12 September 2011 asianbondsonline.adb.org……………………………………………………………………………………………………………..……………..…… Key Developments in Asian Local Currency Markets 1 onsumer price inflation in the People's Republic of China (PRC) stood at 6.2% year-on-year (y-o-y) in August, compared with 6.5% in July, as the increase in food prices slowed. In Indonesia, consumer price inflation rose to 4.8% y-o-y in August from 4.6% in July as food prices climbed at a faster annual pace amid the Idul Fitri celebration. In the Philippines, the 2006-based consumer price index rose 4.7% y-o-y in August, compared with 5.1% in July, mainly due to an easing in food price inflation. Meanwhile, producer prices in the Republic of Korea rose 6.6% y-o-y in August, the highest annual increase in 4 months. Policy interest rates were held steady last week in Indonesia, Japan, the Republic of Korea, Malaysia, and the Philippines. The PRC's trade surplus dropped to USD17.8 billion in August from USD31.5 billion in July, as imports surged 30.2% y-o-y, while Indonesia's trade surplus fell to USD1.4 billion in July from USD3.3 billion in the previous month. In contrast, Malaysia's trade surplus widened to MYR9.5 billion in July from MYR7.9 billion in June. The Republic of Korea revised its quarterly real gross domestic product (GDP) growth for 2Q11 to 0.9% quarter-on-quarter (q-o-q). Malaysia's industrial production index declined 0.6% y-o-y in July. The Purchasing Managers' Index (PMI) for Hong Kong, China fell to 47.8 in August from 51.4 in July, while it rose slightly in Singapore to 49.4 in August from 49.3 in the previous month. Net foreign investment into the Republic of Korea's LCY bond market fell to KRW134 billion in August from KRW2.9 trillion in July. Meanwhile, Thailand launched its initial offering of 3-year retail government bonds totaling THB50 billion on 12 September and intends to raise THB540 billion from planned bond sales in the next fiscal year, beginning in October. Last week, Korea Eximbank announced a USD1 billion 10-year global bond sale; Energy firm BP priced a CNH700 million 3-year bond and French gas producer Air Liquide priced a CNH1.75 billion 5-year bond in Hong Kong, China; and Henderson Land priced a SGD200 million 7-year note with a 4.0% coupon. In the PRC, China Datang Corporation Renewable Power Company plans to issue CNY2 billion worth of 1-year commercial paper, while Guangdong Development Bank aims to sell CNY2 billion of 10-year subordinated debt. In Hong Kong, China, BSH Bosch Und Siemens Hausgauraete plans to issue CNH-denominated bonds. Foreign reserves in Hong Kong, China rose 0.2% month-on-month (m-o-m) to USD279.4 billion in August. Accumulated foreign reserves also increased in August in Japan and the Philippines to USD1.2 trillion and USD75.6 billion, respectively. Several commercial banks in Viet Nam began lowering their lending rates last week to between 17% and 19%. The State Bank of Viet Nam released a circular last week presenting the conditions for credit institutions and foreign bank branches to purchase corporate bonds. Government bond yields fell for all tenors in Indonesia, the Republic of Korea, and the Philippines, and for most tenors in the PRC; Hong Kong, China; Malaysia; Singapore; and Viet Nam. Yields rose for most tenors in Thailand. Yield spreads between 2- and 10-year tenors widened in Malaysia, the Philippines, and Thailand, while spreads narrowed in most other emerging East Asi an markets. C Asia Bond Monitor September 2011 10-Year Selected LCY Government Security Yields Close of 9 September 2011basis point change from Markets Latest ClosingPrevious 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 Issuances Selected Asia Data Releases 2-versus-10 Yield Spread Chart US 1 .9 2 -6 .0 4 -6.74 -137.52 EU 1.77 -9.7 0 -23.60 -119.10 Ja p an 1.0 1 -1.3 0 -2.60 -12.30 PRC 4.07 2.0 0 -2.00 16.00 Hon g Kon g, Ch i na 1.5 7 -0.10 -15.20 -128.30 Ind i a 8.3 1 1.5 0 -2.70 39.00 Ind one s i a 6.4 5 -1 0.5 0 -34.00 -115.20 Ma l a ys i a 3.5 9 -0.9 0 -2.30 -44.70 Ko re a, R e p. of 3 .60 -4.0 0 -19.00 -92.00 Philipp i ne s 5.56 -3.5 7 -6.66 -32.38 Si n g a p ore 1.5 3 0.0 0 -5.00 -118.00 Tha i l a n d 3.60 -0.3 0 5.20 -12.60 Vi et Na m 1 2 .6 3 0.0 0 -3.80 87.90 -6.74 -23.60 -2.60 -2.00 -15.20 -2.70 -34.00 -2.30 -19.00 -6.66 -5.00 5.20 -3.80
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onsumer price inflation in the Peoples Republic of China (PRC) stood at 62 year-on-year (y-o-y) in Augustcompared with 65 in July as the increase in food prices slowed In Indonesia consumer price inflation rose to48 y-o-y in August from 46 in July as food prices climbed at a faster annual pace amid the Idul Fitricelebration In the Philippines the 2006-based consumer price index rose 47 y-o-y in August compared with
51 in July mainly due to an easing in food price inflation Meanwhile producer prices in the Republic of Korea rose66 y-o-y in August the highest annual increase in 4 months
Policy interest rates were held steady lastweek in Indonesia Japan the Republic ofKorea Malaysia and the Philippines
The PRCs trade surplus dropped toUSD178 billion in August from USD315 billionin July as imports surged 302 y-o-y whileIndonesias trade surplus fell to USD14 billionin July from USD33 billion in the previous
month In contrast Malaysias trade surpluswidened to MYR95 billion in July from MYR79billion in June
The Republic of Korea revised its quarterlyreal gross domestic product (GDP) growth for2Q11 to 09 quarter-on-quarter (q-o-q)Malaysias industrial production index declined06 y-o-y in July The Purchasing ManagersIndex (PMI) for Hong Kong China fell to 478 inAugust from 514 in July while it rose slightly inSingapore to 494 in August from 493 in theprevious month
Net foreign investment into the Republic ofKoreas LCY bond market fell to KRW134billion in August from KRW29 trillion in JulyMeanwhile Thailand launched its initial offeringof 3-year retail government bonds totalingTHB50 billion on 12 September and intends toraise THB540 billion from planned bond salesin the next fiscal year beginning in October
Last week Korea Eximbank announced aUSD1 billion 10-year global bond sale Energyfirm BP priced a CNH700 million 3-year bondand French gas producer Air Liquide priced aCNH175 billion 5-year bond in Hong Kong
China and Henderson Land priced a SGD200million 7-year note with a 40 coupon
In the PRC China Datang CorporationRenewable Power Company plans to issueCNY2 billion worth of 1-year commercial paperwhile Guangdong Development Bank aims tosell CNY2 billion of 10-year subordinated debtIn Hong Kong China BSH Bosch Und
Siemens Hausgauraete plans to issue CNH-denominated bonds
Foreign reserves in Hong Kong China rose 02 month-on-month(m-o-m) to USD2794 billion in August Accumulated foreign reservesalso increased in August in Japan and the Philippines to USD12trillion and USD756 billion respectively
Several commercial banks in Viet Nam began lowering theirlending rates last week to between 17 and 19 The State Bank ofViet Nam released a circular last week presenting the conditions for
credit institutions and foreign bank branches to purchase corporatebonds
Government bond yields fell for all tenors in Indonesia theRepublic of Korea and the Philippines and for most tenors in the PRCHong Kong China Malaysia Singapore and Viet Nam Yields rosefor most tenors in Thailand Yield spreads between 2- and 10-yeartenors widened in Malaysia the Philippines and Thailand whilespreads narrowed in most other emerging East Asian markets
C Asia Bond Monitor September 2011
10-Year Selected LCY Government Security Yields Close of 9 September 2011
basis point change from
Markets Latest Closing Previous Day Previous Week 1-Jan-11
Selected
Benchmark Yield Curves - Local Currency Government Bonds
Consumer Price Inflation Eases in the PRC and Philippines Accelerates in Indonesia in August
Producer Prices Rise 73 in the PRC and 66 in the Republic of Korea in August
Consumer price inflation in the Peoples Republic of China (PRC) eased to 62 year-on-year (y-o-y) in August from65 in July This was on the back of food prices growing at a slower annual pace of 134 y-o-y in August from 148in the previous month On a month-on-month (m-o-m) basis consumer prices rose 03 Meanwhile producer prices inthe PRC grew 73 y-o-y in August following a 75 rise in July
In Indonesia consumer price inflation accelerated to 48 y-o-y in August from 46 in July as prices for food clothingand transportation rose at a faster annual pace amid the Idul Fitri celebration On a m-o-m basis headline inflation roseto 09 in August from 07 in July Core inflation however exceeded the 50 threshold of Bank Indonesia (BI) risingto 52 y-o-y mainly on account of increases in the price of gold It represented the first time since June 2009 that coreinflation rose above 50
In the Philippines consumer price inflation eased to 47 y-o-y in August from 51 using the 2006-based consumerprice index Most commodity group indices increased at a slower annual pace led by the heavily-weighted food andnon-alcoholic beverages index which eased to 51 y-o-y in August from 57 in July Other commodity groups
registering slower y-o-y price hikes in August included clothing and footwear (38 vs 42) housing water electricitygas and other fuels (51 vs 54) recreation and culture (15 vs 16) and education (51 vs 52) Theslowing inflation rate in August was widely expected by financial market participants
In the Republic of Korea producer prices rose 66 y-o-y in August the highest level in 4 months on the back of an80 hike in prices for manufacturing industry products Between July and August producer prices climbed 03
For inflation trends in the PRC refer to this linkhttpasianbondsonlineadborgchinadatamarketwatchphpcode=policy_rate_and_inflation_trends
For statistics on the inflation rate in Indonesia refer to this linkhttpasianbondsonlineadborgindonesiadatamacroeconomic_creditphp
For inflation trends in the Philippines refer to this linkhttpasianbondsonlineadborgphilippinesdatamarketwatchphpcode=policy_rate_and_inflation_trends
Policy Rates Remain Unchanged in Indonesia Japan Republic of Korea Malaysia and PhilippinesIn its meeting on 8 September BIs Board of Governors decided to keep the benchmark rate steady at 675 The BIrate has been kept at this level since February To stimulate transactions in the money market the central bank decidedto widen the lower band of the interest rate corridor for monetary operations from 100 basis points (bps) to 150 bpsbelow the BI rate
The Bank of Japan (BOJ) held its target rate steady between zero and 01 in its policy meeting on 7 September Italso left the amount of its lending and asset purchase programs unchanged The BOJ eased policy last month byadding JPY10 trillion to its JPY40 trillion pool of funds for asset buying and fixed-rate market operations
The Bank of Koreas Monetary Policy Committee decided in its meeting on 8 September to maintain the base rate-the 7-day repurchase rate-at 325 It was the third consecutive month that the central bank held the policy interest rate
steady In making its monetary policy decision The Bank of Korea took note of (i) expectations of a moderation in theglobal economic recovery amid signs of an economic slowdown in the United States (US) and sovereign debt problemsin Europe (ii) an upward growth trend in the domestic economy but with intensified external risks and (iii) continuedinflationary pressures
Bank Negara Malaysia (BNM) decided to keep its overnight policy rate at 300 during its Monetary Policy Meeting on8 September BNM has kept its rate at this level since July 2010
Last week the Monetary Board of Bangko Sentral ng Pilipinas (BSP) kept the overnight policy rates and reserverequirement ratios steady The Monetary Boards decision was based on abating price pressures resulting in amanageable inflation environment In addition weakened external demand and reduced public spending raised growthconcerns and were also a major factor The Monetary Board believes that its policy stance is in line with the need to
Policy Rates Remain Unchanged in Indonesia Japan Republic of Korea Malaysia and Philippines (conthellip)safeguard price stability and support sustained economic growth The Monetary Board also noted that liquidity
expansion and bank credit activity each continue to grow at a strong pace which could stoke inflationary pressures TheBSP will be watchful over emerging conditions to ensure that the monetary policy stance is appropriate
For policy rate trends in Indonesia refer to this linkhttpasianbondsonlineadborgindonesiadatmarketwatchphpcode=policy_rate_and_inflation_trends
For policy rate trends in Japan refer to this linkhttpasianbondsonlineadborgjapandatamarketwatchphpcode=policy_rate_and_inflation_trends
For policy rate trends in the Republic of Korea refer to this linkhttpasianbondsonlineadborgkoreadatamarketwatchphpcode=policy_rate_and_inflation_trends
For policy rate trends in Malaysia refer to this linkhttpasianbondsonlineadborgmalaysiadatamarketwatchphpcode=policy_rate_and_inflation_trends
