17 March 2025

(Notes: 1. This is the only date you need to change;

the rest are automated based on this. 2. If needed,
Economic Data Releases: 10–14 March 2025 adjust tables' row heights to fit to page.)
(Include hyperlink on Indicator. 1 decimal place. Update legend. Alphabetical by market then by indicator).
Market Indicator Latest Period Previous Period Release Date

Euro Area Industrial Production, SA month-on-month Jan 0.8% ▲ Dec –0.4% 13-Mar
Hong Kong, China Industrial Production, year-on-year Q4 2024 1.0% ▲ Q3 2024 –0.1% 13-Mar
Hong Kong, China Producer Price Inflation, year-on-year Q4 2024 4.2% ▲ Q3 2024 3.2% 13-Mar
Indonesia Consumer Confidence Index Feb 126.4 ▼ Jan 127.2 11-Mar
Japan Gross Domestic Product, annualized SA quarter-on-quarter Q4 2024 (Final) 2.2% ▼ Q4 2024 (Preliminary) 2.8% 11-Mar
Japan Producer Price Inflation, year-on-year Feb 4.0% ▼ Jan 4.2% 12-Mar
Republic of Korea Unemployment Rate, SA Feb 2.7% ▼ Jan 2.9% 12-Mar
Malaysia Industrial Production, year-on-year Jan 2.1% ▼ Dec 4.6% 12-Mar
Malaysia Manufacturing Sales, year-on-year Jan 3.5% ▼ Dec 5.7% 12-Mar
Thailand Consumer Confidence Index Feb 57.8 ▼ Jan 59.0 13-Mar
United Kingdom Manufacturing Production, year-on-year Jan –1.5% ▼ Dec –1.4% 14-Mar
United States Consumer Price Inflation, year-on-year Feb 2.8% ▼ Jan 3.0% 12-Mar
Q3 = third quarter. Q4 = fourth quarter, SA = seasonally adjusted.
Note: An arrow up (down) indicates an increase (decrease) from the figures of the previous period.
Sources: Local market sources.

Financial Conditions
(Automated. Update tab Financial Indicators. 2 decimal places. Check negative signs: copy, then paste-values; then use en dash. Adjust number of decimals accordingly to reflect indicated up or down arrows.)
2-Year 10-Year 5-Year Credit Default
Equity Index Foreign Exchange Rate
Government Bond Yield Government Bond Yield Swap Spread
Market
7-Mar-25 14-Mar-25 Change 7-Mar-25 14-Mar-25 Change 7-Mar-25 14-Mar-25 Change Change Change
7-Mar-25 14-Mar-25 7-Mar-25 14-Mar-25
(%) (%) (bps) (%) (%) (bps) (bps) (bps) (bps) (%) (%)
People’s Republic of China 1.51 1.54 ▲ 4 1.836 1.841 ▲ 0.5 47.35 48.90 ▲ 2 3,372.55 3,419.56 ▲ 1.39 7.25 7.24 ▲ 0.12
Hong Kong, China 3.06 3.10 ▲ 4 3.49 3.56 ▲ 7 – – – 24,231.30 23,959.98 ▼ (1.12) 7.771 7.773 ▼ (0.03)
Indonesia 6.50 6.49 ▼ (1) 6.91 6.94 ▲ 3 77.29 82.44 ▲ 5 6,636.00 6,515.63 ▼ (1.81) 16,295.00 16,350.00 ▼ (0.34)
Japan 0.85 0.84 ▼ (2) 1.520 1.516 ▼ (0.4) 15.77 16.32 ▲ 0.6 580.68 581.26 ▲ 0.10 148.04 148.64 ▼ (0.40)
Republic of Korea 2.67 2.65 ▼ (1) 2.76 2.82 ▲ 5 30.59 31.25 ▲ 0.7 2,563.48 2,566.36 ▲ 0.11 1,449.45 1,453.35 ▼ (0.27)
Malaysia 3.36 3.37 ▲ 0.2 3.78 3.76 ▼ (2) 47.30 48.84 ▲ 2 1,547.27 1,512.15 ▼ (2.27) 4.41 4.45 ▼ (0.77)
Philippines 5.86 5.80 ▼ (6) 6.21 6.23 ▲ 2 67.34 71.11 ▲ 4 6,298.29 6,294.11 ▼ (0.07) 57.19 57.26 ▼ (0.12)
Singapore 2.51 2.49 ▼ (2) 2.69 2.66 ▼ (3) – – – 3,914.48 3,836.02 ▼ (2.00) 1.331 1.334 ▼ (0.24)
Thailand 1.90 1.84 ▼ (6) 2.19 2.11 ▼ (8) 43.70 46.99 ▲ 3 1,202.03 1,173.76 ▼ (2.35) 33.65 33.67 ▼ (0.07)
Viet Nam 2.10 2.10 ◆ 0 2.95 2.97 ▲ 2 97.08 100.45 ▲ 3 1,326.05 1,326.15 ▲ 0.01 25,513.00 25,519.00 ▼ (0.02)
( ) = negative, – = no data, bps = basis points.
Notes:
1. Foreign exchange rates are presented against the United States (US) dollar.
2. An arrow up (down) indicates an increase (decrease) from the figures of the previous week. For the foreign exchange rate, an arrow up (down) reflects an appreciation (depreciation) of the currency versus the US dollar.
Source: AsianBondsOnline calculations based on Bloomberg LP data.

