-07 Nov-08 Oct-09 Oct-10 Sep-11
China Peoples Rep of
Hong Kong China
Indonesia
Korea Rep of
Japan
Malaysia
Phil ippines
Thailand
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
9
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 1012
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS ASIANBONDSONLINE
Selected Debt Security Issuances (29 August ndash 2 September 2011)
ip Zoom-in on the table using the Acrobat zoom tool T
PRC 30-Aug 1-year PBOC Bills 358 100 100
1-Sep 3-month PBOC Bil ls 316 100 100
HK 30-Aug 91-day Exchange Fund Bills 011 2591 2591
JP 30-Aug 2-year Japan Government Bonds 014 010 260000 259927
31-Aug 3-month Treasury Discount Bil ls 009 480000 481993
1-Sep 10-year Japan Government Bonds 108 110 220000 219894
KR 29-Aug 91-day Monetary Stabilization Bonds 332 100000 101000
PH 31-Aug 7-year Fixed Rate Treasury Notes 494 500 900 900
SG 29-Aug 91-day Treasury Bills 009 390 390
TH 30-Aug 28-day BOT Bills 341 1500 1500
31-Aug 6-year Government Bonds 344 1200 1200
1-Sep 14-day BOT Bills 341 6000 6000VN 1-Sep 3-year Government Bonds 1228 200000 192500
5-year Government Bonds 1240 200000 186700
Sources Local market sources and Bloomberg LP
C o u p o n
(in )A m o unt O f fe r e d
L C Y B i llio n s
A m o u n t Is s u e d
L CY B i l l i onsarkets
A uc t i on
D ate T y p e o f S e c u rity
A v e r a g e
Y i e ld ( )
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 1112
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg DEBT HIGHLIGHTS ASIANBONDSONLINE
1
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
Tip Zoom-in on the table using the Acrobat zoom tool
Selected Asia Data Releases (6 - 12 September 2011)
Source AsianBondsOnline Bloomberg LP and Reuters
AUG 0711 204
Malaysia
Industrial Production
y-o-y
JUL
0909 0610 92
0710 29
0511 ndash56
0611 10
Industrial production in Malaysia grew 10 y-o-y in June after a 56 contraction in May
Japan
GDP Annualized (final)
2Q11
0909 0310 940
0610 ndash050
0311 ndash360
0611 ndash130
Japanrsquos preliminary annualized gross domestic product (GDP) contracted 13 in 2Q11
following a 36 decline in 1Q11
Peoplersquos Republic of China
Consumer Price Inflation
y-o-y
AUG
0909 0710 33
0810 35
0611 64
0711 65
Consumer price inflation in the Peoplersquos Republic of China (PRC) surged to its highest level
of the year at 65 y-o-y in July
Peoplersquos Republic of China
Industrial Production
y-o-y
AUG
0909 0710 134
0810 139
0611 151
0711 140
The PRCrsquos industrial production growth eased to 140 y-o-y in July from 151 in June
Philippines
Consumer Price Inflation
y-o-y
AUG
0906 0710 39
0810 40
0611 52
0711 51
Consumer price inflation in the Philippines eased marginally to 51 year-on-year (y-o-y)
in July from 52 in June
Japan
BOJ Target Rate
SEP 7
0810 010
0910 010
0711 010
0811 010
The Bank of Japan (BOJ) has kept its ta rget rate at 010 since December 2008 to boost
the economy
0907
Philippines
Foreign Reserves
USD billion
AUG
0907 0710 490
0810 499
0611 690
0711 719
0908 0810 400
0910 400
0711 450
0811 450
0908
Republic of Korea
7-Day Repurchase Rate
SEP 8
0908 0810 225
0910 225
0711 325
0811 325
The Bank of Korearsquos Monetary Policy Committee decided to maintain its base ratemdashthe 7-
day repurchase ratemdashat 325 in its 11 August meeting
Malaysia
Exports
y-o-y
JUL
Hong Kong Chinarsquos foreign reserves rose to HKD2788 billion in July from HKD2772 billion
in June
Indonesia
BI Rate
y-o-y
SEP 8
0908 0810 650
0910 650
0711 675
0811 675
Bank Indonesiarsquos (BI) Board of Governors left its benchmark rate steady at 65 in its
meeting held on 9 August
Release Date Recent TrendsountryVariable Historical Data
Bangko Sentral ng Pilipinas has kept its overnight borrowing rate at 45 since May 2011
Malaysia
Overnight Rate
SEP 8
0908 0810 275
0910 275
0711 3000811 300
Bank Negara Malaysia decided to keep its overnight policy rate constant at 300 during its
last Monetary Policy Committee meeting on 7 July
Philippines
Overnight Borrowing Rate
SEP 8
The foreign reserves of the Philippines surged to USD719 billion in July the highest level
ever recorded
0610 164
0710 124
0511 54
0611 86
Malaysiarsquos export growth increased to 86 y-o-y in June from 54 in May
Hong Kong China
Foreign Reserves
HKD billionAUG
0908 0710 2607
0810 2614
0611 27720711 2788
Malaysia
Manufacturing Sales
y-o-y
JUL
0909 0610 143
0710 88
0511 75
0611 129
Growth in Malaysiarsquos manufacturing sales increased to 129 y-o-y in June from 75 in
May
Peoplersquos Republic of China
Exports
y-o-y
0910 0710 381
0810 344
0611 179
Exports from the PRC surged 204 y-o-y in July following 179 growth in June
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 1212
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS
Tip Click on link to open a new browser (Acrobat Reader 8) for lower versions right-click to open a new browser)
News Articles Sources for Further Reading
Philippine Economy Expands 34 in 2Q11bull Philippine Economy Decelerates With 34 GDP
Growth National Statistical Coordination Board(31 August 2011)
Japanrsquos Industrial Production Rises 06 in JulyRepublic of Korearsquos Business Sentiment WanesIndustrial Output Growth Slows in JulyViet Nams Industrial Production Surges 58 in August
bull Indices of Industrial Production ndash Statistics reportMinistry of Economy Trade and Industry(31 August 2011)
bull Business Survey Index (BSI) for August 2011 The Bank of Korea (30 August 2011)
bull The Industrial Activities in July 2011 Statistics Korea (31 August 2011)
bull Vietnams Index of Industrial Production Surges 43pctin AugIntellasia (30 August 2011)
