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China, Indonesia, Philippines, Taiwan: Asia Local Bond Preview

By Wes Goodman

Sept. 5 (Bloomberg) -- The following events and economic reports may influence trading in Asian local-currency bonds today. Yields are from the previous session.

China: The inflation rate in August may top July's 10-year high of 5.6 percent, Bi Jingquan, vice chairman of the National Development and Reform Commission, said yesterday. Bi, who spoke after a press conference in Beijing, declined to give a specific forecast. The commission is China's top economic planning agency.

The yield on the 2.66 percent note due August 2010 was little changed at 3.45 percent, according to the China Interbank Bond Market.

India: The central bank will sell 50 billion rupees ($1.22 billion) of treasury bills today to drain surplus money from the banking system. The government will also raise an additional 10 billion rupees through the auction of the bills maturing in three and six months. The federal government will auction 70 billion rupees of 15- and 29-year notes on Sept. 7 as part its annual borrowing program.

The yield on the 7.49 percent bond due April 2017 rose 2 basis points to 7.92 percent, according to the central bank's trading system. A basis point is 0.01 percentage point.

Indonesia: The government maintained this year's 6 percent inflation forecast even after consumer prices quickened in August, Finance Minister Sri Mulyani Indrawati said. ``We will secure goods supply and maintain the distribution system,'' Sri Mulyani told reporters at the Finance Ministry in Jakarta yesterday. The central bank will tomorrow maintain its benchmark lending rate at 8.25 percent, according to all 15 economists surveyed by Bloomberg News.

The yield on the 10 percent bond due July 2017 fell 3 basis points to 9.62 percent, according to the Inter Dealer Market Association.

Malaysia: Exports unexpectedly declined for a second straight month in July as shipments of electrical and electronics goods fell. Overseas sales dropped 0.02 percent from a year earlier to 50.52 billion ringgit ($14.4 billion), after falling a revised 0.1 percent in June, the trade ministry said in Kuala Lumpur yesterday. Shipments of electrical and electronics slipped 8.8 percent.

The yield on the 3.814 percent bond due February 2017 fell 1 basis point to 3.67 percent, according to the central bank.

Philippines: Inflation probably accelerated in August after sales of homes, mobile phones and fast food spurred the fastest economic expansion in almost two decades in the second quarter. Consumer prices rose 2.7 percent from a year earlier, according to the median estimate of 13 economists surveyed by Bloomberg before the government report today in Manila. Inflation was 2.6 percent in July, near a 7 1/2-year low

The yield on the 7 3/4 percent bond due August 2017 fell 2 basis points to 7.83 percent, according to the Philippine Dealing & Exchange Corp.

Singapore: Singapore Power Ltd., the island's electricity monopoly, will build the nation's first liquefied natural gas import terminal at a cost of $1 billion ($654 million) to cut reliance on supplies from Indonesia and Malaysia. The government will invite bids from investors to supply the gas and jointly develop the terminal, S. Iswaran, the minister of state for trade, said yesterday.

The yield on the 3 3/4 percent bond due September 2016 fell 4 basis points to 2.88 percent, according to data compiled by Bloomberg.

South Korea: The nation's foreign-exchange reserves rose last month as the central bank earned more from interest payments. The reserves increased by $460 million to $255.3 billion in August from July when they fell for the first time in a year, the Bank of Korea said in a statement yesterday.

The yield on the 4 3/4 percent bond due March 2012 was unchanged at 5.49 percent, according to Korea Exchange.

Sri Lanka: The government may delay its first overseas debt offering as global credit markets slump and a conflict between government forces and Tamil rebels escalates, fund managers said. ``All bets are off in a situation where investors are generally looking to decrease risk in their portfolios,'' said Joel Kim, who manages the equivalent of $10 billion at ING Investment Management in Hong Kong.

The yield on the 7.6 percent bond due in August 2009 fell 4 basis points to 17.49 percent, according to Ceylinco Shriram Securities Ltd.

Taiwan: Consumer prices may have risen 0.8 percent in August from a year earlier, according to the median estimate of 17 economists surveyed by Bloomberg before the government report today. Prices unexpectedly fell 0.3 percent in July. Local businesses plan to recruit a net 24,000 workers in the fourth quarter, with demand for new hires coming mainly from the manufacturing industry, a government agency said yesterday.

The yield on the 1 7/8 percent bond maturing March 2017 fell 1 basis point to 2.46 percent, according to Gretai Securities Market.

Thailand: Siam Commercial Bank Pcl may miss its lending growth estimate of as much as 15 percent this year because of slowing economic expansion, the Bangkok Post reported. Siam Commercial's new loans for mortgages and to companies and consumers have slowed, the newspaper said yesterday, citing Executive Vice President Yokporn Tantisawetrat.

The yield on the 5 percent bond due May 2017 was little changed at 4.77 percent, according to the Thai Bond Market Association.

To contact the reporter on this story: Wes Goodman in Singapore at wgoodman@bloomberg.net .

Last Updated: September 4, 2007 13:01 EDT

Edited September 4, 200718 yr by தயா