SG Bonds Weekly Week 9 – Inflation Worries March 2, 2021 228

Outlook for the week

Key economic releases for the week

  • Mon, 1 Mar: Earnings: LIPPO MALLS INDO RETAIL TRUST – Aft Mkt, US: Markit US Manufacturing PMI (10:45PM)
  • Tue, 2 Mar: SG: Purchasing Managers Index (9:00PM)
  • Wed, 3 Mar: CH: Caixin China PMI Composite (9:45AM)
  • Thu, 4 Mar: US: U.S. Federal Reserve Releases Beige Book (3:00AM), US: Nonfarm Productivity (9:30PM)
  • Fri, 5 Mar: SG: Retail Sales YoY (1:00PM)

 

Last Week Summary

Market turmoil sweeping across equity and debt markets overnight puts a dent in the budding optimism surrounding economic recovery. US equity indexes tumbled as the S&P and Nasdaq fell 2.5% and 3.6% overnight. A lacklustre US treasury auction overnight also fuelled the sharp steepening of the yield curve, with 10yr yields surging as high as 23bps last night to 1.60%.

  • The Asia primary markets pipeline reopened this week after the Lunar New Year break. Chinese and Indian issuers managed to price deals right before market selloff on Thursday. Investor participation indicators point to weaker tone as book coverage(4.2x) and average number of accounts(85.2 accts) this week are significantly lower as compared to YTD numbers(5.8x & 118.9 accts respectively).
  • Olam International has short-listed six rival exchanges including the Singapore Exchange, as a potential venue of choice for the mega listing of its giant food ingredients unit sometime in the second quarter of next year, said the firm’s head honcho, as part of its ongoing business reorganisation.

New issue pipeline remains muted with the heightened market volatility with 1 new mandate outstanding from the ones announced over the fortnight.

 

 

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

About the author

Profile photo of Timothy Ang

Timothy Ang
Research Analyst
Phillip Securities Research

Timothy covers credit analysis of local and foreign bonds. Previously an equity dealer, he handled equity trade execution and portfolio management. He has presented seminars for organisations such as SIAS, SPH and IRAS, commentated live market updates for 93.8FM, and authored investment articles for the Business Times newspaper. He graduated with a Bachelor of Commerce in Accounting & Finance from the University of Western Australia.

Get access to all the latest market news, reports, technical analysis
by signing up for a free account today!