Retail Sales Growth Remains Strong in Hong KongChina and Viet Nam
bull Provisional Statistics of Retail Sales for July 2011 Census and Statistics Department (29 August 2011)
bull Inflation Slows Growth of Retail Sales Viet News (31 August 2011)
Consumer Price Inflation Accelerates in August in theRepublic of Korea and Thailand on Food Price Hikes
bull Consumer Price Index in August 2011 Statistics Korea (01 September 2011)
bull Rocketing Food and Fuel Prices Push CPI to 429 The Nation (01 September 2011)
Republic of Korearsquos Trade Surplus Narrows Sharply inAugust Thailand Records Wider Trade and CurrentAccount Surpluses in July
bull S Korearsquos Trade Surplus Sinks to US$821 Mln in AugYONHAP News (01 September 2011)
bull Economic and Monetary Conditions for July 2011 Bank of Thailand (31 August 2011)
PBOC to Expand Reserve Requirement BaseState Bank of Viet Nam to Increase Foreign CurrencyReserve Requirement Ratio
bull PBOC to Expand Reserve Requirement BaseChina Daily (29 August 2011)
bull
New Foreign Currency Reserve Requirement Ratios forCredit InstitutionsThe State Bank of Vietnam (29 August 2011)
Bond Issuance in the PRC Republic of Korea andThailand
bull Sinohydro Group to issue RMB 1 bln in billsChina Knowledge (29 August 2011)
bull Shaanxi Regional Electric Power to issue RMB 1 blnin billsChina Knowledge (29 August 2011)
bull Metallurgical Corp of China to issue RMB 3 bln in bills China Knowledge (29 August 2011)
bull BONDS Siam Cement Banpu Prepare Bt10Bn Issuance
EachIFR Asia (31 August 2011)
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
Disclaimer AsianBondsOnline Newsletter is available to users free of charge The ADB provides no warranty or undertaking of any kind in respect to the information and materials
found on or linked to AsianBondsOnline Newsletter The ADB accepts no responsibility for the accuracy of the material posted or linked to the publication or the information
contained therein or for any consequences arising from its use and does not invite or accept reliance being placed on any materials or information so provided Views expressed in
articles marked with AsianBondsOnline are those of the authors and not ADB This disclaimer does not derogate from and is in addition to the general terms and conditions
regarding the use of the AsianBondsOnline Web Site which also apply
12
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 812
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS ASIANBONDSONLINE
8
Tip Zoom-in on the table using the Acrobat zoom tool
Policy Rate versus Inflation Rate Charts
Philippines Thailand
China Peoplersquos Rep of Hong Kong China India
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) cut-
off yield as its policy rate Source Bloomberg LP
Indonesia Korea Republic of Malaysia
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
Viet Nam
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
Inflation Rate
650
1-yearLending Rate
656
-4
-2
0
2
4
6
8
10
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
79
HKMA BaseRate
05
-4
-2
0
2
4
6
8
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
922
RepurchaseCut-off Yield
800
-2
0
2
4
6
8
10
12
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
340
OvernightPolicy Rate
300
-4
-2
0
2
4
6
8
10
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
530
7-Day RepoRate
325
0
2
4
6
8
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate461
675
0
2
4
6
8
10
12
14
16
18
20
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
BI Rate
InflationRate
510
OvernightReverse
Repo Rate
450
0
2
4
6
8
10
12
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
429
1-Day RepoRate
350
-6
-4
-2
0
2
4
6
8
10
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
Inflation Rate
2302
PrimeLending Rate
900
0
3
6
9
12
15
18
21
24
27
30
Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 912
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS
ASIANBONDSONLINE
Credit Default Swap Spreads amp Exchange Rate Indexes
ip Zoom-in on the table using the Acrobat zoom tool T Credit Default Swap Spreads - Senior 5-year
Exchange Rate Indexes (vis-agrave-vis US$ 2 January 2007=100)
In USD currency and basedon sovereign bonds
Source Thomson Reuters
M i d s p r e
a d i n b a s i s p o i n t s
Source ADB-OREI staff calculations based onBloomberg data
50
60
70
80
90
100
110
120
130
50
60
70
80
90
100
110
120
130
Jan-07 Aug-07 Mar-08 O ct-08 May-09 Dec-09 Jul-10 Feb-11 Sep -11
China Peoples Rep of
Indonesia
Malaysia
Phil ippines
Thailand
Singapore
Korea Rep of
Viet Nam
0
20 0
40 0
60 0
80 0
1000
1200
1400
Dec-07 Nov-08 Oct-09 Oct-10 Sep-11
China Peoples Rep of
Hong Kong China
Indonesia
Korea Rep of
Japan
Malaysia
Phil ippines
Thailand
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
9
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 1012
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS ASIANBONDSONLINE
Selected Debt Security Issuances (29 August ndash 2 September 2011)
ip Zoom-in on the table using the Acrobat zoom tool T
PRC 30-Aug 1-year PBOC Bills 358 100 100
1-Sep 3-month PBOC Bil ls 316 100 100
HK 30-Aug 91-day Exchange Fund Bills 011 2591 2591
JP 30-Aug 2-year Japan Government Bonds 014 010 260000 259927
31-Aug 3-month Treasury Discount Bil ls 009 480000 481993
1-Sep 10-year Japan Government Bonds 108 110 220000 219894
KR 29-Aug 91-day Monetary Stabilization Bonds 332 100000 101000
PH 31-Aug 7-year Fixed Rate Treasury Notes 494 500 900 900
SG 29-Aug 91-day Treasury Bills 009 390 390
TH 30-Aug 28-day BOT Bills 341 1500 1500
31-Aug 6-year Government Bonds 344 1200 1200