Trade Surplus Falls in PRC and Indonesia Rises in MalaysiaThe PRCs trade surplus narrowed to USD178 billion in August from USD315 billion in July as import growth outpacedexport growth Exports grew 245 y-o-y in August compared with 204 in the previous month Imports surged 302y-o-y in August an improvement over the previous months import growth of 229
Indonesias export growth eased to 395 y-o-y in July from 491 in June resulting in an export value of USD174billion for the month According to the Central Statistics Agency the slowdown in annual growth was attributed to lowercrude palm oil exports as well as easing demand from the US and Japan the countrys second and third largest exportdestinations respectively Imports grew 272 y-o-y to USD161 billion in July following revised 282 growth in theprevious month A trade surplus amounting to USD14 billion was recorded in July the lowest level of the year
Malaysias trade surplus widened to MYR95 billion in July from MYR79 billion in June Export growth eased to 71 y-o-y in July from 86 in June while imports grew at a rate of 29 y-o-y in July compared with 63 in June On a m-o-
m basis exports increased 24 in July while imports decreased 04 During the first 7 months of the year exportsrose 69 y-o-y to MYR3964 billion while total imports increased 87 to MYR3278 billion
For statistics on the PRCs export growth rate refer to this linkhttpasianbondsonlineadborgchinadatamacroeconomic_creditphp
For statistics on Malaysias export growth rate and trade balance refer to this linkhttpasianbondsonlineadborgmalaysiadatamacroeconomic_creditphp
Republic of Korea Revises 2Q11 GDP Growth Upward to 09
Malaysias IPI Falls 06 Manufacturing Sales Expand 108 in July
PMI Falls in Hong Kong China and Singapore in August The Republic of Korea revised its real gross domestic product (GDP) growth for 2Q11 to 09 quarter-on-quarter (q-o-q)
from its advance estimate of 08 which was released on 27 July The revised 2Q11 growth rates for privateconsumption gross fixed capital formation government spending and total exports were 09 23 08 and 12q-o-q respectively with the revised figures being higher than advance estimates for gross fixed capital formation andlower in all other categories Moreover the revised 2Q11 growth rates for agriculture fishery and forestrymanufacturing electricity gas and water supply construction and services stood at 83 14 01 26 and00 q-o-q respectively The revised growth rates were higher than advance estimates for agriculture fishery andforestry and construction lower for manufacturing and services and unchanged for electricity gas and water supply
Malaysias industrial production index (IPI) dropped 06 y-o-y in July after posting a revised 13 growth in June Themanufacturing and electricity sectors grew 15 and 46 y-o-y respectively but these were offset by the 75 y-o-ydecline in the output of the mining sector On a m-o-m basis IPI contracted 06 Meanwhile the value of
Republic of Korea Revises 2Q11 GDP Growth Upward to 09
Malaysias IPI Falls 06 Manufacturing Sales Expand 108 in July
PMI Falls in Hong Kong China and Singapore in August (conthellip)manufacturing sales increased 108 y-o-y in July slightly higher than the revised 100 growth posted in the previousmonth
For the first time in 2 years the HSBC Purchasing Managers Index (PMI) for Hong Kong China fell from 514 in July to478 in August A reading below 50 indicates a contraction in business conditions in the domestic economy Based onthe survey of over 300 purchasing executives private companies experienced a decline in both new orders and outputdue to weakening demand from Western countries
According to the Singapore Institute of Purchasing and Materials Management the PMI for Singapore in August was at494 slightly higher than Julys 493 A PMI above 50 indicates manufacturing expansion while a reading below 50indicates a contraction The contraction in August was due to the decline in new orders new export orders andproduction output
Net Foreign Investment in the Republic of Koreas LCY Bond Market Falls to KRW134 Billion in August
Thailand Launches THB50 Billion 3-Year Retail Bonds Plans to Issue THB540 Billion of Bonds Next Fiscal Year Net foreign investment into the Republic of Koreas LCY bond market fell to KRW134 billion in August from KRW29trillion in July as foreign investors bond purchases slipped 166 m-o-m and maturity redemptions jumped 1172 m-o-m The largest net bond investment for the month came from the US at KRW10 trillion followed by Malaysia atKRW429 billion On the other hand the two largest net bond outflows were made by investors in Thailand and Franceamounting to KRW12 trillion and KRW11 trillion respectively
As of end-August foreign investors bond holdings stood at KRW847 trillion with the four largest bond holders comingfrom the US (KRW178 trillion) Luxembourg (KRW140 trillion) Thailand (KRW107 trillion) and the PRC (KRW93trillion)
Meanwhile Thailand launched its initial offering of 3-year retail government bonds amounting to THB50 billion on 12
September with the bond subscription ending on the last day of September Thailands Ministry of Finance hasestablished the coupon rate of the retail bonds at 375 The minimum bond subscription is THB1000 while themaximum is THB1 million
The bond offering is in line with the governments objective to finance its budget deficit which is expected to widen asthe government in planning new transportation projects Thailand intends to raise THB540 billion from the sale ofgovernment bonds in the next fiscal year including 5- 7- and 10-year tenors at THB100 billion THB65 billion andTHB60 billion respectively The government also intends to sell longer-term bonds with 15- and 20-year tenors atTHB35 billion each a 30-year bond at THB20 billion and an inflation-linked bond
Korea Eximbank Raises USD1 Billion from 10-Year Global Bond Sale BP Prices CNH700 Million 3-Year Bond
Air Liquide Prices CNH175 Billion 5-Year Bond Henderson Land Prices SGD200 Million 7-Year Note
Korea Eximbank announced last week that it had raised USD1 billion from the sale of a 10-year global bond with a4375 coupon rate Investors from the US and Asia were allocated 54 and 36 of the bonds respectively while theremaining 10 went to European investors
BP last week priced CNH700 million worth of 3-year bonds with a coupon of 17 Demand was strong with the orderbook size at CNH25 billion In terms of geographic concentration 48 of the issue went to investors in Hong KongChina while 33 went to Singapore and the remainder to Europe In terms of investor type 58 of the bonds weretaken by fund managers while private banks purchased 16
French gas provider-Air Liquide-raised CNH175 billion from sale of 5-year bonds priced at 3 Investors in Hong KongChina purchased 52 of the bonds followed by Singapore (33) and Europe (12) By investor type fund managersbooked 74 of the deal followed by banks (22)
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News Articles Sources for Further Reading
Consumer Price Inflation Eases in the PRC and PhilippinesAccelerates in Indonesia in August Producer Prices Rise 73in the PRC and 66 in the Republic of Korea in August
bull Chinas Inflation Eases to 62 pct in AugustXinhua (09 September 2011)
bull Inflation Quickens in August on Gold RushJakarta Globe (05 September 2011)
bull Summary Inflation Report Consumer Price Index (2006 = 100) August and July 2011 National Statistics Office (06 September 2011)
bull Producer Price Index during August 2011 The Bank of Korea (09 September 2011)
Policy Rates Remain Unchanged in Indonesia Japan Republicof Korea Malaysia and Philippines
bull BI Rate Maintained at 675 Lower Band of Interest Rate
Corridor for Monetary Operations Widened to 150 Bps Bank Indonesia (08 September 2011)
bull Statement on Monetary PolicyBank of Japan (07 September 2011)
bull Monetary Policy Decision The Bank of Korea (08 September 2011)
bull Monetary Policy StatementBank Negara Malaysia (08 September 2011)
bull Monetary Board Maintains Policy Rates and ReserveRequirement RatiosBangko Sentral ng Pilipinas (08 September 2011)
Trade Surplus Falls in PRC and Indonesia Rises in Malaysia
bull China Trade Surplus Narrows More than Estimated as ImportsClimb to Record Bloomberg (11 September 2011)
bull Inflation Up Exports DownThe Jakarta Post (06 September 2011)
bull Preliminary Release of Malaysia External Trade StatisticsJuly 2011 Department of Statistics Malaysia (09 September 2011)
Republic of Korea Revises 2Q11 GDP Growth Upward to 09Malaysiarsquos IPI Falls 06 Manufacturing Sales Expand 108 inJuly PMI Falls in Hong Kong China and Singapore in August
bull Gross National Income 2nd Quarter of 2011 (Preliminary)The Bank of Korea (06 September 2011)
bull Index of Industrial Production Malaysia July 2011 Department of Statistics Malaysia (09 September 2011)
bull Monthly Manufacturing Statistics Malaysia July 2011 Department of Statistics Malaysia (09 September 2011)
bull Hong Kong Chinarsquos Aug PMI Falls to 478 Lowest in26 MonthsReuters (04 September 2011)
bull Singaporersquos Manufacturing Contracts for 2nd Straight Monthin August Channel News Asia (05 September 2011)
Net Foreign Investment in the Republic of Korearsquos LCY BondMarket Falls to KRW134 Billion in August Thailand LaunchesTHB50 Billion 3-Year Retail Bonds Plans to Issue THB540 Billionof Bonds Next Fiscal Year
bull Foreign Investments in Domestic Securities in August 2011Financial Supervisory Service (05 September 2011)
bull Thailand Aims to Widen Bond Investor BaseIFR Asia (05 September 2011)
bull Bonds Key to Fund-raising Plan The Nation (08 September 2011)
Korea Eximbank Raises USD1 Billion from 10-Year Global BondSale BP Prices CNH700 Million 3-Year Bond Air Liquide PricesCNH175 Billion 5-Year Bond Henderson Land Prices SGD200Million 7-Year Note
bull Kexim Reopens US Dollar Bond Markets for Asian Borrowers
IFR Asia (10 September 2011)bull BONDS BP Prices RMB700m Three-Year Dim Sum Debut
IFR Asia (09 September 2011)
bull BONDS Air Liquide Prices RMB175bn First French Dim Sum IFR Asia (09 September 2011)
bull Henderson Land Said to Sell $200m of 4 7-year Bonds The Edge Singapore (08 September 2011)
China Datang Corporation Plans Commercial Paper IssuanceGuangdong Development Bank Plans Subordinated DebtIssuance Bosch amp Siemens Considers CNH Bond Issuance
bull China Datang Corp Renewable Power To Issue RMB 2 Bln inBillsChina Knowledge (05 September 2011)
bull Guangdong Development Bank to Issue RMB 2 Bln in Bonds China Knowledge (05 September 2011)
bull BONDS Bosch amp Siemens Hires Two for Dim Sum DebutIFR Asia (07 September 2011)
Foreign Reserves Grow in Hong Kong China Japan and thePhilippines in August
bull Hong Kongs Latest Foreign Currency Reserve Asset FiguresReleasedHong Kong Monetary Authority (07 September 2011)
bull International ReservesForeign Currency Liquidity(as of August 31 2011) in BondsMinistry of Finance Japan (07 September 2011)
bull End-August 2011 GIR Level Rises to US$756 BillionBangko Sentral ng Pilipinas (07 September 2011)
Viet Nam Commercial Banks Cut Lending Rates SBV IssuesCircular on Corporate Bond Purchase by Credit Institutions and
Foreign Bank Branches
bull Lending Rates Cut Following State Bank RulingViet Nam Investment Review (06 September 2011)
bull Banking Sector Carries Out Major Tasks in Final Months of 2011 State Bank of Viet Nam (01 September 2011)
bull SBV Issues Circular on Purchase of Corporate Bonds by CreditInstitutions and Foreign Bank BranchesState Bank of Viet Nam (09 September 2011)
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Consumer Price Inflation Eases in the PRC and Philippines Accelerates in Indonesia in August
Producer Prices Rise 73 in the PRC and 66 in the Republic of Korea in August
Consumer price inflation in the Peoples Republic of China (PRC) eased to 62 year-on-year (y-o-y) in August from65 in July This was on the back of food prices growing at a slower annual pace of 134 y-o-y in August from 148in the previous month On a month-on-month (m-o-m) basis consumer prices rose 03 Meanwhile producer prices inthe PRC grew 73 y-o-y in August following a 75 rise in July
In Indonesia consumer price inflation accelerated to 48 y-o-y in August from 46 in July as prices for food clothingand transportation rose at a faster annual pace amid the Idul Fitri celebration On a m-o-m basis headline inflation roseto 09 in August from 07 in July Core inflation however exceeded the 50 threshold of Bank Indonesia (BI) risingto 52 y-o-y mainly on account of increases in the price of gold It represented the first time since June 2009 that coreinflation rose above 50
In the Philippines consumer price inflation eased to 47 y-o-y in August from 51 using the 2006-based consumerprice index Most commodity group indices increased at a slower annual pace led by the heavily-weighted food andnon-alcoholic beverages index which eased to 51 y-o-y in August from 57 in July Other commodity groups
