Asian Bonds Online

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4 July 2011 asianbondsonline.adb.org

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Key Developments in Asian Local Currency Markets

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onsumer price inflation in Indonesia eased to 5.5% year-on-year (y-o-y) in June from 6.0% in May. In theRepublic of Korea, consumer price inflation rose to 4.4% y-o-y in June from 4.1% in May, mainly due to higherfood, housing, and utility costs. Thailand's consumer price inflation was 4.1% y-o-y in June, compared with 4.2%in May. In Japan, inflation remained steady in both April and May at 0.3% y-o-y.

Indonesia's Finance Ministry reported lastweek that it expects its 2011 budget deficit tobe in a range of 1.9%-2.1% of GDP. ThePhilippine fiscal deficit was PHP9.5 billion in thefirst 5 months of the year. Meanwhile, VietNam's budget deficit reached VND27.8 trillionin the first half of 2011.

The People's Republic of Chinas (PRC)local government debt stood at CNY10.7 trillionat end-2010 according to the National Audit

Office.

Trade deficits were recorded for May inHong Kong, China; for January-April in thePhilippines; and for January-June in Viet Nam;amounting to HKD35.7 billion, USD4.6 billion,and USD6.7 billion, respectively. In contrast,trade surpluses were posted for June in theRepublic of Korea (USD3.3 billion), and for Mayin Indonesia (USD3.5 billion) and Thailand(USD274 million).

The Republic of Korea registered a currentaccount surplus in May of USD2.3 billion. Viet

Nam's real GDP growth rate in 1H11 stood at5.6% y-o-y, improving to 5.7% in 2Q11 from5.4% in 1Q11.

Industrial output in Japan and the Republicof Korea accelerated in May by 5.7% and 1.7%m-o-m, respectively, while also expanding 4.6%m-o-m in Viet Nam in June. In contrast, growthin the Philippines' volume of production indexeased to 2.6% y-o-y in April from 9.7% in theprevious month, while manufacturingproduction in Thailand contracted 3.9% y-o-y inMay.

Malaysia raised USD2.0 billion from the saleof 5- and 10-year sukuk (Islamic bonds) lastweek. In Malaysia, Telekom Malaysia issued aMYR300 million 10-year Islamic note; AntaraSteel Mills sold a MYR300 million Islamic bondin five tranches; and Sabah Development Bankpriced a MYR300 million 5-year Islamic bondlast week. Meanwhile Korea Eximbank priced a

JPY80 billion triple-tranche samuraibond last week.

In the PRC last week, Industrial and Commercial Bank of China(ICBC) sold CNY38.0 billion worth of subordinated bonds, while inIndonesia Bank Permata issued IDR1.75 trillion of subordinated debtlast week. In the Philippines, Manila Electric Co. issued PHP5.0 billionin 7- and 10-year notes and Filinvest Land offered PHP3.0 billion ofretail bonds. In Thailand, Noble Development sold THB1.5 billion of 3-year bonds and Provincial Waterworks Authority issued THB1.0 billionof 8-year bonds last week.

Government bond yields fell last week for all tenors in the PRC and

Viet Nam, and for most tenors in Indonesia and the Philippines. Yieldsrose for all tenors in the Republic of Korea, and for most tenors inHong Kong, China; Malaysia and Thailand. Yield movements weremixed in Singapore. Yield spreads between 2- and 10 year maturitieswidened in most emerging East Asian markets.

C Asia Bond Monitor March 2011 read mor

10-Year Selected LCY Government Security Yields Close of 1 July 2011basis 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 & Exchange Rate Indexes

Selected Debt Security IssuancesSelected Asia Data Releases

2-versus-10 Yield Spread Chart

US 3.18 2.23 31.87 -11.12

EU 3.03 0.90 20.00 7.10

Japan 1.14 0.00 3.00 1.20

PRC 3.89 0.00 -5.00 -2.00

Hong Kong, China 2.27 0.00 6.50 -58.50

India 8.36 2.80 10.70 43.90Indonesia 7.53 -2.20 3.00 -7.90

Malaysia 3.94 0.90 1.10 -10.00

Korea, Rep. of 4.33 4.00 7.00 -19.00

Philippines 6.25 -6.28 -7.05 35.90

Singapore 2.34 3.00 6.00 -37.00

Thailand 3.88 0.00 8.80 15.70

Viet Nam 12.62 7.00 -8.00 87.00

31.87

20.00

3.00

-5.00

6.50

10.70

3.00

1.10

7.00

-7.05

6.00

8.80

-8.00
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Summary Text of News Articles

Consumer Price Inflation Eases in Indonesia and Thailand, Rises in the Republic of Korea,

Remains Unchanged in Japan

........................................................................................................................................Consumer price inflation in Indonesia eased for a fifth straight month in June to 5.54% year-on-year (y-o-y) from 5.98%in May. On a month-on-month (m-o-m) basis, however, consumer price inflation rose to 0.55% in June from 0.12% inMay as monthly food price hikes persisted. In the Republic of Korea, inflation based on the consumer price index (CPI)increased 0.3 percentage points from the previous month to 4.4% y-o-y in June, while on a m-o-m basis inflationincreased to 0.2% in June from zero in May. The upward trend in consumer prices was mainly due to increases in thecosts of food, housing, and utilities. In Thailand, consumer price inflation stood at 4.1% y-o-y in June, slightly lower thanthe previous month's 4.2%. In Japan, the CPI rose 0.3% y-o-y in May for the second straight month, while the core CPIincreased 0.6%.

