EM ASIA CREDIT: International Container Terminal Service
(ICTPM, Unrated}
"*ICTSI SIGNS PACT TO HELP DEVELOP CONTAINER TERMINAL IN BATAM" - BBG
ICTSI wins Batu Ampar Container Terminal contract, positive
International Container Terminal Services (ICTSI), the Philippines-based ports and terminals developer, announced that, together with its joint venture partner, it has been awarded the contract to develop and operate the Batu Ampar Container Terminal in Batam, Indonesia.
BACT is the main container terminal on Batam Island and a critical logistics hub on the Malacca Strait, handling over 600,000 TEUs in 2024. The announcement did not disclose the contract value, though this is recognized as a high-profile project in the sector.
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AUSSIE BONDS: ACGB Jun-35 Auction Absorbed With Solid Demand Present
Today’s auction showed solid pricing for ACGBs, with the weighted average yield coming in 0.45bps below prevailing mid-yields, according to Yieldbroker. However, the cover ratio nudged lower to 3.3625x from 3.4444x at the previous auction.
- As noted in our preview, the current yield for this bond was approximately 10bps below the level of the previous auction and 60bps below the high recorded in early November 2024.
- The 3/10 yield curve was around the same level as the previous auction but sat around 20bps below its recent high.
- Following the auction, both the cash line and XM remained relatively unchanged.
ASIA STOCKS: Taiwan Inflows Continue as Others Moderate
Taiwan enjoys $6.6bn of inflows over last six trading days.
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- Taiwan: Had inflows of +$1,685m yesterday, with total inflows of +$5,423 m over the past 5 days. YTD flows are negative at -$4,244. The 5-day average is +$1,085m, the 20-day average of +$444m and the 100-day average of -$4m.
- India: Had inflows of +$97m as of the 30th, with total inflows of +$1,401m over the past 5 days. YTD flows are negative -$8,155m. The 5-day average is +$280m, the 20-day average of +$131m and the 100-day average of -$5m.
- Indonesia: Had outflows of -$43 yesterday, with total outflows of -$54m over the prior five days. YTD flows are negative -$3,280m. The 5-day average is -$11m, the 20-day average -$24m and the 100-day average -$31m.
- Thailand: Recorded outflows of -$24m yesterday, with inflows totaling +$50m over the past 5 days. YTD flows are negative at -$2,361m. The 5-day average is +$10m, the 20-day average of -$13m and the 100-day average of -$21m.
- Malaysia: Recorded inflows as of +$26m yesterday, totaling +$65m over the past 5 days. YTD flows are negative at -$3,703m. The 5-day average is +$16m, the 20-day average of -$13m and the 100-day average of -$20m.
- Philippines: Recorded inflows of +$17m yesterday, with net inflows of +$3m over the past 5 days. YTD flows are negative at -$577m. The 5-day average is +$1m, the 20-day average of -$3m the 100-day average of -$5m.
CHINA PRESS: China Revised Law Tackles Involuted Competition
China’s recent revision of the Anti Unfair Competition Law reflects clear policy guidance for combatting 'involuted' competition, according to Liu Xu, researcher at the National Institute for Strategic Studies at Tsinghua University. Experts interviewed by Yicai noted the law prohibits platform operators from forcing merchants to sell below cost and prohibits large enterprises from defaulting on payments to small and medium-sized enterprises. Zhong Gang, director of Competition Law Research Institute at East China University, said the newly added provisions allow the government to directly regulate platform operators.