registering slower y-o-y price hikes in August included clothing and footwear (38 vs 42) housing water electricitygas and other fuels (51 vs 54) recreation and culture (15 vs 16) and education (51 vs 52) Theslowing inflation rate in August was widely expected by financial market participants
In the Republic of Korea producer prices rose 66 y-o-y in August the highest level in 4 months on the back of an80 hike in prices for manufacturing industry products Between July and August producer prices climbed 03
For inflation trends in the PRC refer to this linkhttpasianbondsonlineadborgchinadatamarketwatchphpcode=policy_rate_and_inflation_trends
For statistics on the inflation rate in Indonesia refer to this linkhttpasianbondsonlineadborgindonesiadatamacroeconomic_creditphp
For inflation trends in the Philippines refer to this linkhttpasianbondsonlineadborgphilippinesdatamarketwatchphpcode=policy_rate_and_inflation_trends
Policy Rates Remain Unchanged in Indonesia Japan Republic of Korea Malaysia and PhilippinesIn its meeting on 8 September BIs Board of Governors decided to keep the benchmark rate steady at 675 The BIrate has been kept at this level since February To stimulate transactions in the money market the central bank decidedto widen the lower band of the interest rate corridor for monetary operations from 100 basis points (bps) to 150 bpsbelow the BI rate
The Bank of Japan (BOJ) held its target rate steady between zero and 01 in its policy meeting on 7 September Italso left the amount of its lending and asset purchase programs unchanged The BOJ eased policy last month byadding JPY10 trillion to its JPY40 trillion pool of funds for asset buying and fixed-rate market operations
The Bank of Koreas Monetary Policy Committee decided in its meeting on 8 September to maintain the base rate-the 7-day repurchase rate-at 325 It was the third consecutive month that the central bank held the policy interest rate
steady In making its monetary policy decision The Bank of Korea took note of (i) expectations of a moderation in theglobal economic recovery amid signs of an economic slowdown in the United States (US) and sovereign debt problemsin Europe (ii) an upward growth trend in the domestic economy but with intensified external risks and (iii) continuedinflationary pressures
Bank Negara Malaysia (BNM) decided to keep its overnight policy rate at 300 during its Monetary Policy Meeting on8 September BNM has kept its rate at this level since July 2010
Last week the Monetary Board of Bangko Sentral ng Pilipinas (BSP) kept the overnight policy rates and reserverequirement ratios steady The Monetary Boards decision was based on abating price pressures resulting in amanageable inflation environment In addition weakened external demand and reduced public spending raised growthconcerns and were also a major factor The Monetary Board believes that its policy stance is in line with the need to
Policy Rates Remain Unchanged in Indonesia Japan Republic of Korea Malaysia and Philippines (conthellip)safeguard price stability and support sustained economic growth The Monetary Board also noted that liquidity
expansion and bank credit activity each continue to grow at a strong pace which could stoke inflationary pressures TheBSP will be watchful over emerging conditions to ensure that the monetary policy stance is appropriate
For policy rate trends in Indonesia refer to this linkhttpasianbondsonlineadborgindonesiadatmarketwatchphpcode=policy_rate_and_inflation_trends
For policy rate trends in Japan refer to this linkhttpasianbondsonlineadborgjapandatamarketwatchphpcode=policy_rate_and_inflation_trends
For policy rate trends in the Republic of Korea refer to this linkhttpasianbondsonlineadborgkoreadatamarketwatchphpcode=policy_rate_and_inflation_trends
For policy rate trends in Malaysia refer to this linkhttpasianbondsonlineadborgmalaysiadatamarketwatchphpcode=policy_rate_and_inflation_trends
Trade Surplus Falls in PRC and Indonesia Rises in MalaysiaThe PRCs trade surplus narrowed to USD178 billion in August from USD315 billion in July as import growth outpacedexport growth Exports grew 245 y-o-y in August compared with 204 in the previous month Imports surged 302y-o-y in August an improvement over the previous months import growth of 229
Indonesias export growth eased to 395 y-o-y in July from 491 in June resulting in an export value of USD174billion for the month According to the Central Statistics Agency the slowdown in annual growth was attributed to lowercrude palm oil exports as well as easing demand from the US and Japan the countrys second and third largest exportdestinations respectively Imports grew 272 y-o-y to USD161 billion in July following revised 282 growth in theprevious month A trade surplus amounting to USD14 billion was recorded in July the lowest level of the year
Malaysias trade surplus widened to MYR95 billion in July from MYR79 billion in June Export growth eased to 71 y-o-y in July from 86 in June while imports grew at a rate of 29 y-o-y in July compared with 63 in June On a m-o-
m basis exports increased 24 in July while imports decreased 04 During the first 7 months of the year exportsrose 69 y-o-y to MYR3964 billion while total imports increased 87 to MYR3278 billion
For statistics on the PRCs export growth rate refer to this linkhttpasianbondsonlineadborgchinadatamacroeconomic_creditphp
For statistics on Malaysias export growth rate and trade balance refer to this linkhttpasianbondsonlineadborgmalaysiadatamacroeconomic_creditphp
Republic of Korea Revises 2Q11 GDP Growth Upward to 09
Malaysias IPI Falls 06 Manufacturing Sales Expand 108 in July
PMI Falls in Hong Kong China and Singapore in August The Republic of Korea revised its real gross domestic product (GDP) growth for 2Q11 to 09 quarter-on-quarter (q-o-q)
from its advance estimate of 08 which was released on 27 July The revised 2Q11 growth rates for privateconsumption gross fixed capital formation government spending and total exports were 09 23 08 and 12q-o-q respectively with the revised figures being higher than advance estimates for gross fixed capital formation andlower in all other categories Moreover the revised 2Q11 growth rates for agriculture fishery and forestrymanufacturing electricity gas and water supply construction and services stood at 83 14 01 26 and00 q-o-q respectively The revised growth rates were higher than advance estimates for agriculture fishery andforestry and construction lower for manufacturing and services and unchanged for electricity gas and water supply
Malaysias industrial production index (IPI) dropped 06 y-o-y in July after posting a revised 13 growth in June Themanufacturing and electricity sectors grew 15 and 46 y-o-y respectively but these were offset by the 75 y-o-ydecline in the output of the mining sector On a m-o-m basis IPI contracted 06 Meanwhile the value of
Republic of Korea Revises 2Q11 GDP Growth Upward to 09
Malaysias IPI Falls 06 Manufacturing Sales Expand 108 in July
PMI Falls in Hong Kong China and Singapore in August (conthellip)manufacturing sales increased 108 y-o-y in July slightly higher than the revised 100 growth posted in the previousmonth
For the first time in 2 years the HSBC Purchasing Managers Index (PMI) for Hong Kong China fell from 514 in July to478 in August A reading below 50 indicates a contraction in business conditions in the domestic economy Based onthe survey of over 300 purchasing executives private companies experienced a decline in both new orders and outputdue to weakening demand from Western countries
According to the Singapore Institute of Purchasing and Materials Management the PMI for Singapore in August was at494 slightly higher than Julys 493 A PMI above 50 indicates manufacturing expansion while a reading below 50indicates a contraction The contraction in August was due to the decline in new orders new export orders andproduction output
Net Foreign Investment in the Republic of Koreas LCY Bond Market Falls to KRW134 Billion in August
Thailand Launches THB50 Billion 3-Year Retail Bonds Plans to Issue THB540 Billion of Bonds Next Fiscal Year Net foreign investment into the Republic of Koreas LCY bond market fell to KRW134 billion in August from KRW29trillion in July as foreign investors bond purchases slipped 166 m-o-m and maturity redemptions jumped 1172 m-o-m The largest net bond investment for the month came from the US at KRW10 trillion followed by Malaysia atKRW429 billion On the other hand the two largest net bond outflows were made by investors in Thailand and Franceamounting to KRW12 trillion and KRW11 trillion respectively
As of end-August foreign investors bond holdings stood at KRW847 trillion with the four largest bond holders comingfrom the US (KRW178 trillion) Luxembourg (KRW140 trillion) Thailand (KRW107 trillion) and the PRC (KRW93trillion)
Meanwhile Thailand launched its initial offering of 3-year retail government bonds amounting to THB50 billion on 12
September with the bond subscription ending on the last day of September Thailands Ministry of Finance hasestablished the coupon rate of the retail bonds at 375 The minimum bond subscription is THB1000 while themaximum is THB1 million
The bond offering is in line with the governments objective to finance its budget deficit which is expected to widen asthe government in planning new transportation projects Thailand intends to raise THB540 billion from the sale ofgovernment bonds in the next fiscal year including 5- 7- and 10-year tenors at THB100 billion THB65 billion andTHB60 billion respectively The government also intends to sell longer-term bonds with 15- and 20-year tenors atTHB35 billion each a 30-year bond at THB20 billion and an inflation-linked bond
Korea Eximbank Raises USD1 Billion from 10-Year Global Bond Sale BP Prices CNH700 Million 3-Year Bond
Air Liquide Prices CNH175 Billion 5-Year Bond Henderson Land Prices SGD200 Million 7-Year Note
Korea Eximbank announced last week that it had raised USD1 billion from the sale of a 10-year global bond with a4375 coupon rate Investors from the US and Asia were allocated 54 and 36 of the bonds respectively while theremaining 10 went to European investors
BP last week priced CNH700 million worth of 3-year bonds with a coupon of 17 Demand was strong with the orderbook size at CNH25 billion In terms of geographic concentration 48 of the issue went to investors in Hong KongChina while 33 went to Singapore and the remainder to Europe In terms of investor type 58 of the bonds weretaken by fund managers while private banks purchased 16
French gas provider-Air Liquide-raised CNH175 billion from sale of 5-year bonds priced at 3 Investors in Hong KongChina purchased 52 of the bonds followed by Singapore (33) and Europe (12) By investor type fund managersbooked 74 of the deal followed by banks (22)
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
Consumer Price Inflation Eases in the PRC and PhilippinesAccelerates in Indonesia in August Producer Prices Rise 73in the PRC and 66 in the Republic of Korea in August
bull Chinas Inflation Eases to 62 pct in AugustXinhua (09 September 2011)
bull Inflation Quickens in August on Gold RushJakarta Globe (05 September 2011)
bull Summary Inflation Report Consumer Price Index (2006 = 100) August and July 2011 National Statistics Office (06 September 2011)
bull Producer Price Index during August 2011 The Bank of Korea (09 September 2011)
Policy Rates Remain Unchanged in Indonesia Japan Republicof Korea Malaysia and Philippines
bull BI Rate Maintained at 675 Lower Band of Interest Rate
Corridor for Monetary Operations Widened to 150 Bps Bank Indonesia (08 September 2011)
bull Statement on Monetary PolicyBank of Japan (07 September 2011)
bull Monetary Policy Decision The Bank of Korea (08 September 2011)
bull Monetary Policy StatementBank Negara Malaysia (08 September 2011)
bull Monetary Board Maintains Policy Rates and ReserveRequirement RatiosBangko Sentral ng Pilipinas (08 September 2011)
Trade Surplus Falls in PRC and Indonesia Rises in Malaysia
bull China Trade Surplus Narrows More than Estimated as ImportsClimb to Record Bloomberg (11 September 2011)
bull Inflation Up Exports DownThe Jakarta Post (06 September 2011)
bull Preliminary Release of Malaysia External Trade StatisticsJuly 2011 Department of Statistics Malaysia (09 September 2011)
Republic of Korea Revises 2Q11 GDP Growth Upward to 09Malaysiarsquos IPI Falls 06 Manufacturing Sales Expand 108 inJuly PMI Falls in Hong Kong China and Singapore in August
bull Gross National Income 2nd Quarter of 2011 (Preliminary)The Bank of Korea (06 September 2011)
bull Index of Industrial Production Malaysia July 2011 Department of Statistics Malaysia (09 September 2011)
bull Monthly Manufacturing Statistics Malaysia July 2011 Department of Statistics Malaysia (09 September 2011)
bull Hong Kong Chinarsquos Aug PMI Falls to 478 Lowest in26 MonthsReuters (04 September 2011)
bull Singaporersquos Manufacturing Contracts for 2nd Straight Monthin August Channel News Asia (05 September 2011)