For trends in Indonesia's inflation rate, refer to this link:http://asianbondsonline.adb.org/indonesia/data/marketwatch.php?code=policy_rate_and_inflation_trends

For trends in Japan's inflation rate, refer to this link:http://asianbondsonline.adb.org/japan/data/marketwatch.php?code=policy_rate_and_inflation_trends

For trends in the Republic of Korea's inflation rate, refer to this link:http://asianbondsonline.adb.org/korea/data/marketwatch.php?code=policy_rate_and_inflation_trends

For trends in Thailand's inflation rate, refer to this link:http://asianbondsonline.adb.org/thailand/data/marketwatch.php?code=policy_rate_and_inflation_trends

PRC's Local Government Debt Reached CNY10.7 Trillion at end-2010........................................................................................................................................The Peoples Republic of China's (PRC) National Audit Office publicly revealed the size of local governments'aggregated debt for the first time. The debts amounted to CNY10.7 trillion at end-2010. Of the CNY10.7 trillion, localgovernments are explicitly responsible for repaying CNY6.7 trillion, or about 63%, with the remainder comprising debtguarantees and loans that might potentially be repaid by local governments.

Indonesia's Finance Ministry Forecasts a 2011 Budget Deficit Equal to 1.9%-2.1% of GDP;Philippines Records PHP9.5 Billion Budget Deficit in January-May;

Viet Nam's Budget Deficit Reaches VND27.8 Trillion in 1H11........................................................................................................................................Indonesia's Finance Ministry reported last week that the 2011 budget deficit would fall within a range of 1.9%-2.1% ofgross domestic product (GDP), despite the government's plan to raise fuel subsidy quotas. The government's initialtarget for the budget deficit was 1.8% of GDP. The Finance Ministry is scheduled to discuss the 2011 revised statebudget with the House of Representatives in July.

The Philippines's year-to-date fiscal position fell into deficit in May, amounting to PHP9.54 billion in the first 5 months ofthe year after the government posted a deficit of PHP 9.6 billion in May. (In January-April, the government reported amodest fiscal surplus of PHP61 million.) Over the January-May period, revenue grew 16.3% y-o-y as the Bureau ofInternal Revenue and Bureau of the Treasury increased revenue collection by 13.7% and 124.3%, respectively. On theother hand, receipts at the Bureau of Customs' shrank 0.5% y-o-y during the same period. Government expendituresamounting to PHP591 billion were down 10.7% from the same period of last year.

According to Viet Nam's Ministry of Finance, the country's budget deficit during the first 6 months of 2011 reachedVND27.8 trillion, which is about 23% of the ministry's targeted VND130.6 trillion budget deficit for the full year.Government revenue amounted to VND327.8 trillion, while government expenditures totaled VND355.6 trillion. VietNam is targeting a lower fiscal deficit in 2011 equivalent to 5.3% of GDP, compared with 5.6% in 2010.

For statistics on Indonesia's fiscal balance, refer to this link:http://asianbondsonline.adb.org/indonesia/data/macroeconomic_credit.php
http://asianbondsonline.adb.org/indonesia/data/marketwatch.php?code=policy_rate_and_inflation_trends&src=wdhhttp://asianbondsonline.adb.org/japan/data/marketwatch.php?code=policy_rate_and_inflation_trends&src=wdhhttp://asianbondsonline.adb.org/korea/data/marketwatch.php?code=policy_rate_and_inflation_trends&src=wdhhttp://asianbondsonline.adb.org/thailand/data/marketwatch.php?code=policy_rate_and_inflation_trends&src=wdhhttp://asianbondsonline.adb.org/indonesia/data/macroeconomic_credit.php?src=wdhhttp://asianbondsonline.adb.org/indonesia/data/macroeconomic_credit.php?src=wdhhttp://asianbondsonline.adb.org/thailand/data/marketwatch.php?code=policy_rate_and_inflation_trends&src=wdhhttp://asianbondsonline.adb.org/korea/data/marketwatch.php?code=policy_rate_and_inflation_trends&src=wdhhttp://asianbondsonline.adb.org/japan/data/marketwatch.php?code=policy_rate_and_inflation_trends&src=wdhhttp://asianbondsonline.adb.org/indonesia/data/marketwatch.php?code=policy_rate_and_inflation_trends&src=wdh


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Indonesia's Finance Ministry Forecasts a 2011 Budget Deficit Equal to 1.9%-2.1% of GDP;

Philippines Records PHP9.5 Billion Budget Deficit in January-May;

Viet Nam's Budget Deficit Reaches VND27.8 Trillion in 1H11 (cont)........................................................................................................................................For statistics on the Philippines' fiscal balance, refer to this link:http://asianbondsonline.adb.org/philippines/data/macroeconomic_credit.php

For statistics on Viet Nam's fiscal balance, refer to this link:http://asianbondsonline.adb.org/vietnam/data/macroeconomic_credit.php

Trade Deficits in Hong Kong, China; Philippines; and Viet Nam; Trade Surpluses in Indonesia,

Republic of Korea, and Thailand........................................................................................................................................Hong Kong, China's exports grew 10.1% y-o-y in May to HKD279.9 billion, following growth in April of 4.1%. Exportswithin Asia showed the largest gains, with exports to Taipei,China increasing 40.6% y-o-y and exports to Thailandincreasing 35.4%. In contrast, exports to Japan, the United States (US), and the United Kingdom (UK) declined 6.1%,

2.4%, and 7.4% y-o-y, respectively. Import growth increased to 13.0% y-o-y in May from 6.1% in April. As a result, atrade deficit of HKD35.7 billion was recorded for the month.

In Indonesia, the trade surplus jumped to USD3.5 billion in May from USD1.7 billion in April as export growthaccelerated to 45.3% y-o-y from 37.5% in the previous month. Imports also climbed 48.5% y-o-y in May after rising32.5% in April. The Republic of Korea recorded a trade surplus of USD3.3 billion in June, up from a surplus of USD2.2billion in May. The export growth rate for the month stood at 14.5% y-o-y, while import growth was 27.4%.

In the Philippines, the trade deficit in goods during the first 4 months of 2011 surged 91.4% y-o-y to USD4.6 billion.Imports grew 21.7% y-o-y to USD21.1 billion, while exports were up 10.6% to USD16.5 billion. In April, imports grew20.3% y-o-y, following 21.8% growth in March, to reach USD5.5 billion. Electronic products, which expanded 11.5% y-o-y in April, accounted for 30.7% of the aggregate import bill. The top five sources of imports came from the US; People'sRepublic of China (PRC); Singapore; Taipei,China; and Japan.