Capital Flows into Equity Markets

(Automated. Update tab Capital Flows.)
USD million USD million
0 50

(1,200) 0

(2,400) (50)

(3,600) (100)

(4,800) (150)

(6,000) (200)

(7,200) (250)

(8,400) (300)
People's Republic of China Republic of Korea Indonesia Philippines Thailand Viet Nam
7-Mar-25 13-Mar-25 7-Mar-25 13-Mar-25

( ) = negative, USD = United States dollar.

Note: Data for the week ending 14 March 2025 are not yet available from the source. Data are as of 13 March 2025.
Source: Institute of International Finance.

Economic Calendar: 17–28 March 2025

(Next Monday to next next Friday. 1 decimal place, except for policy rate. Update legend.)
March
17 Monday 18 Tuesday 19 Wednesday 20 Thursday 21 Friday

INO – Feb Exports, y-o-y (Jan: –2.7%) EU – Jan Trade Balance, SA (Dec: USD14.6 b) EU – Feb (Final) Consumer Price Inflation, y-o-y HKG – Feb Consumer Price Inflation, y-o-y (Jan: 2.0%) EU – Mar [Preliminary] Consumer Confidence Indicator
INO – Feb Imports, y-o-y (Jan: 4.7%) HKG – Feb Unemployment Rate, SA (Jan: 3.1%) (Feb [Preliminary]: 2.5%) MAL – Feb Exports, y-o-y (Jan: 0.3%) (Feb: –13.4)
INO – Feb Trade Balance (Jan: USD3.5 b) PHI – Jan Budget Balance (Dec: –PHP329.5 b) INO – 19 Mar Bank Indonesia Rate (19 Feb: 5.75%) MAL – Feb Imports, y-o-y (Jan: 6.2%) EU – Jan Current Account Balance, SA (Dec: EUR38.4 b)
INO – Jan External Debt (Dec: USD424.8 b ) US – Jan Industrial Production, m-o-m (Dec: 0.5%) JPN – Feb Exports, y-o-y (Jan: 7.3%) MAL – Feb Trade Balance (Jan: MYR3.6 b) HKG – Q4 2024 Balance of Payments Overall
PHI – Jan Overseas Cash Remittances, y-o-y (Dec: 3.0%) US – Jan Manufacturing Production, m-o-m (Dec: –0.1%) JPN – Feb Imports, y-o-y (Jan: 16.5%) PRC – 20 Mar 1-Year Loan Prime Rate (20 Feb: 3.10%) (Q3 2024: –HKD23.0 b)
SIN – Feb Non-Oil Domestic Exports, y-o-y (Jan: –2.1%) JPN – Jan (Final) Industrial Production, y-o-y PRC – 20 Mar 5-Year Loan Prime Rate (20 Feb: 3.60%) HKG – Q4 2024 Current Account Balance (Q3 2024: HKD119.9b)
US – Feb (Advance) Retail Sales, m-o-m (Jan: –0.9%) (Jan [Preliminary]: 2.6%) UK – 20 Mar Bank of England Bank Rate (6 Feb: 4.50%) JPN – Feb Consumer Price Inflation, y-o-y (Jan: 4.0%)
JPN – 19 Mar Bank of Japan Target Rate (24 Jan: 0.50%) KOR – Mar Consumer Confidence Index (Feb: 95.2)
JPN – Feb Trade Balance (Jan: –JPY2,736.6 b) KOR – Feb Producer Price Inflation, y-o-y (Jan: 1.7%)
PHI – Feb Overall Balance of Payments (Jan: –USD4.1 b) MAL – Feb Consumer Price Inflation, y-o-y (Jan: 1.7%)
US – Q4 2024 Current Account Balance (Q3 2024: USD310.9 b)
US – 19 Mar Federal Funds Target Rate Range
(29 Jan: 4.25%–4.50%)