1-Sep 14-day BOT Bills 341 6000 6000VN 1-Sep 3-year Government Bonds 1228 200000 192500
5-year Government Bonds 1240 200000 186700
Sources Local market sources and Bloomberg LP
C o u p o n
(in )A m o unt O f fe r e d
L C Y B i llio n s
A m o u n t Is s u e d
L CY B i l l i onsarkets
A uc t i on
D ate T y p e o f S e c u rity
A v e r a g e
Y i e ld ( )
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 1112
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg DEBT HIGHLIGHTS ASIANBONDSONLINE
1
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
Tip Zoom-in on the table using the Acrobat zoom tool
Selected Asia Data Releases (6 - 12 September 2011)
Source AsianBondsOnline Bloomberg LP and Reuters
AUG 0711 204
Malaysia
Industrial Production
y-o-y
JUL
0909 0610 92
0710 29
0511 ndash56
0611 10
Industrial production in Malaysia grew 10 y-o-y in June after a 56 contraction in May
Japan
GDP Annualized (final)
2Q11
0909 0310 940
0610 ndash050
0311 ndash360
0611 ndash130
Japanrsquos preliminary annualized gross domestic product (GDP) contracted 13 in 2Q11
following a 36 decline in 1Q11
Peoplersquos Republic of China
Consumer Price Inflation
y-o-y
AUG
0909 0710 33
0810 35
0611 64
0711 65
Consumer price inflation in the Peoplersquos Republic of China (PRC) surged to its highest level
of the year at 65 y-o-y in July
Peoplersquos Republic of China
Industrial Production
y-o-y
AUG
0909 0710 134
0810 139
0611 151
0711 140
The PRCrsquos industrial production growth eased to 140 y-o-y in July from 151 in June
Philippines
Consumer Price Inflation
y-o-y
AUG
0906 0710 39
0810 40
0611 52
0711 51
Consumer price inflation in the Philippines eased marginally to 51 year-on-year (y-o-y)
in July from 52 in June
Japan
BOJ Target Rate
SEP 7
0810 010
0910 010
0711 010
0811 010
The Bank of Japan (BOJ) has kept its ta rget rate at 010 since December 2008 to boost
the economy
0907
Philippines
Foreign Reserves
USD billion
AUG
0907 0710 490
0810 499
0611 690
0711 719
0908 0810 400
0910 400
0711 450
0811 450
0908
Republic of Korea
7-Day Repurchase Rate
SEP 8
0908 0810 225
0910 225
0711 325
0811 325
The Bank of Korearsquos Monetary Policy Committee decided to maintain its base ratemdashthe 7-
day repurchase ratemdashat 325 in its 11 August meeting
Malaysia
Exports
y-o-y
JUL
Hong Kong Chinarsquos foreign reserves rose to HKD2788 billion in July from HKD2772 billion
in June
Indonesia
BI Rate
y-o-y
SEP 8
0908 0810 650
0910 650
0711 675
0811 675
Bank Indonesiarsquos (BI) Board of Governors left its benchmark rate steady at 65 in its
meeting held on 9 August
Release Date Recent TrendsountryVariable Historical Data
Bangko Sentral ng Pilipinas has kept its overnight borrowing rate at 45 since May 2011
Malaysia
Overnight Rate
SEP 8
0908 0810 275
0910 275
0711 3000811 300
Bank Negara Malaysia decided to keep its overnight policy rate constant at 300 during its
last Monetary Policy Committee meeting on 7 July
Philippines
Overnight Borrowing Rate
SEP 8
The foreign reserves of the Philippines surged to USD719 billion in July the highest level
ever recorded
0610 164
0710 124
0511 54
0611 86
Malaysiarsquos export growth increased to 86 y-o-y in June from 54 in May
Hong Kong China
Foreign Reserves
HKD billionAUG
0908 0710 2607
0810 2614
0611 27720711 2788
Malaysia
Manufacturing Sales
y-o-y
JUL
0909 0610 143
0710 88
0511 75
0611 129
Growth in Malaysiarsquos manufacturing sales increased to 129 y-o-y in June from 75 in
May
Peoplersquos Republic of China
Exports
y-o-y
0910 0710 381
0810 344
0611 179
Exports from the PRC surged 204 y-o-y in July following 179 growth in June
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 1212
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS
Tip Click on link to open a new browser (Acrobat Reader 8) for lower versions right-click to open a new browser)
News Articles Sources for Further Reading
Philippine Economy Expands 34 in 2Q11bull Philippine Economy Decelerates With 34 GDP
Growth National Statistical Coordination Board(31 August 2011)
Japanrsquos Industrial Production Rises 06 in JulyRepublic of Korearsquos Business Sentiment WanesIndustrial Output Growth Slows in JulyViet Nams Industrial Production Surges 58 in August
bull Indices of Industrial Production ndash Statistics reportMinistry of Economy Trade and Industry(31 August 2011)
bull Business Survey Index (BSI) for August 2011 The Bank of Korea (30 August 2011)
bull The Industrial Activities in July 2011 Statistics Korea (31 August 2011)
bull Vietnams Index of Industrial Production Surges 43pctin AugIntellasia (30 August 2011)
Retail Sales Growth Remains Strong in Hong KongChina and Viet Nam
bull Provisional Statistics of Retail Sales for July 2011 Census and Statistics Department (29 August 2011)
bull Inflation Slows Growth of Retail Sales Viet News (31 August 2011)
Consumer Price Inflation Accelerates in August in theRepublic of Korea and Thailand on Food Price Hikes
bull Consumer Price Index in August 2011 Statistics Korea (01 September 2011)
bull Rocketing Food and Fuel Prices Push CPI to 429 The Nation (01 September 2011)
Republic of Korearsquos Trade Surplus Narrows Sharply inAugust Thailand Records Wider Trade and CurrentAccount Surpluses in July
bull S Korearsquos Trade Surplus Sinks to US$821 Mln in AugYONHAP News (01 September 2011)
bull Economic and Monetary Conditions for July 2011 Bank of Thailand (31 August 2011)
PBOC to Expand Reserve Requirement BaseState Bank of Viet Nam to Increase Foreign CurrencyReserve Requirement Ratio
bull PBOC to Expand Reserve Requirement BaseChina Daily (29 August 2011)