Net Foreign Investment in the Republic of Korearsquos LCY BondMarket Falls to KRW134 Billion in August Thailand LaunchesTHB50 Billion 3-Year Retail Bonds Plans to Issue THB540 Billionof Bonds Next Fiscal Year
bull Foreign Investments in Domestic Securities in August 2011Financial Supervisory Service (05 September 2011)
bull Thailand Aims to Widen Bond Investor BaseIFR Asia (05 September 2011)
bull Bonds Key to Fund-raising Plan The Nation (08 September 2011)
Korea Eximbank Raises USD1 Billion from 10-Year Global BondSale BP Prices CNH700 Million 3-Year Bond Air Liquide PricesCNH175 Billion 5-Year Bond Henderson Land Prices SGD200Million 7-Year Note
bull Kexim Reopens US Dollar Bond Markets for Asian Borrowers
IFR Asia (10 September 2011)bull BONDS BP Prices RMB700m Three-Year Dim Sum Debut
IFR Asia (09 September 2011)
bull BONDS Air Liquide Prices RMB175bn First French Dim Sum IFR Asia (09 September 2011)
bull Henderson Land Said to Sell $200m of 4 7-year Bonds The Edge Singapore (08 September 2011)
China Datang Corporation Plans Commercial Paper IssuanceGuangdong Development Bank Plans Subordinated DebtIssuance Bosch amp Siemens Considers CNH Bond Issuance
bull China Datang Corp Renewable Power To Issue RMB 2 Bln inBillsChina Knowledge (05 September 2011)
bull Guangdong Development Bank to Issue RMB 2 Bln in Bonds China Knowledge (05 September 2011)
bull BONDS Bosch amp Siemens Hires Two for Dim Sum DebutIFR Asia (07 September 2011)
Foreign Reserves Grow in Hong Kong China Japan and thePhilippines in August
bull Hong Kongs Latest Foreign Currency Reserve Asset FiguresReleasedHong Kong Monetary Authority (07 September 2011)
bull International ReservesForeign Currency Liquidity(as of August 31 2011) in BondsMinistry of Finance Japan (07 September 2011)
bull End-August 2011 GIR Level Rises to US$756 BillionBangko Sentral ng Pilipinas (07 September 2011)
Viet Nam Commercial Banks Cut Lending Rates SBV IssuesCircular on Corporate Bond Purchase by Credit Institutions and
Foreign Bank Branches
bull Lending Rates Cut Following State Bank RulingViet Nam Investment Review (06 September 2011)
bull Banking Sector Carries Out Major Tasks in Final Months of 2011 State Bank of Viet Nam (01 September 2011)
bull SBV Issues Circular on Purchase of Corporate Bonds by CreditInstitutions and Foreign Bank BranchesState Bank of Viet Nam (09 September 2011)
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
Policy Rates Remain Unchanged in Indonesia Japan Republic of Korea Malaysia and Philippines (conthellip)safeguard price stability and support sustained economic growth The Monetary Board also noted that liquidity
expansion and bank credit activity each continue to grow at a strong pace which could stoke inflationary pressures TheBSP will be watchful over emerging conditions to ensure that the monetary policy stance is appropriate
For policy rate trends in Indonesia refer to this linkhttpasianbondsonlineadborgindonesiadatmarketwatchphpcode=policy_rate_and_inflation_trends
For policy rate trends in Japan refer to this linkhttpasianbondsonlineadborgjapandatamarketwatchphpcode=policy_rate_and_inflation_trends
For policy rate trends in the Republic of Korea refer to this linkhttpasianbondsonlineadborgkoreadatamarketwatchphpcode=policy_rate_and_inflation_trends
For policy rate trends in Malaysia refer to this linkhttpasianbondsonlineadborgmalaysiadatamarketwatchphpcode=policy_rate_and_inflation_trends
Trade Surplus Falls in PRC and Indonesia Rises in MalaysiaThe PRCs trade surplus narrowed to USD178 billion in August from USD315 billion in July as import growth outpacedexport growth Exports grew 245 y-o-y in August compared with 204 in the previous month Imports surged 302y-o-y in August an improvement over the previous months import growth of 229
Indonesias export growth eased to 395 y-o-y in July from 491 in June resulting in an export value of USD174billion for the month According to the Central Statistics Agency the slowdown in annual growth was attributed to lowercrude palm oil exports as well as easing demand from the US and Japan the countrys second and third largest exportdestinations respectively Imports grew 272 y-o-y to USD161 billion in July following revised 282 growth in theprevious month A trade surplus amounting to USD14 billion was recorded in July the lowest level of the year
Malaysias trade surplus widened to MYR95 billion in July from MYR79 billion in June Export growth eased to 71 y-o-y in July from 86 in June while imports grew at a rate of 29 y-o-y in July compared with 63 in June On a m-o-
m basis exports increased 24 in July while imports decreased 04 During the first 7 months of the year exportsrose 69 y-o-y to MYR3964 billion while total imports increased 87 to MYR3278 billion
For statistics on the PRCs export growth rate refer to this linkhttpasianbondsonlineadborgchinadatamacroeconomic_creditphp
For statistics on Malaysias export growth rate and trade balance refer to this linkhttpasianbondsonlineadborgmalaysiadatamacroeconomic_creditphp
Republic of Korea Revises 2Q11 GDP Growth Upward to 09
Malaysias IPI Falls 06 Manufacturing Sales Expand 108 in July
PMI Falls in Hong Kong China and Singapore in August The Republic of Korea revised its real gross domestic product (GDP) growth for 2Q11 to 09 quarter-on-quarter (q-o-q)
from its advance estimate of 08 which was released on 27 July The revised 2Q11 growth rates for privateconsumption gross fixed capital formation government spending and total exports were 09 23 08 and 12q-o-q respectively with the revised figures being higher than advance estimates for gross fixed capital formation andlower in all other categories Moreover the revised 2Q11 growth rates for agriculture fishery and forestrymanufacturing electricity gas and water supply construction and services stood at 83 14 01 26 and00 q-o-q respectively The revised growth rates were higher than advance estimates for agriculture fishery andforestry and construction lower for manufacturing and services and unchanged for electricity gas and water supply
Malaysias industrial production index (IPI) dropped 06 y-o-y in July after posting a revised 13 growth in June Themanufacturing and electricity sectors grew 15 and 46 y-o-y respectively but these were offset by the 75 y-o-ydecline in the output of the mining sector On a m-o-m basis IPI contracted 06 Meanwhile the value of
Republic of Korea Revises 2Q11 GDP Growth Upward to 09
Malaysias IPI Falls 06 Manufacturing Sales Expand 108 in July
PMI Falls in Hong Kong China and Singapore in August (conthellip)manufacturing sales increased 108 y-o-y in July slightly higher than the revised 100 growth posted in the previousmonth
For the first time in 2 years the HSBC Purchasing Managers Index (PMI) for Hong Kong China fell from 514 in July to478 in August A reading below 50 indicates a contraction in business conditions in the domestic economy Based onthe survey of over 300 purchasing executives private companies experienced a decline in both new orders and outputdue to weakening demand from Western countries
According to the Singapore Institute of Purchasing and Materials Management the PMI for Singapore in August was at494 slightly higher than Julys 493 A PMI above 50 indicates manufacturing expansion while a reading below 50indicates a contraction The contraction in August was due to the decline in new orders new export orders andproduction output
Net Foreign Investment in the Republic of Koreas LCY Bond Market Falls to KRW134 Billion in August
Thailand Launches THB50 Billion 3-Year Retail Bonds Plans to Issue THB540 Billion of Bonds Next Fiscal Year Net foreign investment into the Republic of Koreas LCY bond market fell to KRW134 billion in August from KRW29trillion in July as foreign investors bond purchases slipped 166 m-o-m and maturity redemptions jumped 1172 m-o-m The largest net bond investment for the month came from the US at KRW10 trillion followed by Malaysia atKRW429 billion On the other hand the two largest net bond outflows were made by investors in Thailand and Franceamounting to KRW12 trillion and KRW11 trillion respectively
As of end-August foreign investors bond holdings stood at KRW847 trillion with the four largest bond holders comingfrom the US (KRW178 trillion) Luxembourg (KRW140 trillion) Thailand (KRW107 trillion) and the PRC (KRW93trillion)
Meanwhile Thailand launched its initial offering of 3-year retail government bonds amounting to THB50 billion on 12
September with the bond subscription ending on the last day of September Thailands Ministry of Finance hasestablished the coupon rate of the retail bonds at 375 The minimum bond subscription is THB1000 while themaximum is THB1 million
The bond offering is in line with the governments objective to finance its budget deficit which is expected to widen asthe government in planning new transportation projects Thailand intends to raise THB540 billion from the sale ofgovernment bonds in the next fiscal year including 5- 7- and 10-year tenors at THB100 billion THB65 billion andTHB60 billion respectively The government also intends to sell longer-term bonds with 15- and 20-year tenors atTHB35 billion each a 30-year bond at THB20 billion and an inflation-linked bond
Korea Eximbank Raises USD1 Billion from 10-Year Global Bond Sale BP Prices CNH700 Million 3-Year Bond
Air Liquide Prices CNH175 Billion 5-Year Bond Henderson Land Prices SGD200 Million 7-Year Note
Korea Eximbank announced last week that it had raised USD1 billion from the sale of a 10-year global bond with a4375 coupon rate Investors from the US and Asia were allocated 54 and 36 of the bonds respectively while theremaining 10 went to European investors
BP last week priced CNH700 million worth of 3-year bonds with a coupon of 17 Demand was strong with the orderbook size at CNH25 billion In terms of geographic concentration 48 of the issue went to investors in Hong KongChina while 33 went to Singapore and the remainder to Europe In terms of investor type 58 of the bonds weretaken by fund managers while private banks purchased 16
French gas provider-Air Liquide-raised CNH175 billion from sale of 5-year bonds priced at 3 Investors in Hong KongChina purchased 52 of the bonds followed by Singapore (33) and Europe (12) By investor type fund managersbooked 74 of the deal followed by banks (22)
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
Consumer Price Inflation Eases in the PRC and PhilippinesAccelerates in Indonesia in August Producer Prices Rise 73in the PRC and 66 in the Republic of Korea in August
bull Chinas Inflation Eases to 62 pct in AugustXinhua (09 September 2011)
bull Inflation Quickens in August on Gold RushJakarta Globe (05 September 2011)
bull Summary Inflation Report Consumer Price Index (2006 = 100) August and July 2011 National Statistics Office (06 September 2011)
bull Producer Price Index during August 2011 The Bank of Korea (09 September 2011)
Policy Rates Remain Unchanged in Indonesia Japan Republicof Korea Malaysia and Philippines
bull BI Rate Maintained at 675 Lower Band of Interest Rate
Corridor for Monetary Operations Widened to 150 Bps Bank Indonesia (08 September 2011)
bull Statement on Monetary PolicyBank of Japan (07 September 2011)
bull Monetary Policy Decision The Bank of Korea (08 September 2011)
bull Monetary Policy StatementBank Negara Malaysia (08 September 2011)
bull Monetary Board Maintains Policy Rates and ReserveRequirement RatiosBangko Sentral ng Pilipinas (08 September 2011)
Trade Surplus Falls in PRC and Indonesia Rises in Malaysia
bull China Trade Surplus Narrows More than Estimated as ImportsClimb to Record Bloomberg (11 September 2011)
bull Inflation Up Exports DownThe Jakarta Post (06 September 2011)
bull Preliminary Release of Malaysia External Trade StatisticsJuly 2011 Department of Statistics Malaysia (09 September 2011)
Republic of Korea Revises 2Q11 GDP Growth Upward to 09Malaysiarsquos IPI Falls 06 Manufacturing Sales Expand 108 inJuly PMI Falls in Hong Kong China and Singapore in August
bull Gross National Income 2nd Quarter of 2011 (Preliminary)The Bank of Korea (06 September 2011)
bull Index of Industrial Production Malaysia July 2011 Department of Statistics Malaysia (09 September 2011)
bull Monthly Manufacturing Statistics Malaysia July 2011 Department of Statistics Malaysia (09 September 2011)
bull Hong Kong Chinarsquos Aug PMI Falls to 478 Lowest in26 MonthsReuters (04 September 2011)
bull Singaporersquos Manufacturing Contracts for 2nd Straight Monthin August Channel News Asia (05 September 2011)
Net Foreign Investment in the Republic of Korearsquos LCY BondMarket Falls to KRW134 Billion in August Thailand LaunchesTHB50 Billion 3-Year Retail Bonds Plans to Issue THB540 Billionof Bonds Next Fiscal Year
bull Foreign Investments in Domestic Securities in August 2011Financial Supervisory Service (05 September 2011)
bull Thailand Aims to Widen Bond Investor BaseIFR Asia (05 September 2011)
bull Bonds Key to Fund-raising Plan The Nation (08 September 2011)
Korea Eximbank Raises USD1 Billion from 10-Year Global BondSale BP Prices CNH700 Million 3-Year Bond Air Liquide PricesCNH175 Billion 5-Year Bond Henderson Land Prices SGD200Million 7-Year Note
