In today’s briefing:
- Lucror Analytics – Morning Views Asia
- Bond Market Monitor: Thai Corporations UnSmiled
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Bharti Airtel
- UST yields ended mixed yesterday, with the curve twisting steeper, following a soft auction for 10Y notes that tailed by 1 bp.
- The yield on the 2Y UST declined 1 bp to 3.71%, while that on the 10Y UST was up 2 bps at 4.23%. Equities rebounded from Tuesday’s dip, with the S&P 500 and Nasdaq rising 0.7% and 1.2%, respectively.
Bond Market Monitor: Thai Corporations UnSmiled
- We sample blue-chip and household Thai corporations and plot the 12-month probability of default (PD) using iRAP
- The median 12-month PD of the above samples was 11.15 basis points (bps), up from 5bps last November, with a trend showing continuing deterioration in the next 12 months
- We expect more political upheaval and economic adjustment from the military conflict with Cambodia and the19% tariff on exports to the US to be quite detrimental to the Thai economy.
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