Foreigners turn net sellers of Asian bonds in February on coronavirus fears [Reuters (UK)]
DBS GROUP HLDGS LTD S/ADR (DBSDY)
NASDAQ:AMEX Investor Relations:
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Source: Reuters
Foreigners turn net sellers of Asian bonds in February on coronavirus fears - Reuters 2 Min Read March 19 (Reuters) - Foreign investors dumped Asian bonds in February on mounting fears over the economic damage done by the coronavirus pandemic on regional countries. Foreigners sold a net $3.88 billion worth of regional bonds last month, their largest net selling since April 2018, according to data from regional banks and bond market associations in Indonesia, Malaysia, Thailand, South Korea and India. “Foreign holders were also concerned about Asia FX weakness, especially currencies most-reliant on exports and tourism. Expectations of lower tax receipts and announced stimulus packages suggest larger bond supply ahead and higher fiscal risks.” said Duncan Tan, a strategist at DBS Bank. Indonesian and Malaysian debt led regional outflows in February. Foreigners net sold $2.02 billion worth of Indonesian debt, biggest since September 2011 and about $1.94 billion worth of Malaysian bonds.
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