In Thailand, total exports grew 17.3% y-o-y in May to reach USD19.3 billion, following 24.7% growth in April. Exports of

agricultural products expanded 74.2% y-o-y amid a record-high in rice exports, while exports of manufacturing productsalso grew, led by electrical appliances. However, exports of automobiles and auto parts continued to contract as a resultof decreased automobile production. Meanwhile, total imports expanded 34.4% y-o-y in May to reach USD19.0 billion,compared with 26.3% growth in April. Import values rose in all product categories except for vehicles and parts. Thetrade surplus stood at USD274 million in May after posting a deficit of USD477 million in April.

In Viet Nam, total exports reached USD42.3 billion in 1H11, which was 30.3% higher than in the same period last year.The share of agriculture and forestry products as a portion of total exports increased from 16.0% to 21.1% between1H10 and 1H11, mainly due to an increase in prices. On the other hand, the share of heavy industrial and mineralgoods as a portion of total exports dropped from 30.2% to 29.5% between 1H10 and 1H11, while light industrial andhandicraft items decreased from 43.5% to 41.3% and gold and gold products decreased from 4.1% to 2.0%. The USremained Viet Nam's top export market with USD7.6 billion in total exports, followed by the European Union (EU) andthe Association of South East Asian Nations (ASEAN) with USD7.4 billion and USD6.1 billion, respectively. Meanwhile,total imports in 1H11 rose 25.8% y-o-y to USD49.0 billion. The country's trade deficit in the first 6 months stood atUSD6.7 billion.

For statistics on the Republic of Korea's export and import growth rates, refer to this link:http://asianbondsonline.adb.org/korea/data/macroeconomic_credit.php

For statistics on the Philippines' export and import growth rates, refer to this link:http://asianbondsonline.adb.org/philippines/data/macroeconomic_credit.php
http://asianbondsonline.adb.org/philippines/data/macroeconomic_credit.php?src=wdhhttp://asianbondsonline.adb.org/philippines/data/macroeconomic_credit.php?src=wdhhttp://asianbondsonline.adb.org/vietnam/data/macroeconomic_credit.php?src=wdhhttp://asianbondsonline.adb.org/korea/data/macroeconomic_credit.php?src=wdhhttp://asianbondsonline.adb.org/philippines/data/macroeconomic_credit.php?src=wdhhttp://asianbondsonline.adb.org/philippines/data/macroeconomic_credit.php?src=wdhhttp://asianbondsonline.adb.org/korea/data/macroeconomic_credit.php?src=wdhhttp://asianbondsonline.adb.org/vietnam/data/macroeconomic_credit.php?src=wdhhttp://asianbondsonline.adb.org/philippines/data/macroeconomic_credit.php?src=wdh


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Trade Deficits in Hong Kong, China; Philippines; and Viet Nam; Trade Surpluses in Indonesia,

Republic of Korea, and Thailand (cont)

........................................................................................................................................For statistics on Thailand's export growth rates, refer to this link:http://asianbondsonline.adb.org/thailand/data/macroeconomic_credit.php

For statistics on Viet Nam's export growth rates, refer to this link:http://asianbondsonline.adb.org/vietnam/data/macroeconomic_credit.php

Republic of Korea Posts Current Account Surplus for 15th Straight Month in May;

Viet Nam's Economy Expands 5.6% in 1H11........................................................................................................................................The Republic of Korea posted a current account surplus (USD2.3 billion) for the 15th straight month in May on the backof a solid surplus position in the goods account as well as improvements in net dividend payments. The goods accountsurplus in May was USD1.7 billion, following a surplus of USD3.3 billion in April, while the primary income accountrecorded a surplus of USD520 million in May after posting a deficit of USD1.6 billion in the previous month. The

services and secondary income accounts also registered surpluses of USD15.5 million and USD15.8 million,respectively.

Viet Nam's real GDP grew 5.6% y-o-y in 1H11, down from 6.2% growth in the same period last year. In 2Q11, GDPexpanded 5.7% y-o-y after growing 5.4% in the previous quarter. In 1H11, the country's agriculture, forestry, andfisheries sector grew 2.1% y-o-y, while the industry and construction sector and service sector registered 6.5% and6.1% growth rates, respectively.

For statistics on the Republic of Korea's current account balance, refer to this link:http://asianbondsonline.adb.org/korea/data/macroeconomic_credit.php

For statistics on Viet Nam's GDP growth rate, refer to this link:http://asianbondsonline.adb.org/vietnam/data/macroeconomic_credit.php

Industrial Output Growth Increases in Japan, Republic of Korea, and Viet Nam,

Slows in the Philippines and Falls in Thailand........................................................................................................................................Japan's industrial output expanded 5.7% m-o-m in May, the second straight monthly increase. (In April factory outputrose 1.6% m-o-m after plunging 15.3% in March.) The Ministry of Economy, Trade, and Industry forecasts factory outputwill rise 5.3% m-o-m in June and 0.5% in July.

In the Republic of Korea, the industrial production index climbed 1.7% m-o-m in May after declining 1.7% in April. On ay-o-y basis, the industrial production growth rate improved to 8.3% in May from 6.9% in the previous month.

Growth in the volume of production index (VOPI) in the Philippines eased to 2.6% y-o-y in April from 9.7% in March,mainly due to a decline in the production of basic metals. On a m-o-m basis, the VOPI fell 4.3% in April. The output inleather products, transport equipment, miscellaneous manufactures, furniture and fixtures, chemical products, andfabricated metal products contracted during the month.

