Summary          The latest retail and exports data suggest that a slower domestic economy in 2Q2023 is imminent given the anticipated slowdown in the global economy. On the bond market, while MGS commands positive yield differentials with the UST, the spread has narrowed significantly since 2022.The continuing divergence of interest rate policy between Malaysia ...

Summary         Global Bond Markets     Global government bonds traded mixed in May. The UST market came under selling pressure in May as investors monitored the progress of the US debt negotiations and assessed the Fed’s interest rate policy going forward.  In Europe, the bund ended mostly firmer in May, with yields mostly declining on softer Europea...

Summary          Global Bond MarketsGlobal government bonds traded mixed in April. The UST yields largely declined on rising anticipation that the Fed’s rate hike cycle may end soon as inflation continued to moderate. Meanwhile in Europe, the longer-tenure 30-year bund yield rose as the market expected higher interest rate for longer to contain the elevated inflatio...

Summary          Global Bond Markets          Global government bonds saw risk-off rallies in March amid the banking sector turmoil in the US and Europe. As a result, bond yields mostly declined across the curve. Going forward, major central banks are likely to continue focusing on striking a balance between containing elevated inflation on th...

Summary     Global Bond Markets     Global government bonds mostly came under selling pressure in February on the growing possibility of “higher for longer” interest rate policy. This is not surprising given that inflation on both sides of the Atlantic continue to hover more than two times above major central banks’ 2% target. Meanwhile in China, bonds traded ra...

Summary          Global Bond Markets   Government bonds rallied on both sides of the Atlantic in January as easing inflation momentum renewed hopes of less aggressive monetary policy tightening by central banks. In China, relatively lower CGB yields became less enticing to investors as yields on developed economy bonds are expected to peak soon.Malaysian Gov...

Summary         Global Bond MarketsGovernment bonds saw heavy selloff on both sides of the Atlantic as investors digested the latest statements of major central banks. In China, on the other hand, government bonds saw some buying interest due to an earlier-than-expected reopening of the Chinese economy and kicking in of government support for the debt-ridden property secto...

Summary           Global Bond Markets          Government bonds mostly strengthened on both sides of the Atlantic as soft inflation data spurred hopes of slower pace of rate tightening by central banks. In China, on the other hand, government bonds were sold off as risk sentiment picked up after policymakers announced measures to ease COV...

SummaryGlobal Bond Markets          Global bonds ended mixed in October. USTs, for example, remained under pressure amid rising expectation of a rate hike. In the UK, on the other hand, gilts recouped most of their previous month’s losses following the mini budget’s U-turn and the appointment of a new prime minister.Malaysian Government Bond Market    &n...

SummaryGlobal Bond Markets          Global bonds mostly sold off in September as higher-than-expected inflation data fuelled expectations of more aggressive interest rate hikes by major central banks.Malaysian Government Bond Market          Local government bond market growth slowed in September. While the first Sustainability GII did dr...