Report published June 4, 2026
Emerging Asia (ex China) Government Bonds Monthly – June 2026
FTSE Russell · June 4, 2026
Emerging Asia government bond markets are experiencing a divergence between low and high yielders as energy-shock-driven inflation leads to central bank policy tightening in the Philippines and Indonesia. Malaysia stands out as a strong performer due to its policy stability.
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Finvaulta summarizes FTSE Russell's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.Energy shock effects are bifurcating Emerging Asia bond markets into high-yielders and low-yielders.
- 2.Malaysia continues to outperform as a strong performer due to a stable policy regime and attractive roll-down.
- 3.Central banks in Indonesia and the Philippines have raised rates to defend currencies and inflation targets.
Table of Contents
- Macroeconomic backdrop
- Emerging Asia govt bond markets
- Spotlight on Thailand
- Yield levels and changes (%)
- Government bond returns (%)
- Appendices
Report data
Charts 3 & 4 (Macro-economic backdrop)
| Metric | Estimate | Context |
|---|---|---|
| Indonesian central bank rate hike | 50 bps | Move to defend the rupiah. |
| Philippines headline inflation | 7% | Driven by lack of energy subsidies. |
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