Malaysia : Economics Does Not Work In A Sentiment War

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Malaysia is having a rough year, rocked by aerial accidents, oil prices and most of all, political scandals. To an economist central banker like Zeti, it must be a nightmare because she is… Continue reading

Bond Focus : Capricious Bond Markets Calls For An Ovine ETF Solution

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This post was written for http://www.hnworth.com, a site targeting high net worth individuals in Singapore. Have fun reading ! ******************************** Inflation is the taboo word in bond world given its automatic association with… Continue reading

SGD New Issue Review : Frasers Centrepoint Perpetual NC5

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FRASERS CENTREPOINT LIMITED SGD SUBORDINATED PERP NC5 Issuer:   FCL Treasury Pte. Ltd. Guarantor: Frasers Centrepoint Limited Issue: SGD Subordinated Perpetual Securities Ratings: Unrated Format: Regulation S only and S274/275 of SFA, SG; Issuance… Continue reading

Zico Special : Anniversary of NASDAQ 5000

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As we sit on another anniversary of the NASDAQ Composite’s all time high that was reached in March 2000, commentators have come out in droves to give their two-cents worth as to why… Continue reading

China In Focus : Losing The Crown ?

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It looks like India will overtake China in GDP growth this year after they “tweaked” their GDP calculations, India is expecting to hit 8.5% growth. http://www.wsj.com/articles/india-forecasts-gdp-growth-of-up-to-8-5-1425024900 But China will still be no. 1… Continue reading

Australia in Focus : Timing the Inevitable Cut to Catch Up With Singapore

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I note that Australian yields have  dipped below Singapore interest rates (not bonds) in the 4-7 year tenors and this has not happened since the Asian crisis because Australian bonds have, on average,… Continue reading

Bonds In Conversation : Silence Of The Lambs

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No doubt it is the year of the Sheep and credits, taking a backseat from the historic highs of the stock markets, have been sheepishly outperforming. A quick glance at the indices shows… Continue reading

Forex Month End : Just Pull The Wool Over Your Eyes Or Be A Black Sheep

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When we started 2015, the entire world was waiting for the great global economic divergence and thus diverging policies from the central banks. 8 weeks into 2015, the divergence is showing up. Yes.… Continue reading

Ad Hoc Commentary – the S&P500 will probably peak here (for now)

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In our 2015 outlook, yours truly said that the S&P500 will continue to go up this year.  Well, it barely managed to gain 2.88% year-to-date and it is now probably time for us… Continue reading

SGD New Issue Review : MAGIC 7Y 3.5%

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MAPLETREE GREATER CHINA COMMERCIAL TRUST 7Y SGD: PX GUIDANCE @ 3.5% AREA * NEW 7YR SGD ANNOUNCED DRIVEN BY REVERSE ENQUIRY * PRICE GUIDANCE AT 3.5% AREA * AS EARLY AS TODAY’S BUSINESS… Continue reading