Thailand's manufacturing production index (MPI) fell 3.9% y-o-y in May, which was attributed to a drop in automobileproduction and a lack of auto parts. However, the MPI's performance in May was an improvement from April's decline of8.1% y-o-y. Car production fell 32.5% y-o-y in May, while car sales shrank 33.3% as Japanese auto parts makers wereaffected by the March earthquake and tsunami. Overall car production in Thailand is expected to return to normalconditions in 3Q11. According to the Office of Industrial Economics, its prior projection of an MPI increase of 6%-8% forthe full-year 2011 will be reduced as the index has now fallen in 4 consecutive months.

In Viet Nam, the index of industrial production (IIP) grew 12.7% y-o-y and 4.6% m-o-m in June. During the first 6 monthsof the year, the IIP increased 9.7% y-o-y. In January-June, the mining and quarrying sector and the manufacturingindustry expanded production 2.8% and 12.7% y-o-y, respectively, while production of the power, gas, and water sectorrose 10.3% y-o-y.
http://asianbondsonline.adb.org/thailand/data/macroeconomic_credit.php?src=wdhhttp://asianbondsonline.adb.org/vietnam/data/macroeconomic_credit.php?src=wdhhttp://asianbondsonline.adb.org/korea/data/macroeconomic_credit.php?src=wdhhttp://asianbondsonline.adb.org/korea/data/macroeconomic_credit.php?src=wdhhttp://asianbondsonline.adb.org/vietnam/data/macroeconomic_credit.php?src=wdhhttp://asianbondsonline.adb.org/vietnam/data/macroeconomic_credit.php?src=wdhhttp://asianbondsonline.adb.org/korea/data/macroeconomic_credit.php?src=wdhhttp://asianbondsonline.adb.org/vietnam/data/macroeconomic_credit.php?src=wdhhttp://asianbondsonline.adb.org/thailand/data/macroeconomic_credit.php?src=wdh


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Industrial Output Growth Increases in Japan, Republic of Korea, and Viet Nam,

Slows in the Philippines and Falls in Thailand (cont)

........................................................................................................................................For statistics on Japan's industrial production growth rate, refer to this link:http://asianbondsonline.adb.org/japan/data/macroeconomic_credit.php

For statistics on Thailand's manufacturing production growth rate, refer to this link:http://asianbondsonline.adb.org/thailand/data/macroeconomic_credit.php

For statistics on Viet Nam's industrial production growth rate, refer to this link:http://asianbondsonline.adb.org/vietnam/data/macroeconomic_credit.php

Malaysia Issues USD2.0 Billion Sukuk;

Local CurrencySukukIssuance from Telekom Malaysia, Antara Steel Mills, and Sabah Development Bank;

Korea Eximbank Prices JPY80 Billion Samurai........................................................................................................................................In Malaysia, the government sold USD2.0 billion worth of 5- and 10-year sukuk (Islamic bonds) in the internationalmarket, establishing a new benchmark in Islamic capital markets. The sukukwas issued via a special purpose vehicle,Wakala Global SukukBerhad, and structured under the sharia'h (Islamic law) principle of wakala (agency agreement).The USD1.2 billion worth of 5-year sukukwas priced at 2.991%, while the USD800 million 10-year sukukpays 4.646%.The sukuk was rated A- by Standard and Poor's, and A3 by Moody's. About 29% of the sukuk was allocated toinvestors from the Middle East, 27% to Malaysian-based investors, 22% to the rest of Asia, 14% to Europe, and 8% tothe US.

Telekom Malaysia issued MYR300 million worth of 10-year Islamic notes last week. The notes were priced at 4.5% andrated AAA by RAM Ratings. Antara Steel Mills sold a five-tranche MYR300 million Islamic note that was guaranteed bynational bond guarantee agency Danajamin Nasional. Each tranche is worth MYR60 million, with the 3-year tranchepaying 4.02%, the 4-year at 4.17%, the 5-year at 4.32%, the 6-year at 4.47%, and the 7-year at 4.62%. Proceeds fromthe issuance will be used to refinance outstanding paper maturing in August and to fund working capital. Meanwhile,Sabah Development Bank priced MYR300 million worth of 5-year sukuk at 4.43%. The bond was rated AA1 by RAM

Ratings.Korea Eximbank priced JPY80 billion worth of triple-tranche samurai bonds last week, its second samurai issuancesince June 2007. The largest tranche was a 2-year bond amounting to JPY58.4 billion with a coupon rate of 0.93%. Theother two tranches were JPY11.6 billion of 3-year bonds at a 1.06% coupon and a JPY10.0 billion 5-year bond at a1.32% coupon.

Subordinated Debt, MTNs, and Commercial Paper Issuance in the PRC; Meralco Sells PHP5.0 Billion of Fixed-Rate Notes;

Filinvest Land Offers PHP3 Billion Retail Bonds; Noble Development and Provincial Waterworks Authority Issues THB-

Denominated Bonds; F&N Treasury Raises SGD50 Million from 7-Year Bond Sale........................................................................................................................................In the PRC, the Industrial and Commercial Bank of China (ICBC) sold CNY38.0 billion of 20-year subordinated bonds ata coupon rate of 5.56% last week. The bond is callable after 15 years. Meanwhile, Guangong Guangxin Holdings, whichprimarily produces building materials, issued CNY1.0 billion worth of medium-term notes (MTNs). The MTNs carry a

tenor of 5 years and a coupon of 6.35%. China Lianhe Credit Rating gave the MTNs an A rating. Jiangsu Beijing-Shanghai Expressway issued CNY1.0 billion in commercial paper. The bills were priced to yield 5.37% and have amaturity of 366 days. China Cheng Xin International Credit Rating rated the issuance as A-1.

