The rise in US Treasury yields has strengthened the US dollar, while putting downward pressure on the currencies of emerging market countries.
On Monday (10/23), government bond yields of major economies surged to multi-year highs during the Asian trading session. The 10-year JGB reached a decade high of close to 0.9%, while the German 10-year bund yield rose to nearly 3%. Meanwhile, the 10-year Treasury yield fluctuated at above 4.95%. Furthermore, as US bond yields rose and the US dollar strengthened, the Indonesian Rupiah faced depreciation pressure, leading the Bank Indonesia to unexpectedly raise interest rates by 25bps to 6% last Thursday. This move aimed to counter currency depreciation and stabilize its financial markets, marking the first rate hike in 8 months. On Monday, the long-dated yields on INDON and PHILIP increased 4-5bps, while credit spreads widened by around 1-2bps.
Secondary market trading
- INDON 2033 bonds traded near 5.91%, and 2053 bonds traded around 6.43%
- PHILIP 2033 bonds traded near 5.88%, and 2048 bonds traded around 6.44%
美債利率走高，使美元走強，而新興市場國家貨幣出現貶值壓力
週一（10/23）主要國家的公債收益率於亞洲時段攀升至多年高點，10年期日債利率來到接近0.9%的10年高點，午盤過後10年期德債利率升至接近3%，10年期美債利率則是走高至4.95%以上高位震盪。隨著美債收益率走高、美元走強，印尼盾出現貶值壓力，令印尼央行於上週四超出市場預期升息1碼至6%，以阻貶貨幣、穩定金融市場，為印尼央行在時隔8個月後再度升息。週一印尼與菲律賓的中長天期美元券收益率小幅走高約4-5bps，信用利差走寬約1-2bps。
次級市場交易 - 印尼（INDON）2033年券收益率約5.91%，2053年券收益率約6.43%
- 菲律賓（PHILIP）2033年券收益率約5.88%，2048年券收益率約6.44%