bull Kexim Reopens US Dollar Bond Markets for Asian Borrowers
IFR Asia (10 September 2011)bull BONDS BP Prices RMB700m Three-Year Dim Sum Debut
IFR Asia (09 September 2011)
bull BONDS Air Liquide Prices RMB175bn First French Dim Sum IFR Asia (09 September 2011)
bull Henderson Land Said to Sell $200m of 4 7-year Bonds The Edge Singapore (08 September 2011)
China Datang Corporation Plans Commercial Paper IssuanceGuangdong Development Bank Plans Subordinated DebtIssuance Bosch amp Siemens Considers CNH Bond Issuance
bull China Datang Corp Renewable Power To Issue RMB 2 Bln inBillsChina Knowledge (05 September 2011)
bull Guangdong Development Bank to Issue RMB 2 Bln in Bonds China Knowledge (05 September 2011)
bull BONDS Bosch amp Siemens Hires Two for Dim Sum DebutIFR Asia (07 September 2011)
Foreign Reserves Grow in Hong Kong China Japan and thePhilippines in August
bull Hong Kongs Latest Foreign Currency Reserve Asset FiguresReleasedHong Kong Monetary Authority (07 September 2011)
bull International ReservesForeign Currency Liquidity(as of August 31 2011) in BondsMinistry of Finance Japan (07 September 2011)
bull End-August 2011 GIR Level Rises to US$756 BillionBangko Sentral ng Pilipinas (07 September 2011)
Viet Nam Commercial Banks Cut Lending Rates SBV IssuesCircular on Corporate Bond Purchase by Credit Institutions and
Foreign Bank Branches
bull Lending Rates Cut Following State Bank RulingViet Nam Investment Review (06 September 2011)
bull Banking Sector Carries Out Major Tasks in Final Months of 2011 State Bank of Viet Nam (01 September 2011)
bull SBV Issues Circular on Purchase of Corporate Bonds by CreditInstitutions and Foreign Bank BranchesState Bank of Viet Nam (09 September 2011)
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
Republic of Korea Revises 2Q11 GDP Growth Upward to 09
Malaysias IPI Falls 06 Manufacturing Sales Expand 108 in July
PMI Falls in Hong Kong China and Singapore in August (conthellip)manufacturing sales increased 108 y-o-y in July slightly higher than the revised 100 growth posted in the previousmonth
For the first time in 2 years the HSBC Purchasing Managers Index (PMI) for Hong Kong China fell from 514 in July to478 in August A reading below 50 indicates a contraction in business conditions in the domestic economy Based onthe survey of over 300 purchasing executives private companies experienced a decline in both new orders and outputdue to weakening demand from Western countries
According to the Singapore Institute of Purchasing and Materials Management the PMI for Singapore in August was at494 slightly higher than Julys 493 A PMI above 50 indicates manufacturing expansion while a reading below 50indicates a contraction The contraction in August was due to the decline in new orders new export orders andproduction output
Net Foreign Investment in the Republic of Koreas LCY Bond Market Falls to KRW134 Billion in August
Thailand Launches THB50 Billion 3-Year Retail Bonds Plans to Issue THB540 Billion of Bonds Next Fiscal Year Net foreign investment into the Republic of Koreas LCY bond market fell to KRW134 billion in August from KRW29trillion in July as foreign investors bond purchases slipped 166 m-o-m and maturity redemptions jumped 1172 m-o-m The largest net bond investment for the month came from the US at KRW10 trillion followed by Malaysia atKRW429 billion On the other hand the two largest net bond outflows were made by investors in Thailand and Franceamounting to KRW12 trillion and KRW11 trillion respectively
As of end-August foreign investors bond holdings stood at KRW847 trillion with the four largest bond holders comingfrom the US (KRW178 trillion) Luxembourg (KRW140 trillion) Thailand (KRW107 trillion) and the PRC (KRW93trillion)
Meanwhile Thailand launched its initial offering of 3-year retail government bonds amounting to THB50 billion on 12
September with the bond subscription ending on the last day of September Thailands Ministry of Finance hasestablished the coupon rate of the retail bonds at 375 The minimum bond subscription is THB1000 while themaximum is THB1 million
The bond offering is in line with the governments objective to finance its budget deficit which is expected to widen asthe government in planning new transportation projects Thailand intends to raise THB540 billion from the sale ofgovernment bonds in the next fiscal year including 5- 7- and 10-year tenors at THB100 billion THB65 billion andTHB60 billion respectively The government also intends to sell longer-term bonds with 15- and 20-year tenors atTHB35 billion each a 30-year bond at THB20 billion and an inflation-linked bond
Korea Eximbank Raises USD1 Billion from 10-Year Global Bond Sale BP Prices CNH700 Million 3-Year Bond
Air Liquide Prices CNH175 Billion 5-Year Bond Henderson Land Prices SGD200 Million 7-Year Note
Korea Eximbank announced last week that it had raised USD1 billion from the sale of a 10-year global bond with a4375 coupon rate Investors from the US and Asia were allocated 54 and 36 of the bonds respectively while theremaining 10 went to European investors
BP last week priced CNH700 million worth of 3-year bonds with a coupon of 17 Demand was strong with the orderbook size at CNH25 billion In terms of geographic concentration 48 of the issue went to investors in Hong KongChina while 33 went to Singapore and the remainder to Europe In terms of investor type 58 of the bonds weretaken by fund managers while private banks purchased 16
French gas provider-Air Liquide-raised CNH175 billion from sale of 5-year bonds priced at 3 Investors in Hong KongChina purchased 52 of the bonds followed by Singapore (33) and Europe (12) By investor type fund managersbooked 74 of the deal followed by banks (22)
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
Consumer Price Inflation Eases in the PRC and PhilippinesAccelerates in Indonesia in August Producer Prices Rise 73in the PRC and 66 in the Republic of Korea in August
bull Chinas Inflation Eases to 62 pct in AugustXinhua (09 September 2011)
bull Inflation Quickens in August on Gold RushJakarta Globe (05 September 2011)
bull Summary Inflation Report Consumer Price Index (2006 = 100) August and July 2011 National Statistics Office (06 September 2011)
bull Producer Price Index during August 2011 The Bank of Korea (09 September 2011)
Policy Rates Remain Unchanged in Indonesia Japan Republicof Korea Malaysia and Philippines
bull BI Rate Maintained at 675 Lower Band of Interest Rate
Corridor for Monetary Operations Widened to 150 Bps Bank Indonesia (08 September 2011)
bull Statement on Monetary PolicyBank of Japan (07 September 2011)
bull Monetary Policy Decision The Bank of Korea (08 September 2011)
bull Monetary Policy StatementBank Negara Malaysia (08 September 2011)
bull Monetary Board Maintains Policy Rates and ReserveRequirement RatiosBangko Sentral ng Pilipinas (08 September 2011)
Trade Surplus Falls in PRC and Indonesia Rises in Malaysia
bull China Trade Surplus Narrows More than Estimated as ImportsClimb to Record Bloomberg (11 September 2011)
bull Inflation Up Exports DownThe Jakarta Post (06 September 2011)
bull Preliminary Release of Malaysia External Trade StatisticsJuly 2011 Department of Statistics Malaysia (09 September 2011)
Republic of Korea Revises 2Q11 GDP Growth Upward to 09Malaysiarsquos IPI Falls 06 Manufacturing Sales Expand 108 inJuly PMI Falls in Hong Kong China and Singapore in August
bull Gross National Income 2nd Quarter of 2011 (Preliminary)The Bank of Korea (06 September 2011)
bull Index of Industrial Production Malaysia July 2011 Department of Statistics Malaysia (09 September 2011)
bull Monthly Manufacturing Statistics Malaysia July 2011 Department of Statistics Malaysia (09 September 2011)
bull Hong Kong Chinarsquos Aug PMI Falls to 478 Lowest in26 MonthsReuters (04 September 2011)
bull Singaporersquos Manufacturing Contracts for 2nd Straight Monthin August Channel News Asia (05 September 2011)
Net Foreign Investment in the Republic of Korearsquos LCY BondMarket Falls to KRW134 Billion in August Thailand LaunchesTHB50 Billion 3-Year Retail Bonds Plans to Issue THB540 Billionof Bonds Next Fiscal Year
bull Foreign Investments in Domestic Securities in August 2011Financial Supervisory Service (05 September 2011)
bull Thailand Aims to Widen Bond Investor BaseIFR Asia (05 September 2011)
bull Bonds Key to Fund-raising Plan The Nation (08 September 2011)
Korea Eximbank Raises USD1 Billion from 10-Year Global BondSale BP Prices CNH700 Million 3-Year Bond Air Liquide PricesCNH175 Billion 5-Year Bond Henderson Land Prices SGD200Million 7-Year Note
bull Kexim Reopens US Dollar Bond Markets for Asian Borrowers
IFR Asia (10 September 2011)bull BONDS BP Prices RMB700m Three-Year Dim Sum Debut
IFR Asia (09 September 2011)
bull BONDS Air Liquide Prices RMB175bn First French Dim Sum IFR Asia (09 September 2011)
bull Henderson Land Said to Sell $200m of 4 7-year Bonds The Edge Singapore (08 September 2011)
China Datang Corporation Plans Commercial Paper IssuanceGuangdong Development Bank Plans Subordinated DebtIssuance Bosch amp Siemens Considers CNH Bond Issuance
bull China Datang Corp Renewable Power To Issue RMB 2 Bln inBillsChina Knowledge (05 September 2011)
bull Guangdong Development Bank to Issue RMB 2 Bln in Bonds China Knowledge (05 September 2011)
bull BONDS Bosch amp Siemens Hires Two for Dim Sum DebutIFR Asia (07 September 2011)
Foreign Reserves Grow in Hong Kong China Japan and thePhilippines in August
bull Hong Kongs Latest Foreign Currency Reserve Asset FiguresReleasedHong Kong Monetary Authority (07 September 2011)
bull International ReservesForeign Currency Liquidity(as of August 31 2011) in BondsMinistry of Finance Japan (07 September 2011)
bull End-August 2011 GIR Level Rises to US$756 BillionBangko Sentral ng Pilipinas (07 September 2011)
Viet Nam Commercial Banks Cut Lending Rates SBV IssuesCircular on Corporate Bond Purchase by Credit Institutions and
Foreign Bank Branches
bull Lending Rates Cut Following State Bank RulingViet Nam Investment Review (06 September 2011)
bull Banking Sector Carries Out Major Tasks in Final Months of 2011 State Bank of Viet Nam (01 September 2011)
bull SBV Issues Circular on Purchase of Corporate Bonds by CreditInstitutions and Foreign Bank BranchesState Bank of Viet Nam (09 September 2011)
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
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
Consumer Price Inflation Eases in the PRC and PhilippinesAccelerates in Indonesia in August Producer Prices Rise 73in the PRC and 66 in the Republic of Korea in August
bull Chinas Inflation Eases to 62 pct in AugustXinhua (09 September 2011)
bull Inflation Quickens in August on Gold RushJakarta Globe (05 September 2011)
bull Summary Inflation Report Consumer Price Index (2006 = 100) August and July 2011 National Statistics Office (06 September 2011)
bull Producer Price Index during August 2011 The Bank of Korea (09 September 2011)
Policy Rates Remain Unchanged in Indonesia Japan Republicof Korea Malaysia and Philippines
bull BI Rate Maintained at 675 Lower Band of Interest Rate
Corridor for Monetary Operations Widened to 150 Bps Bank Indonesia (08 September 2011)
bull Statement on Monetary PolicyBank of Japan (07 September 2011)
bull Monetary Policy Decision The Bank of Korea (08 September 2011)
bull Monetary Policy StatementBank Negara Malaysia (08 September 2011)
bull Monetary Board Maintains Policy Rates and ReserveRequirement RatiosBangko Sentral ng Pilipinas (08 September 2011)
Trade Surplus Falls in PRC and Indonesia Rises in Malaysia
bull China Trade Surplus Narrows More than Estimated as ImportsClimb to Record Bloomberg (11 September 2011)
bull Inflation Up Exports DownThe Jakarta Post (06 September 2011)
bull Preliminary Release of Malaysia External Trade StatisticsJuly 2011 Department of Statistics Malaysia (09 September 2011)
Republic of Korea Revises 2Q11 GDP Growth Upward to 09Malaysiarsquos IPI Falls 06 Manufacturing Sales Expand 108 inJuly PMI Falls in Hong Kong China and Singapore in August
bull Gross National Income 2nd Quarter of 2011 (Preliminary)The Bank of Korea (06 September 2011)
bull Index of Industrial Production Malaysia July 2011 Department of Statistics Malaysia (09 September 2011)
bull Monthly Manufacturing Statistics Malaysia July 2011 Department of Statistics Malaysia (09 September 2011)
bull Hong Kong Chinarsquos Aug PMI Falls to 478 Lowest in26 MonthsReuters (04 September 2011)
bull Singaporersquos Manufacturing Contracts for 2nd Straight Monthin August Channel News Asia (05 September 2011)
Net Foreign Investment in the Republic of Korearsquos LCY BondMarket Falls to KRW134 Billion in August Thailand LaunchesTHB50 Billion 3-Year Retail Bonds Plans to Issue THB540 Billionof Bonds Next Fiscal Year
bull Foreign Investments in Domestic Securities in August 2011Financial Supervisory Service (05 September 2011)
bull Thailand Aims to Widen Bond Investor BaseIFR Asia (05 September 2011)