bull
New Foreign Currency Reserve Requirement Ratios forCredit InstitutionsThe State Bank of Vietnam (29 August 2011)
Bond Issuance in the PRC Republic of Korea andThailand
bull Sinohydro Group to issue RMB 1 bln in billsChina Knowledge (29 August 2011)
bull Shaanxi Regional Electric Power to issue RMB 1 blnin billsChina Knowledge (29 August 2011)
bull Metallurgical Corp of China to issue RMB 3 bln in bills China Knowledge (29 August 2011)
bull BONDS Siam Cement Banpu Prepare Bt10Bn Issuance
EachIFR Asia (31 August 2011)
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
Disclaimer AsianBondsOnline Newsletter is available to users free of charge The ADB provides no warranty or undertaking of any kind in respect to the information and materials
found on or linked to AsianBondsOnline Newsletter The ADB accepts no responsibility for the accuracy of the material posted or linked to the publication or the information
contained therein or for any consequences arising from its use and does not invite or accept reliance being placed on any materials or information so provided Views expressed in
articles marked with AsianBondsOnline are those of the authors and not ADB This disclaimer does not derogate from and is in addition to the general terms and conditions
regarding the use of the AsianBondsOnline Web Site which also apply
12
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 912
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS
ASIANBONDSONLINE
Credit Default Swap Spreads amp Exchange Rate Indexes
ip Zoom-in on the table using the Acrobat zoom tool T Credit Default Swap Spreads - Senior 5-year
Exchange Rate Indexes (vis-agrave-vis US$ 2 January 2007=100)
In USD currency and basedon sovereign bonds
Source Thomson Reuters
M i d s p r e
a d i n b a s i s p o i n t s
Source ADB-OREI staff calculations based onBloomberg data
50
60
70
80
90
100
110
120
130
50
60
70
80
90
100
110
120
130
Jan-07 Aug-07 Mar-08 O ct-08 May-09 Dec-09 Jul-10 Feb-11 Sep -11
China Peoples Rep of
Indonesia
Malaysia
Phil ippines
Thailand
Singapore
Korea Rep of
Viet Nam
0
20 0
40 0
60 0
80 0
1000
1200
1400
Dec-07 Nov-08 Oct-09 Oct-10 Sep-11
China Peoples Rep of
Hong Kong China
Indonesia
Korea Rep of
Japan
Malaysia
Phil ippines
Thailand
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
9
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 1012
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS ASIANBONDSONLINE
Selected Debt Security Issuances (29 August ndash 2 September 2011)
ip Zoom-in on the table using the Acrobat zoom tool T
PRC 30-Aug 1-year PBOC Bills 358 100 100
1-Sep 3-month PBOC Bil ls 316 100 100
HK 30-Aug 91-day Exchange Fund Bills 011 2591 2591
JP 30-Aug 2-year Japan Government Bonds 014 010 260000 259927
31-Aug 3-month Treasury Discount Bil ls 009 480000 481993
1-Sep 10-year Japan Government Bonds 108 110 220000 219894
KR 29-Aug 91-day Monetary Stabilization Bonds 332 100000 101000
PH 31-Aug 7-year Fixed Rate Treasury Notes 494 500 900 900
SG 29-Aug 91-day Treasury Bills 009 390 390
TH 30-Aug 28-day BOT Bills 341 1500 1500
31-Aug 6-year Government Bonds 344 1200 1200
1-Sep 14-day BOT Bills 341 6000 6000VN 1-Sep 3-year Government Bonds 1228 200000 192500
5-year Government Bonds 1240 200000 186700
Sources Local market sources and Bloomberg LP
C o u p o n
(in )A m o unt O f fe r e d
L C Y B i llio n s
A m o u n t Is s u e d
L CY B i l l i onsarkets
A uc t i on
D ate T y p e o f S e c u rity
A v e r a g e
Y i e ld ( )
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 1112
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg DEBT HIGHLIGHTS ASIANBONDSONLINE
1
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
Tip Zoom-in on the table using the Acrobat zoom tool
Selected Asia Data Releases (6 - 12 September 2011)
Source AsianBondsOnline Bloomberg LP and Reuters
AUG 0711 204
Malaysia
Industrial Production
y-o-y
JUL
0909 0610 92
0710 29
0511 ndash56
0611 10
Industrial production in Malaysia grew 10 y-o-y in June after a 56 contraction in May
Japan
GDP Annualized (final)
2Q11
0909 0310 940
0610 ndash050
0311 ndash360
0611 ndash130
Japanrsquos preliminary annualized gross domestic product (GDP) contracted 13 in 2Q11
following a 36 decline in 1Q11
Peoplersquos Republic of China
Consumer Price Inflation
y-o-y
AUG
0909 0710 33
0810 35
0611 64
0711 65
Consumer price inflation in the Peoplersquos Republic of China (PRC) surged to its highest level
of the year at 65 y-o-y in July
Peoplersquos Republic of China
Industrial Production
y-o-y
AUG
0909 0710 134
0810 139
0611 151
0711 140
The PRCrsquos industrial production growth eased to 140 y-o-y in July from 151 in June
Philippines
Consumer Price Inflation
y-o-y
AUG
0906 0710 39
0810 40
0611 52
0711 51
Consumer price inflation in the Philippines eased marginally to 51 year-on-year (y-o-y)
in July from 52 in June
Japan
BOJ Target Rate
SEP 7
0810 010
0910 010
0711 010
0811 010
The Bank of Japan (BOJ) has kept its ta rget rate at 010 since December 2008 to boost
the economy
0907
Philippines
Foreign Reserves
USD billion
AUG
0907 0710 490
0810 499
0611 690
0711 719
0908 0810 400
0910 400
0711 450
0811 450
0908
Republic of Korea
7-Day Repurchase Rate
SEP 8
0908 0810 225
0910 225
0711 325
0811 325
The Bank of Korearsquos Monetary Policy Committee decided to maintain its base ratemdashthe 7-
day repurchase ratemdashat 325 in its 11 August meeting
Malaysia
Exports
y-o-y
JUL
Hong Kong Chinarsquos foreign reserves rose to HKD2788 billion in July from HKD2772 billion
in June
Indonesia
BI Rate
y-o-y
SEP 8
0908 0810 650
