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INDON Curve Out-Performs As Investors See Rate Hikes Ending

ASIA RATES
EM BulletDataHomepagemarkets-real-timeBulletEmerging Market News

Asia sov curves are mixed today, with the INDON curve is outperforming after strong demand for local currency debt on Tuesday. FX & Equity trading has been close in Philippines today due to Typhoon Carina.

  • INDON curve has bull-steepened, while the PHILIP curve has bear-steepened. INDON front-end has out-performed the PHILIP curve by about 10bps over the past week, as investors view the BI ending it's rate hiking cycle.
  • Demand for IDR Indonesian debt at a recent auction surged to its highest level since January, with the bid-to-target ratio reaching 2.6, the highest since January, with increased investor demand attributed to the attractive pricing of the bonds and expectations, plus the expected end of the rate hiking cycle.
  • Foreign investors have been buyers of Indonesian debt this month for a total inflow of $198m, following an inflow of $117m in June, although this is well down on May's inflow of $1.2b.
  • The Philippines recorded a budget deficit of PHP209.1b ($3.58 billion) in June, a decrease from 225.4B a year earlier. For the first half of the year, the budget deficit reached 613.9b, up from 551.7b in the same period last year. Revenues rose by 10.93% y/y to 296.5b, while spending increased by 2.62% y/yr to 505.6b.
  • Cross-asset: Indonesian equities are 0.40%, while the IDR trades 0.10% lower in commodities space palm oil is 0.33% while nickel closed 0.40%.
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Asia sov curves are mixed today, with the INDON curve is outperforming after strong demand for local currency debt on Tuesday. FX & Equity trading has been close in Philippines today due to Typhoon Carina.

  • INDON curve has bull-steepened, while the PHILIP curve has bear-steepened. INDON front-end has out-performed the PHILIP curve by about 10bps over the past week, as investors view the BI ending it's rate hiking cycle.
  • Demand for IDR Indonesian debt at a recent auction surged to its highest level since January, with the bid-to-target ratio reaching 2.6, the highest since January, with increased investor demand attributed to the attractive pricing of the bonds and expectations, plus the expected end of the rate hiking cycle.
  • Foreign investors have been buyers of Indonesian debt this month for a total inflow of $198m, following an inflow of $117m in June, although this is well down on May's inflow of $1.2b.
  • The Philippines recorded a budget deficit of PHP209.1b ($3.58 billion) in June, a decrease from 225.4B a year earlier. For the first half of the year, the budget deficit reached 613.9b, up from 551.7b in the same period last year. Revenues rose by 10.93% y/y to 296.5b, while spending increased by 2.62% y/yr to 505.6b.
  • Cross-asset: Indonesian equities are 0.40%, while the IDR trades 0.10% lower in commodities space palm oil is 0.33% while nickel closed 0.40%.