bull Bonds Key to Fund-raising Plan The Nation (08 September 2011)
Korea Eximbank Raises USD1 Billion from 10-Year Global BondSale BP Prices CNH700 Million 3-Year Bond Air Liquide PricesCNH175 Billion 5-Year Bond Henderson Land Prices SGD200Million 7-Year Note
bull Kexim Reopens US Dollar Bond Markets for Asian Borrowers
IFR Asia (10 September 2011)bull BONDS BP Prices RMB700m Three-Year Dim Sum Debut
IFR Asia (09 September 2011)
bull BONDS Air Liquide Prices RMB175bn First French Dim Sum IFR Asia (09 September 2011)
bull Henderson Land Said to Sell $200m of 4 7-year Bonds The Edge Singapore (08 September 2011)
China Datang Corporation Plans Commercial Paper IssuanceGuangdong Development Bank Plans Subordinated DebtIssuance Bosch amp Siemens Considers CNH Bond Issuance
bull China Datang Corp Renewable Power To Issue RMB 2 Bln inBillsChina Knowledge (05 September 2011)
bull Guangdong Development Bank to Issue RMB 2 Bln in Bonds China Knowledge (05 September 2011)
bull BONDS Bosch amp Siemens Hires Two for Dim Sum DebutIFR Asia (07 September 2011)
Foreign Reserves Grow in Hong Kong China Japan and thePhilippines in August
bull Hong Kongs Latest Foreign Currency Reserve Asset FiguresReleasedHong Kong Monetary Authority (07 September 2011)
bull International ReservesForeign Currency Liquidity(as of August 31 2011) in BondsMinistry of Finance Japan (07 September 2011)
bull End-August 2011 GIR Level Rises to US$756 BillionBangko Sentral ng Pilipinas (07 September 2011)
Viet Nam Commercial Banks Cut Lending Rates SBV IssuesCircular on Corporate Bond Purchase by Credit Institutions and
Foreign Bank Branches
bull Lending Rates Cut Following State Bank RulingViet Nam Investment Review (06 September 2011)
bull Banking Sector Carries Out Major Tasks in Final Months of 2011 State Bank of Viet Nam (01 September 2011)
bull SBV Issues Circular on Purchase of Corporate Bonds by CreditInstitutions and Foreign Bank BranchesState Bank of Viet Nam (09 September 2011)
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
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
Consumer Price Inflation Eases in the PRC and PhilippinesAccelerates in Indonesia in August Producer Prices Rise 73in the PRC and 66 in the Republic of Korea in August
bull Chinas Inflation Eases to 62 pct in AugustXinhua (09 September 2011)
bull Inflation Quickens in August on Gold RushJakarta Globe (05 September 2011)
bull Summary Inflation Report Consumer Price Index (2006 = 100) August and July 2011 National Statistics Office (06 September 2011)
bull Producer Price Index during August 2011 The Bank of Korea (09 September 2011)
Policy Rates Remain Unchanged in Indonesia Japan Republicof Korea Malaysia and Philippines
bull BI Rate Maintained at 675 Lower Band of Interest Rate
Corridor for Monetary Operations Widened to 150 Bps Bank Indonesia (08 September 2011)
bull Statement on Monetary PolicyBank of Japan (07 September 2011)
bull Monetary Policy Decision The Bank of Korea (08 September 2011)
bull Monetary Policy StatementBank Negara Malaysia (08 September 2011)
bull Monetary Board Maintains Policy Rates and ReserveRequirement RatiosBangko Sentral ng Pilipinas (08 September 2011)
Trade Surplus Falls in PRC and Indonesia Rises in Malaysia
bull China Trade Surplus Narrows More than Estimated as ImportsClimb to Record Bloomberg (11 September 2011)
bull Inflation Up Exports DownThe Jakarta Post (06 September 2011)
bull Preliminary Release of Malaysia External Trade StatisticsJuly 2011 Department of Statistics Malaysia (09 September 2011)
Republic of Korea Revises 2Q11 GDP Growth Upward to 09Malaysiarsquos IPI Falls 06 Manufacturing Sales Expand 108 inJuly PMI Falls in Hong Kong China and Singapore in August
bull Gross National Income 2nd Quarter of 2011 (Preliminary)The Bank of Korea (06 September 2011)
bull Index of Industrial Production Malaysia July 2011 Department of Statistics Malaysia (09 September 2011)
bull Monthly Manufacturing Statistics Malaysia July 2011 Department of Statistics Malaysia (09 September 2011)
bull Hong Kong Chinarsquos Aug PMI Falls to 478 Lowest in26 MonthsReuters (04 September 2011)
bull Singaporersquos Manufacturing Contracts for 2nd Straight Monthin August Channel News Asia (05 September 2011)
Net Foreign Investment in the Republic of Korearsquos LCY BondMarket Falls to KRW134 Billion in August Thailand LaunchesTHB50 Billion 3-Year Retail Bonds Plans to Issue THB540 Billionof Bonds Next Fiscal Year
bull Foreign Investments in Domestic Securities in August 2011Financial Supervisory Service (05 September 2011)
bull Thailand Aims to Widen Bond Investor BaseIFR Asia (05 September 2011)
bull Bonds Key to Fund-raising Plan The Nation (08 September 2011)
Korea Eximbank Raises USD1 Billion from 10-Year Global BondSale BP Prices CNH700 Million 3-Year Bond Air Liquide PricesCNH175 Billion 5-Year Bond Henderson Land Prices SGD200Million 7-Year Note
bull Kexim Reopens US Dollar Bond Markets for Asian Borrowers
IFR Asia (10 September 2011)bull BONDS BP Prices RMB700m Three-Year Dim Sum Debut
IFR Asia (09 September 2011)
bull BONDS Air Liquide Prices RMB175bn First French Dim Sum IFR Asia (09 September 2011)
bull Henderson Land Said to Sell $200m of 4 7-year Bonds The Edge Singapore (08 September 2011)
China Datang Corporation Plans Commercial Paper IssuanceGuangdong Development Bank Plans Subordinated DebtIssuance Bosch amp Siemens Considers CNH Bond Issuance
bull China Datang Corp Renewable Power To Issue RMB 2 Bln inBillsChina Knowledge (05 September 2011)
bull Guangdong Development Bank to Issue RMB 2 Bln in Bonds China Knowledge (05 September 2011)
bull BONDS Bosch amp Siemens Hires Two for Dim Sum DebutIFR Asia (07 September 2011)
Foreign Reserves Grow in Hong Kong China Japan and thePhilippines in August
bull Hong Kongs Latest Foreign Currency Reserve Asset FiguresReleasedHong Kong Monetary Authority (07 September 2011)
bull International ReservesForeign Currency Liquidity(as of August 31 2011) in BondsMinistry of Finance Japan (07 September 2011)
bull End-August 2011 GIR Level Rises to US$756 BillionBangko Sentral ng Pilipinas (07 September 2011)
Viet Nam Commercial Banks Cut Lending Rates SBV IssuesCircular on Corporate Bond Purchase by Credit Institutions and
Foreign Bank Branches
bull Lending Rates Cut Following State Bank RulingViet Nam Investment Review (06 September 2011)
bull Banking Sector Carries Out Major Tasks in Final Months of 2011 State Bank of Viet Nam (01 September 2011)
bull SBV Issues Circular on Purchase of Corporate Bonds by CreditInstitutions and Foreign Bank BranchesState Bank of Viet Nam (09 September 2011)
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
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
Consumer Price Inflation Eases in the PRC and PhilippinesAccelerates in Indonesia in August Producer Prices Rise 73in the PRC and 66 in the Republic of Korea in August
bull Chinas Inflation Eases to 62 pct in AugustXinhua (09 September 2011)
bull Inflation Quickens in August on Gold RushJakarta Globe (05 September 2011)
bull Summary Inflation Report Consumer Price Index (2006 = 100) August and July 2011 National Statistics Office (06 September 2011)
bull Producer Price Index during August 2011 The Bank of Korea (09 September 2011)
Policy Rates Remain Unchanged in Indonesia Japan Republicof Korea Malaysia and Philippines
bull BI Rate Maintained at 675 Lower Band of Interest Rate
Corridor for Monetary Operations Widened to 150 Bps Bank Indonesia (08 September 2011)
bull Statement on Monetary PolicyBank of Japan (07 September 2011)
bull Monetary Policy Decision The Bank of Korea (08 September 2011)
bull Monetary Policy StatementBank Negara Malaysia (08 September 2011)
bull Monetary Board Maintains Policy Rates and ReserveRequirement RatiosBangko Sentral ng Pilipinas (08 September 2011)
Trade Surplus Falls in PRC and Indonesia Rises in Malaysia
bull China Trade Surplus Narrows More than Estimated as ImportsClimb to Record Bloomberg (11 September 2011)
bull Inflation Up Exports DownThe Jakarta Post (06 September 2011)
bull Preliminary Release of Malaysia External Trade StatisticsJuly 2011 Department of Statistics Malaysia (09 September 2011)
Republic of Korea Revises 2Q11 GDP Growth Upward to 09Malaysiarsquos IPI Falls 06 Manufacturing Sales Expand 108 inJuly PMI Falls in Hong Kong China and Singapore in August
bull Gross National Income 2nd Quarter of 2011 (Preliminary)The Bank of Korea (06 September 2011)
bull Index of Industrial Production Malaysia July 2011 Department of Statistics Malaysia (09 September 2011)
bull Monthly Manufacturing Statistics Malaysia July 2011 Department of Statistics Malaysia (09 September 2011)
bull Hong Kong Chinarsquos Aug PMI Falls to 478 Lowest in26 MonthsReuters (04 September 2011)
bull Singaporersquos Manufacturing Contracts for 2nd Straight Monthin August Channel News Asia (05 September 2011)
Net Foreign Investment in the Republic of Korearsquos LCY BondMarket Falls to KRW134 Billion in August Thailand LaunchesTHB50 Billion 3-Year Retail Bonds Plans to Issue THB540 Billionof Bonds Next Fiscal Year
bull Foreign Investments in Domestic Securities in August 2011Financial Supervisory Service (05 September 2011)
bull Thailand Aims to Widen Bond Investor BaseIFR Asia (05 September 2011)
bull Bonds Key to Fund-raising Plan The Nation (08 September 2011)
Korea Eximbank Raises USD1 Billion from 10-Year Global BondSale BP Prices CNH700 Million 3-Year Bond Air Liquide PricesCNH175 Billion 5-Year Bond Henderson Land Prices SGD200Million 7-Year Note
bull Kexim Reopens US Dollar Bond Markets for Asian Borrowers
IFR Asia (10 September 2011)bull BONDS BP Prices RMB700m Three-Year Dim Sum Debut
IFR Asia (09 September 2011)
bull BONDS Air Liquide Prices RMB175bn First French Dim Sum IFR Asia (09 September 2011)
bull Henderson Land Said to Sell $200m of 4 7-year Bonds The Edge Singapore (08 September 2011)
China Datang Corporation Plans Commercial Paper IssuanceGuangdong Development Bank Plans Subordinated DebtIssuance Bosch amp Siemens Considers CNH Bond Issuance
bull China Datang Corp Renewable Power To Issue RMB 2 Bln inBillsChina Knowledge (05 September 2011)
bull Guangdong Development Bank to Issue RMB 2 Bln in Bonds China Knowledge (05 September 2011)
bull BONDS Bosch amp Siemens Hires Two for Dim Sum DebutIFR Asia (07 September 2011)
Foreign Reserves Grow in Hong Kong China Japan and thePhilippines in August
bull Hong Kongs Latest Foreign Currency Reserve Asset FiguresReleasedHong Kong Monetary Authority (07 September 2011)
bull International ReservesForeign Currency Liquidity(as of August 31 2011) in BondsMinistry of Finance Japan (07 September 2011)
bull End-August 2011 GIR Level Rises to US$756 BillionBangko Sentral ng Pilipinas (07 September 2011)
Viet Nam Commercial Banks Cut Lending Rates SBV IssuesCircular on Corporate Bond Purchase by Credit Institutions and
Foreign Bank Branches
bull Lending Rates Cut Following State Bank RulingViet Nam Investment Review (06 September 2011)
bull Banking Sector Carries Out Major Tasks in Final Months of 2011 State Bank of Viet Nam (01 September 2011)
bull SBV Issues Circular on Purchase of Corporate Bonds by CreditInstitutions and Foreign Bank BranchesState Bank of Viet Nam (09 September 2011)
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
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
Consumer Price Inflation Eases in the PRC and PhilippinesAccelerates in Indonesia in August Producer Prices Rise 73in the PRC and 66 in the Republic of Korea in August
bull Chinas Inflation Eases to 62 pct in AugustXinhua (09 September 2011)
bull Inflation Quickens in August on Gold RushJakarta Globe (05 September 2011)
bull Summary Inflation Report Consumer Price Index (2006 = 100) August and July 2011 National Statistics Office (06 September 2011)
bull Producer Price Index during August 2011 The Bank of Korea (09 September 2011)
Policy Rates Remain Unchanged in Indonesia Japan Republicof Korea Malaysia and Philippines
bull BI Rate Maintained at 675 Lower Band of Interest Rate
Corridor for Monetary Operations Widened to 150 Bps Bank Indonesia (08 September 2011)
bull Statement on Monetary PolicyBank of Japan (07 September 2011)
bull Monetary Policy Decision The Bank of Korea (08 September 2011)
bull Monetary Policy StatementBank Negara Malaysia (08 September 2011)
bull Monetary Board Maintains Policy Rates and ReserveRequirement RatiosBangko Sentral ng Pilipinas (08 September 2011)
Trade Surplus Falls in PRC and Indonesia Rises in Malaysia
bull China Trade Surplus Narrows More than Estimated as ImportsClimb to Record Bloomberg (11 September 2011)
bull Inflation Up Exports DownThe Jakarta Post (06 September 2011)
bull Preliminary Release of Malaysia External Trade StatisticsJuly 2011 Department of Statistics Malaysia (09 September 2011)
Republic of Korea Revises 2Q11 GDP Growth Upward to 09Malaysiarsquos IPI Falls 06 Manufacturing Sales Expand 108 inJuly PMI Falls in Hong Kong China and Singapore in August