24 Monday 25 Tuesday 26 Wednesday 27 Thursday 28 Friday

EU – Mar [Preliminary] HCOB Flash Eurozone Manufacturing PMI HKG – Feb Exports, y-o-y (Jan: 0.1%) SIN – Feb Industrial Production, y-o-y (Jan: 9.1%) PHI – Feb Exports, y-o-y (Jan: 6.3%)
(Feb: 47.6) HKG – Feb Imports, y-o-y (Jan: 0.5%) UK – Feb Consumer Price Inflation, y-o-y (Jan: 3.0%) PHI – Feb Imports, y-o-y (Jan: 10.8%)
JPN – Mar [Preliminary] Jibun Bank Flash Japan Manufacturing PMI HKG – Feb Trade Balance (Jan: HKD2.1 b) PHI – Feb Trade Balance (Jan: –USD5.1 b)
(Feb: 49.0) PRC – Q4 2024 (Final) Current Account Balance
PRC – 24-Mar 1-Year Medium-Term Lending Facility Rate (Q4 2024 [Preliminary]: USD180.7 b)
(25 Feb: 2.00%) UK – Q4 2024 [Final] Current Account Balance
SIN – Feb Consumer Price Inflation, y-o-y (Jan: 1.2%) (Q4 2024 [Preliminary]: –GBP18.1 b)
UK – Mar [Preliminary] Flash UK Manufacturing PMI (Feb: 46.9) UK – Q4 2024 [Final] Exports q-o-q (Q4 2024 [Preliminary]: –2.5%)
US – Mar [Preliminary] Flash US Manufacturing PMI (Feb: 52.7) UK – Q4 2024 [Final] Gross Domestic Product, y-o-y
(Q4 2024 [Preliminary]: 1.4%)
UK – Q4 2024 [Final] Imports q-o-q (Q4 2024 [Preliminary]: 2.1%)
US – Feb Personal Consumption Expenditures Inflation, y-o-y
(Jan: 2.5%)

b = billion; EU = European Union; EUR = euro; GBP = British pound sterling; HCOB = Hamburg Commercial Bank AG; HKD = Hong Kong dollar; HKG = Hong Kong, China; INO = Indonesia; JPN = Japan; JPY = Japanese yen; KOR = Republic of Korea; m-o-m = month-on-month; M\AL = Malaysia; MYR = Malaysian ringgit; PHI = Philippines; PMI = Purchasing Managers Index; PRC = People's Republic of China;
q-o-q = quarter-on-quarter; Q3 = third quarter; Q4 = fourth quarter; SA = seasonally adjusted; SIN = Singapore; UK = United Kingdom; US = United States; USD = United States dollar; y-o-y = year-on-year.
Sources: Local market sources.
 17 March 2025

Selected Government Debt Security Issuance: 10–14 March 2025

(Update your market. 2 decimal places. Update legend.)
Average Yield Coupon Amount Offered Amount Issued
Market Auction Date Type of Security
(%) (%) (LCY billion) (LCY billion)

People's Republic of China 12-Mar 91-Day Treasury Bills 1.57 44.00 44.36
182-Day Treasury Bills 1.61 55.00 55.00

14-Mar 2-Year Treasury Bonds 1.59 1.59 167.00 167.45

30-Year Treasury Bonds 2.06 1.92 30.00 30.00

Hong Kong, China 11-Mar 91-Day Exchange Fund Bills 3.33 62.34 62.34
182-Day Exchange Fund Bills 3.32 15.60 15.60

