Emerging Asia (ex China) Government Bonds Monthly

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.

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

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