Economics Markets Strategy - the DBS Vickers Securities Equities ...
Economics Markets Strategy - the DBS Vickers Securities Equities ...
Economics Markets Strategy - the DBS Vickers Securities Equities ...
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<strong>Economics</strong> – <strong>Markets</strong> – <strong>Strategy</strong> Yield<br />
Interest rate forecasts<br />
%, eop, govt bond yield for 2Y and 10Y, spread bps<br />
11-Jun-08 3Q08 4Q08 1Q09 2Q09<br />
US Fed Funds 2.00 2.00 2.50 3.25 4.00<br />
3m Libor 2.79 2.60 3.00 3.65 4.30<br />
2Y 2.81 3.59 4.00 4.42 4.66<br />
10Y 4.07 4.60 5.00 5.30 5.40<br />
10Y-2Y 127 101 100 88 74<br />
Japan O/N Call Rate 0.51 0.50 0.50 0.75 0.75<br />
3m Tibor 0.84 0.75 0.75 1.00 1.00<br />
Eurozone Refi Rate 4.00 4.25 4.25 4.25 4.25<br />
3m Euribor 4.96 5.05 4.85 4.65 4.50<br />
Indonesia BI Reference Rate 8.50 9.25 9.25 9.25 9.25<br />
3m Jibor 8.98 9.40 9.40 9.40 9.40<br />
2Y 12.62 11.00 10.50 10.00 10.00<br />
10Y 13.50 12.50 12.00 11.50 11.50<br />
10Y-2Y 88 150 150 150 150<br />
Malaysia O/N Policy Rate 3.50 4.00 4.00 4.00 4.00<br />
3m Klibor 3.66 4.15 4.15 4.15 4.15<br />
3Y 4.04 4.40 4.20 4.00 4.00<br />
10Y 4.46 4.80 4.70 4.60 4.60<br />
10Y-3Y 42 40 50 60 60<br />
Philippines O/N Reverse Repo Rate 5.25 5.75 6.00 6.00 6.00<br />
3m Phibor 6.75 6.75 7.00 6.75 6.75<br />
2Y 8.35 8.50 8.75 8.75 8.75<br />
10Y 9.48 9.50 9.75 9.75 9.75<br />
10Y-2Y 114 100 100 100 100<br />
Singapore .. .. .. .. .. ..<br />
3m Sibor 1.44 1.31 1.52 1.94 2.31<br />
2Y 1.27 1.60 2.20 2.40 2.65<br />
10Y 3.61 3.80 3.90 3.93 4.04<br />
10Y-2Y 234 220 170 153 139<br />
Thailand O/N Repo 3.25 3.25 3.75 3.75 3.75<br />
3m Bibor 3.50 3.45 3.95 3.95 3.95<br />
2Y 4.66 4.70 4.80 4.90 4.90<br />
10Y 5.66 5.90 6.00 6.10 6.10<br />
10Y-2Y 100 120 120 120 120<br />
China 1 yr Lending rate 7.47 7.74 8.01 8.28 8.28<br />
1yr deposit rate 4.14 4.41 4.68 4.95 4.95<br />
2Y 3.72 4.00 4.25 4.25 4.25<br />
10Y 4.27 4.40 4.50 4.50 4.50<br />
10Y-2Y 55 40 25 25 25<br />
Hong Kong .. .. .. .. .. ..<br />
3m Hibor 2.15 1.95 2.35 3.05 3.70<br />
2Y 2.66 3.02 3.69 3.87 4.08<br />
10Y 3.59 4.05 4.45 4.75 4.85<br />
10Y-2Y 93 103 76 88 77<br />
Taiwan Rediscount Rate 3.50 3.75 3.88 3.88 3.88<br />
3m Repo 2.65 2.75 2.88 2.88 2.88<br />
2Y 2.31 2.25 2.50 2.50 2.50<br />
10Y 2.72 2.80 2.90 2.90 3.00<br />
10Y-2Y 42 55 40 40 50<br />
Korea 7d Repo 5.00 5.00 4.75 4.50 4.50<br />
3m CD rate 5.36 5.20 4.95 4.70 4.70<br />
2Y 5.73 5.60 5.00 4.90 4.90<br />
10Y 5.94 5.80 5.30 5.30 5.30<br />
10Y-2Y 21 20 30 40 40<br />
India 1d Repo 7.75 8.25 8.25 8.25 8.25<br />
3m Mibor 8.91 7.80 7.80 7.80 7.80<br />
2Y 8.10 8.40 8.40 8.40 8.40<br />
10Y 8.26 8.50 8.50 8.50 8.50<br />
10Y-2Y 16 10 10 10 10<br />
55
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