0910 650
0711 675
0811 675
Bank Indonesiarsquos (BI) Board of Governors left its benchmark rate steady at 65 in its
meeting held on 9 August
Release Date Recent TrendsountryVariable Historical Data
Bangko Sentral ng Pilipinas has kept its overnight borrowing rate at 45 since May 2011
Malaysia
Overnight Rate
SEP 8
0908 0810 275
0910 275
0711 3000811 300
Bank Negara Malaysia decided to keep its overnight policy rate constant at 300 during its
last Monetary Policy Committee meeting on 7 July
Philippines
Overnight Borrowing Rate
SEP 8
The foreign reserves of the Philippines surged to USD719 billion in July the highest level
ever recorded
0610 164
0710 124
0511 54
0611 86
Malaysiarsquos export growth increased to 86 y-o-y in June from 54 in May
Hong Kong China
Foreign Reserves
HKD billionAUG
0908 0710 2607
0810 2614
0611 27720711 2788
Malaysia
Manufacturing Sales
y-o-y
JUL
0909 0610 143
0710 88
0511 75
0611 129
Growth in Malaysiarsquos manufacturing sales increased to 129 y-o-y in June from 75 in
May
Peoplersquos Republic of China
Exports
y-o-y
0910 0710 381
0810 344
0611 179
Exports from the PRC surged 204 y-o-y in July following 179 growth in June
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 1212
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS
Tip Click on link to open a new browser (Acrobat Reader 8) for lower versions right-click to open a new browser)
News Articles Sources for Further Reading
Philippine Economy Expands 34 in 2Q11bull Philippine Economy Decelerates With 34 GDP
Growth National Statistical Coordination Board(31 August 2011)
Japanrsquos Industrial Production Rises 06 in JulyRepublic of Korearsquos Business Sentiment WanesIndustrial Output Growth Slows in JulyViet Nams Industrial Production Surges 58 in August
bull Indices of Industrial Production ndash Statistics reportMinistry of Economy Trade and Industry(31 August 2011)
bull Business Survey Index (BSI) for August 2011 The Bank of Korea (30 August 2011)
bull The Industrial Activities in July 2011 Statistics Korea (31 August 2011)
bull Vietnams Index of Industrial Production Surges 43pctin AugIntellasia (30 August 2011)
Retail Sales Growth Remains Strong in Hong KongChina and Viet Nam
bull Provisional Statistics of Retail Sales for July 2011 Census and Statistics Department (29 August 2011)
bull Inflation Slows Growth of Retail Sales Viet News (31 August 2011)
Consumer Price Inflation Accelerates in August in theRepublic of Korea and Thailand on Food Price Hikes
bull Consumer Price Index in August 2011 Statistics Korea (01 September 2011)
bull Rocketing Food and Fuel Prices Push CPI to 429 The Nation (01 September 2011)
Republic of Korearsquos Trade Surplus Narrows Sharply inAugust Thailand Records Wider Trade and CurrentAccount Surpluses in July
bull S Korearsquos Trade Surplus Sinks to US$821 Mln in AugYONHAP News (01 September 2011)
bull Economic and Monetary Conditions for July 2011 Bank of Thailand (31 August 2011)
PBOC to Expand Reserve Requirement BaseState Bank of Viet Nam to Increase Foreign CurrencyReserve Requirement Ratio
bull PBOC to Expand Reserve Requirement BaseChina Daily (29 August 2011)
bull
New Foreign Currency Reserve Requirement Ratios forCredit InstitutionsThe State Bank of Vietnam (29 August 2011)
Bond Issuance in the PRC Republic of Korea andThailand
bull Sinohydro Group to issue RMB 1 bln in billsChina Knowledge (29 August 2011)
bull Shaanxi Regional Electric Power to issue RMB 1 blnin billsChina Knowledge (29 August 2011)
bull Metallurgical Corp of China to issue RMB 3 bln in bills China Knowledge (29 August 2011)
bull BONDS Siam Cement Banpu Prepare Bt10Bn Issuance
EachIFR Asia (31 August 2011)
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
Disclaimer AsianBondsOnline Newsletter is available to users free of charge The ADB provides no warranty or undertaking of any kind in respect to the information and materials
found on or linked to AsianBondsOnline Newsletter The ADB accepts no responsibility for the accuracy of the material posted or linked to the publication or the information
contained therein or for any consequences arising from its use and does not invite or accept reliance being placed on any materials or information so provided Views expressed in
articles marked with AsianBondsOnline are those of the authors and not ADB This disclaimer does not derogate from and is in addition to the general terms and conditions
regarding the use of the AsianBondsOnline Web Site which also apply
12
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 1012
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS ASIANBONDSONLINE
Selected Debt Security Issuances (29 August ndash 2 September 2011)
ip Zoom-in on the table using the Acrobat zoom tool T
PRC 30-Aug 1-year PBOC Bills 358 100 100
1-Sep 3-month PBOC Bil ls 316 100 100
HK 30-Aug 91-day Exchange Fund Bills 011 2591 2591
JP 30-Aug 2-year Japan Government Bonds 014 010 260000 259927
31-Aug 3-month Treasury Discount Bil ls 009 480000 481993
1-Sep 10-year Japan Government Bonds 108 110 220000 219894
KR 29-Aug 91-day Monetary Stabilization Bonds 332 100000 101000
PH 31-Aug 7-year Fixed Rate Treasury Notes 494 500 900 900
SG 29-Aug 91-day Treasury Bills 009 390 390
TH 30-Aug 28-day BOT Bills 341 1500 1500
31-Aug 6-year Government Bonds 344 1200 1200
1-Sep 14-day BOT Bills 341 6000 6000VN 1-Sep 3-year Government Bonds 1228 200000 192500
5-year Government Bonds 1240 200000 186700
Sources Local market sources and Bloomberg LP
C o u p o n
(in )A m o unt O f fe r e d
L C Y B i llio n s
A m o u n t Is s u e d