bull Gross National Income 2nd Quarter of 2011 (Preliminary)The Bank of Korea (06 September 2011)
bull Index of Industrial Production Malaysia July 2011 Department of Statistics Malaysia (09 September 2011)
bull Monthly Manufacturing Statistics Malaysia July 2011 Department of Statistics Malaysia (09 September 2011)
bull Hong Kong Chinarsquos Aug PMI Falls to 478 Lowest in26 MonthsReuters (04 September 2011)
bull Singaporersquos Manufacturing Contracts for 2nd Straight Monthin August Channel News Asia (05 September 2011)
Net Foreign Investment in the Republic of Korearsquos LCY BondMarket Falls to KRW134 Billion in August Thailand LaunchesTHB50 Billion 3-Year Retail Bonds Plans to Issue THB540 Billionof Bonds Next Fiscal Year
bull Foreign Investments in Domestic Securities in August 2011Financial Supervisory Service (05 September 2011)
bull Thailand Aims to Widen Bond Investor BaseIFR Asia (05 September 2011)
bull Bonds Key to Fund-raising Plan The Nation (08 September 2011)
Korea Eximbank Raises USD1 Billion from 10-Year Global BondSale BP Prices CNH700 Million 3-Year Bond Air Liquide PricesCNH175 Billion 5-Year Bond Henderson Land Prices SGD200Million 7-Year Note
bull Kexim Reopens US Dollar Bond Markets for Asian Borrowers
IFR Asia (10 September 2011)bull BONDS BP Prices RMB700m Three-Year Dim Sum Debut
IFR Asia (09 September 2011)
bull BONDS Air Liquide Prices RMB175bn First French Dim Sum IFR Asia (09 September 2011)
bull Henderson Land Said to Sell $200m of 4 7-year Bonds The Edge Singapore (08 September 2011)
China Datang Corporation Plans Commercial Paper IssuanceGuangdong Development Bank Plans Subordinated DebtIssuance Bosch amp Siemens Considers CNH Bond Issuance
bull China Datang Corp Renewable Power To Issue RMB 2 Bln inBillsChina Knowledge (05 September 2011)
bull Guangdong Development Bank to Issue RMB 2 Bln in Bonds China Knowledge (05 September 2011)
bull BONDS Bosch amp Siemens Hires Two for Dim Sum DebutIFR Asia (07 September 2011)
Foreign Reserves Grow in Hong Kong China Japan and thePhilippines in August
bull Hong Kongs Latest Foreign Currency Reserve Asset FiguresReleasedHong Kong Monetary Authority (07 September 2011)
bull International ReservesForeign Currency Liquidity(as of August 31 2011) in BondsMinistry of Finance Japan (07 September 2011)
bull End-August 2011 GIR Level Rises to US$756 BillionBangko Sentral ng Pilipinas (07 September 2011)
Viet Nam Commercial Banks Cut Lending Rates SBV IssuesCircular on Corporate Bond Purchase by Credit Institutions and
Foreign Bank Branches
bull Lending Rates Cut Following State Bank RulingViet Nam Investment Review (06 September 2011)
bull Banking Sector Carries Out Major Tasks in Final Months of 2011 State Bank of Viet Nam (01 September 2011)
bull SBV Issues Circular on Purchase of Corporate Bonds by CreditInstitutions and Foreign Bank BranchesState Bank of Viet Nam (09 September 2011)
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
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
Consumer Price Inflation Eases in the PRC and PhilippinesAccelerates in Indonesia in August Producer Prices Rise 73in the PRC and 66 in the Republic of Korea in August
bull Chinas Inflation Eases to 62 pct in AugustXinhua (09 September 2011)
bull Inflation Quickens in August on Gold RushJakarta Globe (05 September 2011)
bull Summary Inflation Report Consumer Price Index (2006 = 100) August and July 2011 National Statistics Office (06 September 2011)
bull Producer Price Index during August 2011 The Bank of Korea (09 September 2011)
Policy Rates Remain Unchanged in Indonesia Japan Republicof Korea Malaysia and Philippines
bull BI Rate Maintained at 675 Lower Band of Interest Rate
Corridor for Monetary Operations Widened to 150 Bps Bank Indonesia (08 September 2011)
bull Statement on Monetary PolicyBank of Japan (07 September 2011)
bull Monetary Policy Decision The Bank of Korea (08 September 2011)
bull Monetary Policy StatementBank Negara Malaysia (08 September 2011)
bull Monetary Board Maintains Policy Rates and ReserveRequirement RatiosBangko Sentral ng Pilipinas (08 September 2011)
Trade Surplus Falls in PRC and Indonesia Rises in Malaysia
bull China Trade Surplus Narrows More than Estimated as ImportsClimb to Record Bloomberg (11 September 2011)
bull Inflation Up Exports DownThe Jakarta Post (06 September 2011)
bull Preliminary Release of Malaysia External Trade StatisticsJuly 2011 Department of Statistics Malaysia (09 September 2011)
Republic of Korea Revises 2Q11 GDP Growth Upward to 09Malaysiarsquos IPI Falls 06 Manufacturing Sales Expand 108 inJuly PMI Falls in Hong Kong China and Singapore in August
bull Gross National Income 2nd Quarter of 2011 (Preliminary)The Bank of Korea (06 September 2011)
bull Index of Industrial Production Malaysia July 2011 Department of Statistics Malaysia (09 September 2011)
bull Monthly Manufacturing Statistics Malaysia July 2011 Department of Statistics Malaysia (09 September 2011)
bull Hong Kong Chinarsquos Aug PMI Falls to 478 Lowest in26 MonthsReuters (04 September 2011)
bull Singaporersquos Manufacturing Contracts for 2nd Straight Monthin August Channel News Asia (05 September 2011)
Net Foreign Investment in the Republic of Korearsquos LCY BondMarket Falls to KRW134 Billion in August Thailand LaunchesTHB50 Billion 3-Year Retail Bonds Plans to Issue THB540 Billionof Bonds Next Fiscal Year
bull Foreign Investments in Domestic Securities in August 2011Financial Supervisory Service (05 September 2011)
bull Thailand Aims to Widen Bond Investor BaseIFR Asia (05 September 2011)
bull Bonds Key to Fund-raising Plan The Nation (08 September 2011)
Korea Eximbank Raises USD1 Billion from 10-Year Global BondSale BP Prices CNH700 Million 3-Year Bond Air Liquide PricesCNH175 Billion 5-Year Bond Henderson Land Prices SGD200Million 7-Year Note
bull Kexim Reopens US Dollar Bond Markets for Asian Borrowers
IFR Asia (10 September 2011)bull BONDS BP Prices RMB700m Three-Year Dim Sum Debut
IFR Asia (09 September 2011)
bull BONDS Air Liquide Prices RMB175bn First French Dim Sum IFR Asia (09 September 2011)
bull Henderson Land Said to Sell $200m of 4 7-year Bonds The Edge Singapore (08 September 2011)
China Datang Corporation Plans Commercial Paper IssuanceGuangdong Development Bank Plans Subordinated DebtIssuance Bosch amp Siemens Considers CNH Bond Issuance
bull China Datang Corp Renewable Power To Issue RMB 2 Bln inBillsChina Knowledge (05 September 2011)
bull Guangdong Development Bank to Issue RMB 2 Bln in Bonds China Knowledge (05 September 2011)
bull BONDS Bosch amp Siemens Hires Two for Dim Sum DebutIFR Asia (07 September 2011)
Foreign Reserves Grow in Hong Kong China Japan and thePhilippines in August
bull Hong Kongs Latest Foreign Currency Reserve Asset FiguresReleasedHong Kong Monetary Authority (07 September 2011)
bull International ReservesForeign Currency Liquidity(as of August 31 2011) in BondsMinistry of Finance Japan (07 September 2011)
bull End-August 2011 GIR Level Rises to US$756 BillionBangko Sentral ng Pilipinas (07 September 2011)
Viet Nam Commercial Banks Cut Lending Rates SBV IssuesCircular on Corporate Bond Purchase by Credit Institutions and
Foreign Bank Branches
bull Lending Rates Cut Following State Bank RulingViet Nam Investment Review (06 September 2011)
bull Banking Sector Carries Out Major Tasks in Final Months of 2011 State Bank of Viet Nam (01 September 2011)
bull SBV Issues Circular on Purchase of Corporate Bonds by CreditInstitutions and Foreign Bank BranchesState Bank of Viet Nam (09 September 2011)
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
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
Consumer Price Inflation Eases in the PRC and PhilippinesAccelerates in Indonesia in August Producer Prices Rise 73in the PRC and 66 in the Republic of Korea in August
bull Chinas Inflation Eases to 62 pct in AugustXinhua (09 September 2011)
bull Inflation Quickens in August on Gold RushJakarta Globe (05 September 2011)
bull Summary Inflation Report Consumer Price Index (2006 = 100) August and July 2011 National Statistics Office (06 September 2011)
bull Producer Price Index during August 2011 The Bank of Korea (09 September 2011)
Policy Rates Remain Unchanged in Indonesia Japan Republicof Korea Malaysia and Philippines
bull BI Rate Maintained at 675 Lower Band of Interest Rate
Corridor for Monetary Operations Widened to 150 Bps Bank Indonesia (08 September 2011)
bull Statement on Monetary PolicyBank of Japan (07 September 2011)
bull Monetary Policy Decision The Bank of Korea (08 September 2011)
bull Monetary Policy StatementBank Negara Malaysia (08 September 2011)
bull Monetary Board Maintains Policy Rates and ReserveRequirement RatiosBangko Sentral ng Pilipinas (08 September 2011)
Trade Surplus Falls in PRC and Indonesia Rises in Malaysia
bull China Trade Surplus Narrows More than Estimated as ImportsClimb to Record Bloomberg (11 September 2011)
bull Inflation Up Exports DownThe Jakarta Post (06 September 2011)
bull Preliminary Release of Malaysia External Trade StatisticsJuly 2011 Department of Statistics Malaysia (09 September 2011)
Republic of Korea Revises 2Q11 GDP Growth Upward to 09Malaysiarsquos IPI Falls 06 Manufacturing Sales Expand 108 inJuly PMI Falls in Hong Kong China and Singapore in August
bull Gross National Income 2nd Quarter of 2011 (Preliminary)The Bank of Korea (06 September 2011)
bull Index of Industrial Production Malaysia July 2011 Department of Statistics Malaysia (09 September 2011)
bull Monthly Manufacturing Statistics Malaysia July 2011 Department of Statistics Malaysia (09 September 2011)
bull Hong Kong Chinarsquos Aug PMI Falls to 478 Lowest in26 MonthsReuters (04 September 2011)
bull Singaporersquos Manufacturing Contracts for 2nd Straight Monthin August Channel News Asia (05 September 2011)
Net Foreign Investment in the Republic of Korearsquos LCY BondMarket Falls to KRW134 Billion in August Thailand LaunchesTHB50 Billion 3-Year Retail Bonds Plans to Issue THB540 Billionof Bonds Next Fiscal Year
bull Foreign Investments in Domestic Securities in August 2011Financial Supervisory Service (05 September 2011)
bull Thailand Aims to Widen Bond Investor BaseIFR Asia (05 September 2011)
bull Bonds Key to Fund-raising Plan The Nation (08 September 2011)
Korea Eximbank Raises USD1 Billion from 10-Year Global BondSale BP Prices CNH700 Million 3-Year Bond Air Liquide PricesCNH175 Billion 5-Year Bond Henderson Land Prices SGD200Million 7-Year Note
bull Kexim Reopens US Dollar Bond Markets for Asian Borrowers
IFR Asia (10 September 2011)bull BONDS BP Prices RMB700m Three-Year Dim Sum Debut
IFR Asia (09 September 2011)
bull BONDS Air Liquide Prices RMB175bn First French Dim Sum IFR Asia (09 September 2011)
bull Henderson Land Said to Sell $200m of 4 7-year Bonds The Edge Singapore (08 September 2011)
China Datang Corporation Plans Commercial Paper IssuanceGuangdong Development Bank Plans Subordinated DebtIssuance Bosch amp Siemens Considers CNH Bond Issuance
bull China Datang Corp Renewable Power To Issue RMB 2 Bln inBillsChina Knowledge (05 September 2011)
bull Guangdong Development Bank to Issue RMB 2 Bln in Bonds China Knowledge (05 September 2011)
bull BONDS Bosch amp Siemens Hires Two for Dim Sum DebutIFR Asia (07 September 2011)
Foreign Reserves Grow in Hong Kong China Japan and thePhilippines in August
bull Hong Kongs Latest Foreign Currency Reserve Asset FiguresReleasedHong Kong Monetary Authority (07 September 2011)
bull International ReservesForeign Currency Liquidity(as of August 31 2011) in BondsMinistry of Finance Japan (07 September 2011)
bull End-August 2011 GIR Level Rises to US$756 BillionBangko Sentral ng Pilipinas (07 September 2011)
Viet Nam Commercial Banks Cut Lending Rates SBV IssuesCircular on Corporate Bond Purchase by Credit Institutions and
Foreign Bank Branches
bull Lending Rates Cut Following State Bank RulingViet Nam Investment Review (06 September 2011)
bull Banking Sector Carries Out Major Tasks in Final Months of 2011 State Bank of Viet Nam (01 September 2011)
bull SBV Issues Circular on Purchase of Corporate Bonds by CreditInstitutions and Foreign Bank BranchesState Bank of Viet Nam (09 September 2011)
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
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
Consumer Price Inflation Eases in the PRC and PhilippinesAccelerates in Indonesia in August Producer Prices Rise 73in the PRC and 66 in the Republic of Korea in August
bull Chinas Inflation Eases to 62 pct in AugustXinhua (09 September 2011)
bull Inflation Quickens in August on Gold RushJakarta Globe (05 September 2011)
bull Summary Inflation Report Consumer Price Index (2006 = 100) August and July 2011 National Statistics Office (06 September 2011)
bull Producer Price Index during August 2011 The Bank of Korea (09 September 2011)
Policy Rates Remain Unchanged in Indonesia Japan Republicof Korea Malaysia and Philippines
bull BI Rate Maintained at 675 Lower Band of Interest Rate
Corridor for Monetary Operations Widened to 150 Bps Bank Indonesia (08 September 2011)
bull Statement on Monetary PolicyBank of Japan (07 September 2011)