364-Day Exchange Fund Bills 3.26 3.00 3.00

Indonesia 11-Mar 6-Month Islamic Treasury Bills 5.98 2,000.00

9-Month Islamic Treasury Bills 6.09 1,800.00

2-Year Project-Based Sukuk 6.61 6.00 10,000.00 5,000.00
3-Year Project-Based Sukuk 6.61 5.88 1,750.00
24-Year Project-Based Sukuk 7.08 6.88 1,450.00
Japan 10-Mar 5-Year Japanese Government Bonds 1.16 1.10 2,300.00 2,300.00

12-Mar 20-Year Japanese Government Bonds 2.28 2.00 1,000.00 1,086.10

14-Mar 3-Month Treasury Discount Bills 0.31 4,500.00 4,500.00

Republic of Korea 10-Mar 91-Day Monetary Stabilization Bonds 2.63 500.00 500.00
3-Year Korea Treasury Bonds 2.59 2.88 3,000.00 3,000.00

12-Mar 63-Day Financial Bills 2.73 2,000.00 2,000.00

1-Year Monetary Stabilization Bonds 2.60 500.00 500.00

Malaysia 13-Mar 29-Year Government Investment Issues 4.17 4.28 3.00 3.00
Philippines 10-Mar 91-Day Treasury Bills 5.18 9.80 9.80
182-Day Treasury Bills 5.55 9.80 9.80

364-Day Treasury Bills 5.77 11.20 11.20

11-Mar 7.5-Year Treasury Bonds 6.14 6.75 37.00 37.00

14-Mar 28-Day Bangko Sentral ng Pilipinas Bills 5.86 50.00 50.00

56-Day Bangko Sentral ng Pilipinas Bills 5.86 90.00 90.00

Singapore 11-Mar 4-Week Monetary Authority of Singapore Bills 2.29 15.90 15.90
12-Week Monetary Authority of Singapore Bills 2.28 22.40 22.40

13-Mar 6-Month Singapore Government Securities Bills 2.41 7.50 7.50

Thailand 10-Mar 182-Day Treasury/Debt Restructuring Bills 1.89 30.00 30.00

11-Mar 91-Day Bank of Thailand Bills 1.87 60.00 60.00

12-Mar 3-Year Government Bonds 1.85 2.05 30.00 30.00
20-Year Government Bonds 2.60 2.98 18.00 18.00

13-Mar 364-Day Bank of Thailand Bills 2.02 Compounded THOR + 0.05 35.00 35.00
Viet Nam 12-Mar 10-Year Treasury Bonds 2.96 2.90 19,000.00 14,900.00
15-Year Treasury Bonds 3.00 2.90 1,000.00 20.00
30-Year Treasury Bonds 3.28 3.20 500.00 205.00
LCY = local currency, THOR = Thai overnight repurchase rate.
Sources: Local market sources.

Other Bond Issuances: 10–14 March 2025

(Update your market. Include hyperlink on Issuer. Coupon rate and yield decimal place, full. Update legend.)
Market Issuer Coupon and Yield Tenor Amount

Indonesia CIMB Niaga Auto Finance 6.70% and 6.70% 370.0 Days (Sukuk wakalah ) IDR1,200.00 billion
Indonesia CIMB Niaga Auto Finance 7.00% and 7.00% 3.0 Years (Sukuk wakalah ) IDR400.00 billion
Philippines Filinvest Land 6.29% and 6.29% 5.0 Years PHP6.79 billion

Philippines Filinvest Land 6.66% and 6.66% 7.0 Years PHP2.66 billion
Philippines Filinvest Land 6.83% and 6.83% 10.0 Years PHP2.55 billion

Thailand Daol Securities (Thailand) 4.75% and 4.75% 1.0 Years THB127.50 million

Thailand Daol Securities (Thailand) 5.00% and 5.00% 1.5 Years THB157.00 million

Thailand Prinsiri 5.75% and 5.75% 2.3 Years THB214.20 million

Thailand Prinsiri 6.00% and 6.00% 3.0 Years THB402.20 million

Thailand Stella 7.30% and 7.30% 1.5 Years THB17.40 million

IDR = Indonesian rupiah, PHP = Philippine peso, THB = Thai baht.
Sources: Indonesia Stock Exchange, Philippine Dealing & Exchange Corporation, Thai Bond Market Association.