In the Philippines, Manila Electric Co. (Meralco) issued PHP5.0 billion of fixed-rate notes comprising PHP500 million of7-year and PHP4.5 billion of 10-year bonds. The coupon rates were set at 6.2692% and 6.89%, respectively. Proceedsfrom the issue will fund capital expenditures and general corporate expenses. Also, Filinvest Land offered PHP3 billionof retail bonds last week with the coupon rate set at 6.1962%..
http://asianbondsonline.adb.org/japan/data/macroeconomic_credit.php?src=wdhhttp://asianbondsonline.adb.org/japan/data/macroeconomic_credit.php?src=wdhhttp://asianbondsonline.adb.org/thailand/data/macroeconomic_credit.php?src=wdhhttp://asianbondsonline.adb.org/thailand/data/macroeconomic_credit.php?src=wdhhttp://asianbondsonline.adb.org/vietnam/data/macroeconomic_credit.php?src=wdhhttp://asianbondsonline.adb.org/vietnam/data/macroeconomic_credit.php?src=wdhhttp://asianbondsonline.adb.org/vietnam/data/macroeconomic_credit.php?src=wdhhttp://asianbondsonline.adb.org/thailand/data/macroeconomic_credit.php?src=wdhhttp://asianbondsonline.adb.org/japan/data/macroeconomic_credit.php?src=wdh


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Subordinated Debt, MTNs, and Commercial Paper Issuance in the PRC; Meralco Sells PHP5.0 Billion of Fixed-Rate Notes;

Filinvest Land Offers PHP3 Billion Retail Bonds; Noble Development and Provincial Waterworks Authority Issues THB-

Denominated Bonds; F&N Treasury Raises SGD50 Million from 7-Year Bond Sale (cont)........................................................................................................................................Thai property developer Noble Development sold THB1.5 billion of 3-year senior bonds last week. The bonds will pay acoupon of 5.25%, 5.75%, and 6.20% in the first, second, and third year, respectively. Proceeds from the bond issue willfinance residential project development and debt repayment. Stated-owned Provincial Waterworks Authority issuedTHB1.0 billion of 8-year bonds at a coupon of 3.76%.

Meanwhile, Singapore's F&N Treasury issued 7-year floating rate bonds worth SGD50 million last week.

PT Bank Permata Issues IDR1.75 Trillion of Subordinated Debt; Bank Tabungan Pensiunan Sells IDR500 Billion of Dual-

Tranche Bonds; Bank Tabungan Negara Issues IDR1.3 Trillion of 10-Year Bonds........................................................................................................................................PT Bank Permata issued IDR1.75 trillion of subordinated bonds last week. The subdebt issue carried a coupon of11.0% and a maturity of 7 years. The deal was an upsize from an original plan of IDR1.0 trillion. Proceeds from theissue will be used to fund the bank's lower Tier 2 capital requirements. Bank Tabungan Pensiunan Nasional Tbk soldIDR500 billion dual-tranche bonds last week. The bank issued 3-year bonds worth IDR165 billion with a coupon of9.25% and 5-year bonds worth IDR335 billion with a coupon of 9.90%. The proceeds from the bond issue will be usedto support the bank's loan expansion program. Home mortgage provider PT Bank Tabungan Negara Tbk sold IDR1.3trillion of 10-year bonds last week. The bonds carried a coupon of 9.5%. Proceeds from the issue will be used tosupport the bank's housing loan expansion.


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DEBTHIGHLIGHTSASIANBONDSONLINE

Selected Government Security Yields

ip: Zoom-in on the table using the Acrobat zoom tool

3-Month Selected LCY Government Security Yields

10-Year Selected LCY Government Bond Yields

T

Previous

Day*

Previous

Week*1-Jan-11*

US 0.02 0.51 1.02 -10.44

EU 1.18 -0.10 10.40 78.70

Japan 0.10 0.00 1.00 -2.40

PRC 3.42 -5.00 -14.00 24.00

Hong Kong, China 0.06 0.00 -1.00 -22.00

India 8.10 -10.00 -5.00 100.00

Malaysia 2.91 0.30 0.40 13.50Korea, Rep. of 3.32 0.00 4.00 81.00

Philippines 2.80 -5.12 -20.14 160.36

Singapore 0.32 0.00 0.00 -7.00

Thailand 3.05 0.00 7.50 107.83

Markets

basis point change from

Latest Closing

1.02

10.40

1.00

-14.00

-1.00

-5.00

0.40

4.00

-20.14

0.00

7.50

Close of 1 July 2011

Previous

Day*

Previous

Week*1-Jan-11*

US 3.18 2.23 31.87 -11.12

EU 3.03 0.90 20.00 7.10

Japan 1.14 0.00 3.00 1.20

PRC 3.89 0.00 -5.00 -2.00

Hong Kong, China 2.27 0.00 6.50 -58.50

India 8.36 2.80 10.70 43.90

Indonesia 7.53 -2.20 3.00 -7.90

Malaysia 3.94 0.90 1.10 -10.00

Korea, Rep. of 4.33 4.00 7.00 -19.00

Philippines 6.25 -6.28 -7.05 35.90

Singapore 2.34 3.00 6.00 -37.00Thailand 3.88 0.00 8.80 15.70

Viet Nam 12.62 7.00 -8.00 87.00

Markets Latest Closing


00 1.20

PRC 3.89 0.00 -5.00 -2.00

Hong Kong, China 2.27 0.00 6.50 -58.50

India 8.36 2.80 10.70 43.90

Indonesia 7.53 -2.20 3.00 -7.90

Malaysia 3.94 0.90 1.10 -10.00

Korea, Rep. of 4.33 4.00 7.00 -19.00

Philippines 6.25 -6.28 -7.05 35.90

Singapore 2.34 3.00 6.00 -37.00Thailand 3.88 0.00 8.80 15.70

Viet Nam 12.62 7.00 -8.00 87.00

Markets Latest Closing


31.87

20.00

3.00

-5.00

6.50

10.70

3.00

1.10

7.00

-7.05

6.00

8.80

-8.00

Close of 1 July 2011

Source: Based on data from Bloomberg, LP.

7


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.....



Benchmark Yield Curves Local Currency Government Bonds

ip: Zoom-in on the table using the Acrobat zoom toolT

China, Peoples Rep. of

2.25

2.50

2.75

3.00

3.25

3.50

3.75

4.00

4.25

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

Time to maturity (years)

Yield(%)

01-Jul-11 24-Jun-11 17-Jun-11

IndonesiaHong Kong, China

Source: Based on data from Bloomberg.