bull Monetary Policy Decision The Bank of Korea (08 September 2011)
bull Monetary Policy StatementBank Negara Malaysia (08 September 2011)
bull Monetary Board Maintains Policy Rates and ReserveRequirement RatiosBangko Sentral ng Pilipinas (08 September 2011)
Trade Surplus Falls in PRC and Indonesia Rises in Malaysia
bull China Trade Surplus Narrows More than Estimated as ImportsClimb to Record Bloomberg (11 September 2011)
bull Inflation Up Exports DownThe Jakarta Post (06 September 2011)
bull Preliminary Release of Malaysia External Trade StatisticsJuly 2011 Department of Statistics Malaysia (09 September 2011)
Republic of Korea Revises 2Q11 GDP Growth Upward to 09Malaysiarsquos IPI Falls 06 Manufacturing Sales Expand 108 inJuly PMI Falls in Hong Kong China and Singapore in August
bull Gross National Income 2nd Quarter of 2011 (Preliminary)The Bank of Korea (06 September 2011)
bull Index of Industrial Production Malaysia July 2011 Department of Statistics Malaysia (09 September 2011)
bull Monthly Manufacturing Statistics Malaysia July 2011 Department of Statistics Malaysia (09 September 2011)
bull Hong Kong Chinarsquos Aug PMI Falls to 478 Lowest in26 MonthsReuters (04 September 2011)
bull Singaporersquos Manufacturing Contracts for 2nd Straight Monthin August Channel News Asia (05 September 2011)
Net Foreign Investment in the Republic of Korearsquos LCY BondMarket Falls to KRW134 Billion in August Thailand LaunchesTHB50 Billion 3-Year Retail Bonds Plans to Issue THB540 Billionof Bonds Next Fiscal Year
bull Foreign Investments in Domestic Securities in August 2011Financial Supervisory Service (05 September 2011)
bull Thailand Aims to Widen Bond Investor BaseIFR Asia (05 September 2011)
bull Bonds Key to Fund-raising Plan The Nation (08 September 2011)
Korea Eximbank Raises USD1 Billion from 10-Year Global BondSale BP Prices CNH700 Million 3-Year Bond Air Liquide PricesCNH175 Billion 5-Year Bond Henderson Land Prices SGD200Million 7-Year Note
bull Kexim Reopens US Dollar Bond Markets for Asian Borrowers
IFR Asia (10 September 2011)bull BONDS BP Prices RMB700m Three-Year Dim Sum Debut
IFR Asia (09 September 2011)
bull BONDS Air Liquide Prices RMB175bn First French Dim Sum IFR Asia (09 September 2011)
bull Henderson Land Said to Sell $200m of 4 7-year Bonds The Edge Singapore (08 September 2011)
China Datang Corporation Plans Commercial Paper IssuanceGuangdong Development Bank Plans Subordinated DebtIssuance Bosch amp Siemens Considers CNH Bond Issuance
bull China Datang Corp Renewable Power To Issue RMB 2 Bln inBillsChina Knowledge (05 September 2011)
bull Guangdong Development Bank to Issue RMB 2 Bln in Bonds China Knowledge (05 September 2011)
bull BONDS Bosch amp Siemens Hires Two for Dim Sum DebutIFR Asia (07 September 2011)
Foreign Reserves Grow in Hong Kong China Japan and thePhilippines in August
bull Hong Kongs Latest Foreign Currency Reserve Asset FiguresReleasedHong Kong Monetary Authority (07 September 2011)
bull International ReservesForeign Currency Liquidity(as of August 31 2011) in BondsMinistry of Finance Japan (07 September 2011)
bull End-August 2011 GIR Level Rises to US$756 BillionBangko Sentral ng Pilipinas (07 September 2011)
Viet Nam Commercial Banks Cut Lending Rates SBV IssuesCircular on Corporate Bond Purchase by Credit Institutions and
Foreign Bank Branches
bull Lending Rates Cut Following State Bank RulingViet Nam Investment Review (06 September 2011)
bull Banking Sector Carries Out Major Tasks in Final Months of 2011 State Bank of Viet Nam (01 September 2011)
bull SBV Issues Circular on Purchase of Corporate Bonds by CreditInstitutions and Foreign Bank BranchesState Bank of Viet Nam (09 September 2011)
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
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
Consumer Price Inflation Eases in the PRC and PhilippinesAccelerates in Indonesia in August Producer Prices Rise 73in the PRC and 66 in the Republic of Korea in August
bull Chinas Inflation Eases to 62 pct in AugustXinhua (09 September 2011)
bull Inflation Quickens in August on Gold RushJakarta Globe (05 September 2011)
bull Summary Inflation Report Consumer Price Index (2006 = 100) August and July 2011 National Statistics Office (06 September 2011)
bull Producer Price Index during August 2011 The Bank of Korea (09 September 2011)
Policy Rates Remain Unchanged in Indonesia Japan Republicof Korea Malaysia and Philippines
bull BI Rate Maintained at 675 Lower Band of Interest Rate
Corridor for Monetary Operations Widened to 150 Bps Bank Indonesia (08 September 2011)
bull Statement on Monetary PolicyBank of Japan (07 September 2011)
bull Monetary Policy Decision The Bank of Korea (08 September 2011)
bull Monetary Policy StatementBank Negara Malaysia (08 September 2011)
bull Monetary Board Maintains Policy Rates and ReserveRequirement RatiosBangko Sentral ng Pilipinas (08 September 2011)
Trade Surplus Falls in PRC and Indonesia Rises in Malaysia
bull China Trade Surplus Narrows More than Estimated as ImportsClimb to Record Bloomberg (11 September 2011)
bull Inflation Up Exports DownThe Jakarta Post (06 September 2011)
bull Preliminary Release of Malaysia External Trade StatisticsJuly 2011 Department of Statistics Malaysia (09 September 2011)
Republic of Korea Revises 2Q11 GDP Growth Upward to 09Malaysiarsquos IPI Falls 06 Manufacturing Sales Expand 108 inJuly PMI Falls in Hong Kong China and Singapore in August
bull Gross National Income 2nd Quarter of 2011 (Preliminary)The Bank of Korea (06 September 2011)
bull Index of Industrial Production Malaysia July 2011 Department of Statistics Malaysia (09 September 2011)
bull Monthly Manufacturing Statistics Malaysia July 2011 Department of Statistics Malaysia (09 September 2011)
bull Hong Kong Chinarsquos Aug PMI Falls to 478 Lowest in26 MonthsReuters (04 September 2011)
bull Singaporersquos Manufacturing Contracts for 2nd Straight Monthin August Channel News Asia (05 September 2011)
Net Foreign Investment in the Republic of Korearsquos LCY BondMarket Falls to KRW134 Billion in August Thailand LaunchesTHB50 Billion 3-Year Retail Bonds Plans to Issue THB540 Billionof Bonds Next Fiscal Year
bull Foreign Investments in Domestic Securities in August 2011Financial Supervisory Service (05 September 2011)
bull Thailand Aims to Widen Bond Investor BaseIFR Asia (05 September 2011)
bull Bonds Key to Fund-raising Plan The Nation (08 September 2011)
Korea Eximbank Raises USD1 Billion from 10-Year Global BondSale BP Prices CNH700 Million 3-Year Bond Air Liquide PricesCNH175 Billion 5-Year Bond Henderson Land Prices SGD200Million 7-Year Note
bull Kexim Reopens US Dollar Bond Markets for Asian Borrowers
IFR Asia (10 September 2011)bull BONDS BP Prices RMB700m Three-Year Dim Sum Debut
IFR Asia (09 September 2011)
bull BONDS Air Liquide Prices RMB175bn First French Dim Sum IFR Asia (09 September 2011)
bull Henderson Land Said to Sell $200m of 4 7-year Bonds The Edge Singapore (08 September 2011)
China Datang Corporation Plans Commercial Paper IssuanceGuangdong Development Bank Plans Subordinated DebtIssuance Bosch amp Siemens Considers CNH Bond Issuance
bull China Datang Corp Renewable Power To Issue RMB 2 Bln inBillsChina Knowledge (05 September 2011)
bull Guangdong Development Bank to Issue RMB 2 Bln in Bonds China Knowledge (05 September 2011)
bull BONDS Bosch amp Siemens Hires Two for Dim Sum DebutIFR Asia (07 September 2011)
Foreign Reserves Grow in Hong Kong China Japan and thePhilippines in August
bull Hong Kongs Latest Foreign Currency Reserve Asset FiguresReleasedHong Kong Monetary Authority (07 September 2011)
bull International ReservesForeign Currency Liquidity(as of August 31 2011) in BondsMinistry of Finance Japan (07 September 2011)
bull End-August 2011 GIR Level Rises to US$756 BillionBangko Sentral ng Pilipinas (07 September 2011)
Viet Nam Commercial Banks Cut Lending Rates SBV IssuesCircular on Corporate Bond Purchase by Credit Institutions and
Foreign Bank Branches
bull Lending Rates Cut Following State Bank RulingViet Nam Investment Review (06 September 2011)
bull Banking Sector Carries Out Major Tasks in Final Months of 2011 State Bank of Viet Nam (01 September 2011)
bull SBV Issues Circular on Purchase of Corporate Bonds by CreditInstitutions and Foreign Bank BranchesState Bank of Viet Nam (09 September 2011)
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
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
Consumer Price Inflation Eases in the PRC and PhilippinesAccelerates in Indonesia in August Producer Prices Rise 73in the PRC and 66 in the Republic of Korea in August
bull Chinas Inflation Eases to 62 pct in AugustXinhua (09 September 2011)
bull Inflation Quickens in August on Gold RushJakarta Globe (05 September 2011)
bull Summary Inflation Report Consumer Price Index (2006 = 100) August and July 2011 National Statistics Office (06 September 2011)
bull Producer Price Index during August 2011 The Bank of Korea (09 September 2011)
Policy Rates Remain Unchanged in Indonesia Japan Republicof Korea Malaysia and Philippines
bull BI Rate Maintained at 675 Lower Band of Interest Rate
Corridor for Monetary Operations Widened to 150 Bps Bank Indonesia (08 September 2011)
bull Statement on Monetary PolicyBank of Japan (07 September 2011)
bull Monetary Policy Decision The Bank of Korea (08 September 2011)
bull Monetary Policy StatementBank Negara Malaysia (08 September 2011)
bull Monetary Board Maintains Policy Rates and ReserveRequirement RatiosBangko Sentral ng Pilipinas (08 September 2011)
Trade Surplus Falls in PRC and Indonesia Rises in Malaysia
bull China Trade Surplus Narrows More than Estimated as ImportsClimb to Record Bloomberg (11 September 2011)
bull Inflation Up Exports DownThe Jakarta Post (06 September 2011)
bull Preliminary Release of Malaysia External Trade StatisticsJuly 2011 Department of Statistics Malaysia (09 September 2011)
Republic of Korea Revises 2Q11 GDP Growth Upward to 09Malaysiarsquos IPI Falls 06 Manufacturing Sales Expand 108 inJuly PMI Falls in Hong Kong China and Singapore in August
bull Gross National Income 2nd Quarter of 2011 (Preliminary)The Bank of Korea (06 September 2011)
bull Index of Industrial Production Malaysia July 2011 Department of Statistics Malaysia (09 September 2011)
bull Monthly Manufacturing Statistics Malaysia July 2011 Department of Statistics Malaysia (09 September 2011)
bull Hong Kong Chinarsquos Aug PMI Falls to 478 Lowest in26 MonthsReuters (04 September 2011)
bull Singaporersquos Manufacturing Contracts for 2nd Straight Monthin August Channel News Asia (05 September 2011)
Net Foreign Investment in the Republic of Korearsquos LCY BondMarket Falls to KRW134 Billion in August Thailand LaunchesTHB50 Billion 3-Year Retail Bonds Plans to Issue THB540 Billionof Bonds Next Fiscal Year
bull Foreign Investments in Domestic Securities in August 2011Financial Supervisory Service (05 September 2011)
bull Thailand Aims to Widen Bond Investor BaseIFR Asia (05 September 2011)
bull Bonds Key to Fund-raising Plan The Nation (08 September 2011)
Korea Eximbank Raises USD1 Billion from 10-Year Global BondSale BP Prices CNH700 Million 3-Year Bond Air Liquide PricesCNH175 Billion 5-Year Bond Henderson Land Prices SGD200Million 7-Year Note
bull Kexim Reopens US Dollar Bond Markets for Asian Borrowers
IFR Asia (10 September 2011)bull BONDS BP Prices RMB700m Three-Year Dim Sum Debut
IFR Asia (09 September 2011)
bull BONDS Air Liquide Prices RMB175bn First French Dim Sum IFR Asia (09 September 2011)
bull Henderson Land Said to Sell $200m of 4 7-year Bonds The Edge Singapore (08 September 2011)
China Datang Corporation Plans Commercial Paper IssuanceGuangdong Development Bank Plans Subordinated DebtIssuance Bosch amp Siemens Considers CNH Bond Issuance
bull China Datang Corp Renewable Power To Issue RMB 2 Bln inBillsChina Knowledge (05 September 2011)
bull Guangdong Development Bank to Issue RMB 2 Bln in Bonds China Knowledge (05 September 2011)
bull BONDS Bosch amp Siemens Hires Two for Dim Sum DebutIFR Asia (07 September 2011)
Foreign Reserves Grow in Hong Kong China Japan and thePhilippines in August
bull Hong Kongs Latest Foreign Currency Reserve Asset FiguresReleasedHong Kong Monetary Authority (07 September 2011)
bull International ReservesForeign Currency Liquidity(as of August 31 2011) in BondsMinistry of Finance Japan (07 September 2011)
bull End-August 2011 GIR Level Rises to US$756 BillionBangko Sentral ng Pilipinas (07 September 2011)
Viet Nam Commercial Banks Cut Lending Rates SBV IssuesCircular on Corporate Bond Purchase by Credit Institutions and
Foreign Bank Branches
bull Lending Rates Cut Following State Bank RulingViet Nam Investment Review (06 September 2011)
bull Banking Sector Carries Out Major Tasks in Final Months of 2011 State Bank of Viet Nam (01 September 2011)
bull SBV Issues Circular on Purchase of Corporate Bonds by CreditInstitutions and Foreign Bank BranchesState Bank of Viet Nam (09 September 2011)
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