L CY B i l l i onsarkets
A uc t i on
D ate T y p e o f S e c u rity
A v e r a g e
Y i e ld ( )
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 1112
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg DEBT HIGHLIGHTS ASIANBONDSONLINE
1
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
Tip Zoom-in on the table using the Acrobat zoom tool
Selected Asia Data Releases (6 - 12 September 2011)
Source AsianBondsOnline Bloomberg LP and Reuters
AUG 0711 204
Malaysia
Industrial Production
y-o-y
JUL
0909 0610 92
0710 29
0511 ndash56
0611 10
Industrial production in Malaysia grew 10 y-o-y in June after a 56 contraction in May
Japan
GDP Annualized (final)
2Q11
0909 0310 940
0610 ndash050
0311 ndash360
0611 ndash130
Japanrsquos preliminary annualized gross domestic product (GDP) contracted 13 in 2Q11
following a 36 decline in 1Q11
Peoplersquos Republic of China
Consumer Price Inflation
y-o-y
AUG
0909 0710 33
0810 35
0611 64
0711 65
Consumer price inflation in the Peoplersquos Republic of China (PRC) surged to its highest level
of the year at 65 y-o-y in July
Peoplersquos Republic of China
Industrial Production
y-o-y
AUG
0909 0710 134
0810 139
0611 151
0711 140
The PRCrsquos industrial production growth eased to 140 y-o-y in July from 151 in June
Philippines
Consumer Price Inflation
y-o-y
AUG
0906 0710 39
0810 40
0611 52
0711 51
Consumer price inflation in the Philippines eased marginally to 51 year-on-year (y-o-y)
in July from 52 in June
Japan
BOJ Target Rate
SEP 7
0810 010
0910 010
0711 010
0811 010
The Bank of Japan (BOJ) has kept its ta rget rate at 010 since December 2008 to boost
the economy
0907
Philippines
Foreign Reserves
USD billion
AUG
0907 0710 490
0810 499
0611 690
0711 719
0908 0810 400
0910 400
0711 450
0811 450
0908
Republic of Korea
7-Day Repurchase Rate
SEP 8
0908 0810 225
0910 225
0711 325
0811 325
The Bank of Korearsquos Monetary Policy Committee decided to maintain its base ratemdashthe 7-
day repurchase ratemdashat 325 in its 11 August meeting
Malaysia
Exports
y-o-y
JUL
Hong Kong Chinarsquos foreign reserves rose to HKD2788 billion in July from HKD2772 billion
in June
Indonesia
BI Rate
y-o-y
SEP 8
0908 0810 650
0910 650
0711 675
0811 675
Bank Indonesiarsquos (BI) Board of Governors left its benchmark rate steady at 65 in its
meeting held on 9 August
Release Date Recent TrendsountryVariable Historical Data
Bangko Sentral ng Pilipinas has kept its overnight borrowing rate at 45 since May 2011
Malaysia
Overnight Rate
SEP 8
0908 0810 275
0910 275
0711 3000811 300
Bank Negara Malaysia decided to keep its overnight policy rate constant at 300 during its
last Monetary Policy Committee meeting on 7 July
Philippines
Overnight Borrowing Rate
SEP 8
The foreign reserves of the Philippines surged to USD719 billion in July the highest level
ever recorded
0610 164
0710 124
0511 54
0611 86
Malaysiarsquos export growth increased to 86 y-o-y in June from 54 in May
Hong Kong China
Foreign Reserves
HKD billionAUG
0908 0710 2607
0810 2614
0611 27720711 2788
Malaysia
Manufacturing Sales
y-o-y
JUL
0909 0610 143
0710 88
0511 75
0611 129
Growth in Malaysiarsquos manufacturing sales increased to 129 y-o-y in June from 75 in
May
Peoplersquos Republic of China
Exports
y-o-y
0910 0710 381
0810 344
0611 179
Exports from the PRC surged 204 y-o-y in July following 179 growth in June
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 1212
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS
Tip Click on link to open a new browser (Acrobat Reader 8) for lower versions right-click to open a new browser)
News Articles Sources for Further Reading
Philippine Economy Expands 34 in 2Q11bull Philippine Economy Decelerates With 34 GDP
Growth National Statistical Coordination Board(31 August 2011)
Japanrsquos Industrial Production Rises 06 in JulyRepublic of Korearsquos Business Sentiment WanesIndustrial Output Growth Slows in JulyViet Nams Industrial Production Surges 58 in August
bull Indices of Industrial Production ndash Statistics reportMinistry of Economy Trade and Industry(31 August 2011)
bull Business Survey Index (BSI) for August 2011 The Bank of Korea (30 August 2011)
bull The Industrial Activities in July 2011 Statistics Korea (31 August 2011)
bull Vietnams Index of Industrial Production Surges 43pctin AugIntellasia (30 August 2011)
Retail Sales Growth Remains Strong in Hong KongChina and Viet Nam
bull Provisional Statistics of Retail Sales for July 2011 Census and Statistics Department (29 August 2011)
bull Inflation Slows Growth of Retail Sales Viet News (31 August 2011)
Consumer Price Inflation Accelerates in August in theRepublic of Korea and Thailand on Food Price Hikes
bull Consumer Price Index in August 2011 Statistics Korea (01 September 2011)
bull Rocketing Food and Fuel Prices Push CPI to 429 The Nation (01 September 2011)
Republic of Korearsquos Trade Surplus Narrows Sharply inAugust Thailand Records Wider Trade and CurrentAccount Surpluses in July
bull S Korearsquos Trade Surplus Sinks to US$821 Mln in AugYONHAP News (01 September 2011)
bull Economic and Monetary Conditions for July 2011 Bank of Thailand (31 August 2011)
PBOC to Expand Reserve Requirement BaseState Bank of Viet Nam to Increase Foreign CurrencyReserve Requirement Ratio
bull PBOC to Expand Reserve Requirement BaseChina Daily (29 August 2011)
bull
New Foreign Currency Reserve Requirement Ratios forCredit InstitutionsThe State Bank of Vietnam (29 August 2011)
Bond Issuance in the PRC Republic of Korea andThailand
bull Sinohydro Group to issue RMB 1 bln in billsChina Knowledge (29 August 2011)