JapanEUUS

Viet NamThailandSingapore

PhilippinesMalaysiaKorea, Republic of

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

0 2 4 6 8 10 12 14 16


Yield(%)

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

0 3 6 9 12 15 18 21 24 27 30 33


Yield(%)

01-Jul-11 24-Jun-11 17-Jun-11 01-Jul-11 24-Jun-11 17-Jun-11

2.50

3.00

3.50

4.00

4.50

5.00

5.50

6.00

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


Yield(%)

01-Jul-11 24-Jun-11 17-Jun-11

2.6

2.8

3.0

3.2

3.4

3.6

3.8

4.0

4.2

4.4

4.6

4.8

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


Yield(%)

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

0 3 6 9 12 15 18 21 24 27


Yield(%)

01-Jul-11 24-Jun-11 17-Jun-1101-Jul-11 24-Jun-11 17-Jun-11

0.3

0.8

1.3

1.8

2.3

2.8

3.3

3.8

0 3 6 9 12 15 18 21


Yield(%)

01-Jul-11 24-Jun-11 17-Jun-11

2.0

2.3

2.5

2.8

3.0

3.3

3.5

3.8

4.0

4.3

4.5

0 2 4 6 8 10 12 14 16


Yield

12.0

12.3

12.5

12.8

13.0

13.3

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


Yield(%)

01-Jul-11 24-Jun-11 17-Jun-11

%)

(

01-Jul-11 24-Jun-11 17-Jun-11

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

0 4 8 12 16 20 24 28 32


Yield(%)

01-Jul-11 24-Jun-11 17-Jun-11

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

0 5 10 15 20 25 30


Yield(%)

01-Jul-11 24-Jun-11 17-Jun-11

0.0

0.3

0.5

0.8

1.0

1.3

1.5

1.8

2.0

2.3

2.5

0 4 8 12 16 20 24 28 32 36 40


Yield(%)

01-Jul-11 24-Jun-11 17-Jun-11

8


9/14

.....


DEBTHIGHLIGHTS

ASIANBONDSONLINE

2-versus-10 Yield Spread Chart

ip: Zoom-in on the table using the Acrobat zoom toolTYield Spread between the Two- and Ten-Year Government Bonds

0 50 100 150 200 250 300

China, People's Rep. of

Hong Kong, China

Indonesia

Korea, Rep. of

Malaysia

Philippines

Singapore

Thailand

Viet Nam

U.S.

E.U.

Japan

basis points

1-Jul-11

24-Jun-11

17-Jun-11

LP.Source: Based on data from Bloomberg

9


10/14

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Policy Rate versus Inflation Rate Charts

ip: Zoom-in on the table using the Acrobat zoom toolT

China, Peoples Rep. of Hong Kong, China India

Philippines Thailand

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.

5.50

Inflation Rate

6.31

1-year

Lending Rate

-4

-2

0

2

4

6

8

10

Jan-

05

Sep-

05

Jun-

06

Feb-

07

Nov-

07

Aug-

08

Apr-

09

Jan-

10

Sep-

10

Jun-

11

5.2Inflation Rate

0.5

HKMA Base

Rate

-4

-2

0

2

4

6

8

Jan-

05

Sep-

05

Jun-

06

Feb-

07

Nov-

07

Aug-

08

Apr-

09

Jan-

10

Sep-

10

Jun-

11

9.06

Inflation Rate

7.50

Repurchase

Cut-off Yield

-2

0

2

4

6

8

10

12

Jan-

05

Sep-

05

Jun-

06

Feb-

07

Nov-

07

Aug-

08

Apr-

09

Jan-

10

Sep-

10

Jun-

11

5.54

lation RateInf

6.75

0

2

4

6

8

10

12

14

16

18

20

Jan-

05

Sep-

05

Jun-

06

Feb-

07

Nov-

07

Aug-

08

Apr-

09

Jan-

10

Sep-

10

Jun-

11

4.40

Inflation Rate

3.25

7-Day Repo

Rate

0

4

6

8

Jan-

05

Sep-

05

Jun-

06

Feb-

07

Nov-

07

Aug-

08

Apr-

09

Jan-

10

Sep-

10

Jun-

11

2

3.30

Inflation Rate

3.00

Overnight

Policy Rate

-4

-2

0

2

4

6

8

10

Jan-

05

Sep-

05

Jun-

06

Feb-

07

Nov-

07

Aug-

08

Apr-

09

Jan-

10

Sep-

10

Jun-

11

4.50

Inflation

Rate

4.50

Overnight

Reverse Repo

Rate

0

2

4

6

8

10

12

14

Jan-

05

Sep-

05

Jun-

06

Feb-

07

Nov-

07

Aug-

08

Apr-

09

Jan-

10

Sep-

10

Jun-

11

4.06

Inflation Rate

3.001-Day Repo

Rate

-6

-4

-2

0

2

4

6

8

10

Jan-

05

Sep-

05

Jun-

06

Feb-

07

Nov-

07

Aug-

08

Apr-

09

Jan-

10

Sep-

10

Jun-

11

20.82Inflation Rate

9.00

Prime

Lending Rate

0

3

6

9

12

15

18

21

24

27

30

Jan-

05

Sep-

05

Jun-

06

Feb-

07

Nov-

07

Aug-

08

Apr-

09

Jan-

10

Sep-

10

Jun-

11

10


11/14

.....


DEBTHIGHLIGHTS

ASIANBONDSONLINE

Credit Default Swap Spreads & Exchange Rate Indexes

ip: Zoom-in on the table using the Acrobat zoom toolTCredit Default Swap Spreads - Senior 5-year*

* In USD currency and basedon sovereign bonds

Source: Thomson Reuters

Midspre

adinbasispoints

0

20 0

40 0

60 0

80 0

1,000

1,200

1,400

Dec-07 May-08 Oct-08 Apr-09 Sep-09 Feb-10 Jul-10 Jan-11 Jun-11

China, People's Rep. of

Hong Kong, China

Indonesia

Korea, Rep. of

Japan

Malaysia

Philippines

Thailand

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

50

Jan-07 Aug-07 Apr-08 Nov -0 8 Ju l-09 M ar -10 O ct-10 Jun-11

50

60

70

80

90

100

110

120

130

60

70

80

90

10 0

11 0

12 0

13 0China, People's Rep. of

Indonesia

Korea, Rep. of

Malaysia

Philippines

Thailand

Singapore

Viet Nam

Source: ADB-OREI staffcalculations based onBloomberg data.

1


12/14

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Tip: Zoom-in on the table using the Acrobat zoom tool

Selected Debt Security Issuances (27 June 1 July 2011)

PRC 28-Jun 1-year PBOC Bills 3.50 2.00 2.00

HK 28-Jun 91-day Exchange Fund Bills 0.09 28.40 28.40

181-day Exchange Fund Bills 0.11 9.00 9.00

JP 29-Jun 3-month Treasury Discount Bills 0.09 4,800.00 4,762.98

KR 27-Jun 91-day Monetary Stabilization Bonds 3.40 1,200.00 1,200.00

1-year Monetary Stabilization Bonds 3.68 1,000.00 1,040.00

20-year Treasury Bonds 4.37 800.00 800.00

MY 27-Jun 91-day BNM Islamic Notes 2.68 1.00 0.50

168-day BNM Notes 2.88 1.00 0.20

210-day BNM Notes 2.89 1.00 0.50

29-Jun 56-day BNM Islamic Notes 2.89 1.00 0.50

89-day BNM Notes 2.84 2.00 1.00

259-day BNM Notes 2.92 1.00 0.20

20-year Malaysian Government Securities 4.23 2.00 2.00

PH 27-Jun 91-day Treasury Bills 2.88 1.50 1.50

364-day Treasury Bills 3.22 4.00 2.03

SG 27-Jun 91-day Treasury Bills 0.19 3.90 3.90

28-Jun 2-year Government Bonds 0.39 2.20 2.20

TH 28-Jun 28-day BOT Bills 2.84 20.00 10.23

91-day BOT Bills 3.06 20.00 15.39

182-day BOT Bills 3.33 18.00 12.88

Sources: LocalmarketsourcesandBloomberg,LP.

Coupon(in %)

Amount Offered LCYBillions

Amount Issued LCYBillionsarkets Auction Date Type of Security

Average Yield(%)


13/14

.....



13

Tip: Zoom-in on the table using the Acrobat zoom tool

Selected Asia Data Releases (5 - 11 July 2011)

Country/Variable Release DateHistorical

Data Recent Trends

Source:AsianBondsOnline,BloombergLP,andReuters.

Peoples Republic of China

M2 Money Supply

y-o-y%

JUN

07/10 05/10: 21.0%

06/10: 18.5%

04/11: 15.3%

05/11: 15.1%

The growth of the PRCs M2 money supply fell slightly to 15.1% y-o-y in May from 15.3% in

April due to monetary tightening measures implemented by the Peoples Bank of China.

Growth in the Philippines M3 money supply eased to 7.3% y-o-y in April from 10.3% growth in

March.


Exports

y-o-y%

JUN

07/10 05/10: 48.5%

06/10: 43.9%

04/11: 29.9%

05/11: 19.4 %

Export growth in the Peoples Republic of China (PRC) fell to 19.4% y-o-y in May from 29.9% in

April.


Trade Balance

USD billionJUN

07/10 05/10: 19.5

06/10: 20.0

04/11: 11.405/11: 13.1

The PRC posted a trade surplus of USD13.1 billion in May, up from USD11.4 billion in April.

04/10: 12.5%

05/10: 10.7%

03/11: 10.3%

04/11: 7.3%

04/10: 11.4%

05/10: 12.4%

03/11: 2.9%

04/11: 2.2%

Malaysias industrial production contracted 2.2% y-o-y in April following a 2.9% expansion in

March.

Malaysia

Manufacturing Sales

y-o-y%

MAY

07/11 04/10: 20.1%

05/10: 20.3%

03/11: 14.1%

04/11: 15.5%

Manufacturing sales in Malaysia rose 15.5% y-o-y in April, slightly higher than the 14.1%

growth posted in March.

Japan

M3 Money Supply

y-o-y%

JUN

07/08 05/10: 2.3%

06/10: 2.2%

04/11: 2.1%

05/11: 2.1%

Growth in Japans M3 money supply remained steady at 2.1% y-o-y in both April and May.

Republic of Korea

Producer Price Index

y-o-y %

JUN

07/08 05/10: 4.6%

06/10: 4.6%

04/11: 6.8%

05/11: 6.2%

Producer prices in the Republic of Korea rose 6.2% y-o-y in May following a 6.8% increase in

April.

Indonesia

M2 Money Supply

y-o-y%

MAY

07/07 to 07/13 04/10: 10.6%

05/10: 11.2%

03/11: 16.1%

04/11: 15.1%

Indonesias M2 money supply expanded 15.1% y-o-y in April after growing 16.1% in March.

MalaysiaOvernight Policy Rate

%

JUL

07/07 06/10: 2.50%07/10: 2.50%

05/11: 3.00%

06/11: 3.00%

Bank Negara Malaysia raised its overnight policy rate to 3.00% from 2.75% during its lastMonetary Policy Committee meeting on 5 May.

05/10: 4.3%

06/10: 4.0%

04/11: 4.3%

05/11: 4.5%

Consumer price inflation in the Philippines accelerated to 4.5% y-o-y in May from 4.3% in April.

Singapore

Purchasing Managers Index

Index

JUN

07/05 05/10: 52.2

06/10: 51.3

04/11: 52.5

05/11: 50.8

Singapores purchasing managers index fell to 50.8 points in May from 52.5 in April.

Malaysia

Exports

y-o-y%

MAY

07/05 04/10: 26.3%

05/10: 21.3%

03/11: 7.8%

04/11: 11.1%

Malaysias export growth rose to 11.1% year-on-year (y-o-y) in April from 7.8% in March.