bull Shaanxi Regional Electric Power to issue RMB 1 blnin billsChina Knowledge (29 August 2011)
bull Metallurgical Corp of China to issue RMB 3 bln in bills China Knowledge (29 August 2011)
bull BONDS Siam Cement Banpu Prepare Bt10Bn Issuance
EachIFR Asia (31 August 2011)
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
Disclaimer AsianBondsOnline Newsletter is available to users free of charge The ADB provides no warranty or undertaking of any kind in respect to the information and materials
found on or linked to AsianBondsOnline Newsletter The ADB accepts no responsibility for the accuracy of the material posted or linked to the publication or the information
contained therein or for any consequences arising from its use and does not invite or accept reliance being placed on any materials or information so provided Views expressed in
articles marked with AsianBondsOnline are those of the authors and not ADB This disclaimer does not derogate from and is in addition to the general terms and conditions
regarding the use of the AsianBondsOnline Web Site which also apply
12
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 1112
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg DEBT HIGHLIGHTS ASIANBONDSONLINE
1
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
Tip Zoom-in on the table using the Acrobat zoom tool
Selected Asia Data Releases (6 - 12 September 2011)
Source AsianBondsOnline Bloomberg LP and Reuters
AUG 0711 204
Malaysia
Industrial Production
y-o-y
JUL
0909 0610 92
0710 29
0511 ndash56
0611 10
Industrial production in Malaysia grew 10 y-o-y in June after a 56 contraction in May
Japan
GDP Annualized (final)
2Q11
0909 0310 940
0610 ndash050
0311 ndash360
0611 ndash130
Japanrsquos preliminary annualized gross domestic product (GDP) contracted 13 in 2Q11
following a 36 decline in 1Q11
Peoplersquos Republic of China
Consumer Price Inflation
y-o-y
AUG
0909 0710 33
0810 35
0611 64
0711 65
Consumer price inflation in the Peoplersquos Republic of China (PRC) surged to its highest level
of the year at 65 y-o-y in July
Peoplersquos Republic of China
Industrial Production
y-o-y
AUG
0909 0710 134
0810 139
0611 151
0711 140
The PRCrsquos industrial production growth eased to 140 y-o-y in July from 151 in June
Philippines
Consumer Price Inflation
y-o-y
AUG
0906 0710 39
0810 40
0611 52
0711 51
Consumer price inflation in the Philippines eased marginally to 51 year-on-year (y-o-y)
in July from 52 in June
Japan
BOJ Target Rate
SEP 7
0810 010
0910 010
0711 010
0811 010
The Bank of Japan (BOJ) has kept its ta rget rate at 010 since December 2008 to boost
the economy
0907
Philippines
Foreign Reserves
USD billion
AUG
0907 0710 490
0810 499
0611 690
0711 719
0908 0810 400
0910 400
0711 450
0811 450
0908
Republic of Korea
7-Day Repurchase Rate
SEP 8
0908 0810 225
0910 225
0711 325
0811 325
The Bank of Korearsquos Monetary Policy Committee decided to maintain its base ratemdashthe 7-
day repurchase ratemdashat 325 in its 11 August meeting
Malaysia
Exports
y-o-y
JUL
Hong Kong Chinarsquos foreign reserves rose to HKD2788 billion in July from HKD2772 billion
in June
Indonesia
BI Rate
y-o-y
SEP 8
0908 0810 650
0910 650
0711 675
0811 675
Bank Indonesiarsquos (BI) Board of Governors left its benchmark rate steady at 65 in its
meeting held on 9 August
Release Date Recent TrendsountryVariable Historical Data
Bangko Sentral ng Pilipinas has kept its overnight borrowing rate at 45 since May 2011
Malaysia
Overnight Rate
SEP 8
0908 0810 275
0910 275
0711 3000811 300
Bank Negara Malaysia decided to keep its overnight policy rate constant at 300 during its
last Monetary Policy Committee meeting on 7 July
Philippines
Overnight Borrowing Rate
SEP 8
The foreign reserves of the Philippines surged to USD719 billion in July the highest level
ever recorded
0610 164
0710 124
0511 54
0611 86
Malaysiarsquos export growth increased to 86 y-o-y in June from 54 in May
Hong Kong China
Foreign Reserves
HKD billionAUG
0908 0710 2607
0810 2614
0611 27720711 2788
Malaysia
Manufacturing Sales
y-o-y
JUL
0909 0610 143
0710 88
0511 75
0611 129
Growth in Malaysiarsquos manufacturing sales increased to 129 y-o-y in June from 75 in
May
Peoplersquos Republic of China
Exports
y-o-y
0910 0710 381
0810 344
0611 179
Exports from the PRC surged 204 y-o-y in July following 179 growth in June
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 1212
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS
Tip Click on link to open a new browser (Acrobat Reader 8) for lower versions right-click to open a new browser)
News Articles Sources for Further Reading
Philippine Economy Expands 34 in 2Q11bull Philippine Economy Decelerates With 34 GDP
Growth National Statistical Coordination Board(31 August 2011)
Japanrsquos Industrial Production Rises 06 in JulyRepublic of Korearsquos Business Sentiment WanesIndustrial Output Growth Slows in JulyViet Nams Industrial Production Surges 58 in August
bull Indices of Industrial Production ndash Statistics reportMinistry of Economy Trade and Industry(31 August 2011)
bull Business Survey Index (BSI) for August 2011 The Bank of Korea (30 August 2011)
bull The Industrial Activities in July 2011 Statistics Korea (31 August 2011)
bull Vietnams Index of Industrial Production Surges 43pctin AugIntellasia (30 August 2011)
Retail Sales Growth Remains Strong in Hong KongChina and Viet Nam
bull Provisional Statistics of Retail Sales for July 2011 Census and Statistics Department (29 August 2011)
bull Inflation Slows Growth of Retail Sales Viet News (31 August 2011)