Philippines

Consumer Price Index

y-o-y%

JUN

Philippines

M3 Money Supply

y-o-y%

MAY

07/11

Malaysia

Industrial Production

y-o-y%

MAY

07/11

07/05


14/14

.....



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News Articles: Sources for Further Reading

Consumer Price Inflation Eases in Indonesia and Thailand, Rises inthe Republic of Korea, Remains Unchanged in Japan

Indonesia's June CPI Slows to 5.54 pct y/y, Above ForecastReuters (01 July 2011)

Consumer Price Index in June 2011Statistics Korea (01 July 2011)

June Inflation Up 4.06%Bangkok Post (01 July 2011)

Japan May 2011, Ku-area of Tokyo June 2011 (preliminary)Ministry of Internal Affairs and Communications - Japan(01 July 2011)

TABLE-Japan May Core CPI Rises 0.6 pct yr/yrReuters (01 July 2011)

Indonesia's Finance Ministry Forecasts a 2011 Budget Deficit Equalto 1.9%2.1% of GDP; Philippines Records PHP9.5 Billion BudgetDeficit in JanuaryMay; Viet Nam's Budget Deficit Reaches VND27.8

Trillion in 1H11

Deficit Wont Pass 2.1% Despite Fuel SubsidyThe Jakarta Post (28 June 2011)

January to May Fiscal Deficit at P9.540 BillionBureau of the Treasury (29 June 2011)

Viet Nams Budget Deficit at 27.78Tr Dong at HI: MOF ReportsIntellasia (01July 2011)

PRCs Local Government Debt Reached CNY10.7 Trillion at end-2010

China's Local Government Debts Exceed 10t YuanChina Daily (27 June 2011)

UPDATE: China Local Government Debt CNY10.7 Tln As Of End2010The Wall Street Journal (27June 2011)

Trade Deficits in Hong Kong, China; Philippines; and Viet Nam; Trade

Surpluses in Indonesia, Republic of Korea, and Thailand

External Merchandise Trade Statistics for May 2011Census and Statistics Department (28 June 2011)

Indonesia Books US$3.51 Billion Export Surplus in MayBisnis Indonesia (01 July 2011)

S. Koreas Trade Surplus Reaches US$3.3 Bln in JuneYONHAP News (01 June 2011)

EXTERNAL TRADE PERFORMANCE April 2011PreliminaryNational Statistics Office (28 June 2011)

Press Release on Economic and Monetary Conditions for May 2011Bank of Thailand (30 June 2011)

Socio- Economic Statistics for First Half of 2011General Statistics Office (01 July 2011)

Republic of Korea Posts Current Account Surplus for 15th StraightMonth in May; Viet Nams Economy Expands 5.6% in 1H11

Balance of Payments during May 2011The Bank of Korea (28June 2011)

South Koreas Current-Account Surplus Widens as Car MakersBoost ShipmentsBloomberg (28June 2011)

Socio- Economic Statistics for First Half of 2011General Statistics Office (01July 2011)

Industrial Output Growth Increases in Japan, Republic of Korea, andViet Nam, Slows in the Philippines and Falls in Thailand

Indices of Industrial ProductionMinistry of Economy, Trade and Industry - Japan (29 June 2011)

The Industrial Activities in May 2011Statistics Korea (30 June 2011)

Monthly Integrated Survey of Selected Industries - April 2011National Statistics Office (28 June 2011)

Manufacturing Down in MayBangkok Post (28 June 2011)

Socio- Economic Statistics for First Half of 2011General Statistics Office (01 July 2011)

Malaysia Issues USD2.0 Billion Sukuk; Local Currency Sukuk Issuancefrom Telekom Malaysia, Antara Steel Mills, and Sabah DevelopmentBank; Korea Eximbank Prices JPY80 Billion Samurai

Press Release Wakala Global SukukMinistry of Finance Malaysia (29 June 2011)

Telekom Makes CallIFR Asia (25 June 2011)

Steel-tight CoverIFR Asia (25 June 2011)

Sabah Devt Bank Taps Five-Year Funds at 4.43%IFR Asia (29 June 2011)

Kexim Sets New Benchmark with Record Korean SamuraiIFR Asia (28 June 2011)

Subordinated Debt, MTNs, and Commercial Paper Issuance in the PRC;Meralco Sells PHP5.0 Billion of Fixed-Rate Notes; Filinvest Land OffersPHP3 Billion Retail Bonds; Noble Development and ProvincialWaterworks Authority Issues THB-Denominated Bonds; F&N TreasuryRaises SGD50 Million from 7-Year Bond Sale

ICBC Completes RMB38 Billion Sub-Debt IssuanceIndonesia Today (01 July 2011)

Guangdong Guangxin Issues Notes TodayChina Knowledge (29 June 2011)

Jiangsu Beijing-Shanghai Expressway Issues Bills TodayChina Knowledge (29 June 2011)

Manila Electric Company to Issue PHP5.0 Billion Fixed Rate NotesThe Philippine Stock Exchange (29 June 2011)

Filinvest Launches Ps3bn 5year at 6.19%IFR Asia (27 June 2011)

Noble Development Hits Market With Bt1.5bn Three-Year NoteIFR Asia (27 June 2011)

New Issue - F&N Treasury Pte Ltd issues S$50 mln 7yr BondReuters (27 June 2011)

PT Bank Permata Issues IDR1.75 Trillion of Subordinated Debt; BankTabungan Pensiunan Sells IDR500 Billion of Dual-Tranche Bonds;Bank Tabungan Negara Issues IDR1.3 Trillion of 10-Year Bonds

Listing of Permata Bank Subordinated Bond II Year 2011, BTPN BankContinuous Bond I With Fixed Interest Rate Phase I Year 2011, andBTN Bank Bond XV Year 2011 on June 30, 2011Indonesia Stock Exchange (30 June 2011)
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