Consumer Price Inflation Accelerates in August in theRepublic of Korea and Thailand on Food Price Hikes
bull Consumer Price Index in August 2011 Statistics Korea (01 September 2011)
bull Rocketing Food and Fuel Prices Push CPI to 429 The Nation (01 September 2011)
Republic of Korearsquos Trade Surplus Narrows Sharply inAugust Thailand Records Wider Trade and CurrentAccount Surpluses in July
bull S Korearsquos Trade Surplus Sinks to US$821 Mln in AugYONHAP News (01 September 2011)
bull Economic and Monetary Conditions for July 2011 Bank of Thailand (31 August 2011)
PBOC to Expand Reserve Requirement BaseState Bank of Viet Nam to Increase Foreign CurrencyReserve Requirement Ratio
bull PBOC to Expand Reserve Requirement BaseChina Daily (29 August 2011)
bull
New Foreign Currency Reserve Requirement Ratios forCredit InstitutionsThe State Bank of Vietnam (29 August 2011)
Bond Issuance in the PRC Republic of Korea andThailand
bull Sinohydro Group to issue RMB 1 bln in billsChina Knowledge (29 August 2011)
bull Shaanxi Regional Electric Power to issue RMB 1 blnin billsChina Knowledge (29 August 2011)
bull Metallurgical Corp of China to issue RMB 3 bln in bills China Knowledge (29 August 2011)
bull BONDS Siam Cement Banpu Prepare Bt10Bn Issuance
EachIFR Asia (31 August 2011)
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
Disclaimer AsianBondsOnline Newsletter is available to users free of charge The ADB provides no warranty or undertaking of any kind in respect to the information and materials
found on or linked to AsianBondsOnline Newsletter The ADB accepts no responsibility for the accuracy of the material posted or linked to the publication or the information
contained therein or for any consequences arising from its use and does not invite or accept reliance being placed on any materials or information so provided Views expressed in
articles marked with AsianBondsOnline are those of the authors and not ADB This disclaimer does not derogate from and is in addition to the general terms and conditions
regarding the use of the AsianBondsOnline Web Site which also apply
12
842019 Asian Weekly Debt Highlights - September 05 2011
httpslidepdfcomreaderfullasian-weekly-debt-highlights-september-05-2011 1212
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
asianbondsonlineadborg
DEBT HIGHLIGHTS
Tip Click on link to open a new browser (Acrobat Reader 8) for lower versions right-click to open a new browser)
News Articles Sources for Further Reading
Philippine Economy Expands 34 in 2Q11bull Philippine Economy Decelerates With 34 GDP
Growth National Statistical Coordination Board(31 August 2011)
Japanrsquos Industrial Production Rises 06 in JulyRepublic of Korearsquos Business Sentiment WanesIndustrial Output Growth Slows in JulyViet Nams Industrial Production Surges 58 in August
bull Indices of Industrial Production ndash Statistics reportMinistry of Economy Trade and Industry(31 August 2011)
bull Business Survey Index (BSI) for August 2011 The Bank of Korea (30 August 2011)
bull The Industrial Activities in July 2011 Statistics Korea (31 August 2011)
bull Vietnams Index of Industrial Production Surges 43pctin AugIntellasia (30 August 2011)
Retail Sales Growth Remains Strong in Hong KongChina and Viet Nam
bull Provisional Statistics of Retail Sales for July 2011 Census and Statistics Department (29 August 2011)
bull Inflation Slows Growth of Retail Sales Viet News (31 August 2011)
Consumer Price Inflation Accelerates in August in theRepublic of Korea and Thailand on Food Price Hikes
bull Consumer Price Index in August 2011 Statistics Korea (01 September 2011)
bull Rocketing Food and Fuel Prices Push CPI to 429 The Nation (01 September 2011)
Republic of Korearsquos Trade Surplus Narrows Sharply inAugust Thailand Records Wider Trade and CurrentAccount Surpluses in July
bull S Korearsquos Trade Surplus Sinks to US$821 Mln in AugYONHAP News (01 September 2011)
bull Economic and Monetary Conditions for July 2011 Bank of Thailand (31 August 2011)
PBOC to Expand Reserve Requirement BaseState Bank of Viet Nam to Increase Foreign CurrencyReserve Requirement Ratio
bull PBOC to Expand Reserve Requirement BaseChina Daily (29 August 2011)
bull
New Foreign Currency Reserve Requirement Ratios forCredit InstitutionsThe State Bank of Vietnam (29 August 2011)
Bond Issuance in the PRC Republic of Korea andThailand
bull Sinohydro Group to issue RMB 1 bln in billsChina Knowledge (29 August 2011)
bull Shaanxi Regional Electric Power to issue RMB 1 blnin billsChina Knowledge (29 August 2011)
bull Metallurgical Corp of China to issue RMB 3 bln in bills China Knowledge (29 August 2011)
bull BONDS Siam Cement Banpu Prepare Bt10Bn Issuance
EachIFR Asia (31 August 2011)
helliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphelliphellip
Disclaimer AsianBondsOnline Newsletter is available to users free of charge The ADB provides no warranty or undertaking of any kind in respect to the information and materials
found on or linked to AsianBondsOnline Newsletter The ADB accepts no responsibility for the accuracy of the material posted or linked to the publication or the information
contained therein or for any consequences arising from its use and does not invite or accept reliance being placed on any materials or information so provided Views expressed in
articles marked with AsianBondsOnline are those of the authors and not ADB This disclaimer does not derogate from and is in addition to the general terms and conditions
regarding the use of the AsianBondsOnline Web Site which also apply
12
Recommended