U.S. 10y treasury yields are a couple of bp tighter on the day at 4.5% with plenty of economic data coming later (incl. PPI, Weekly Claims, Industrial Production and Capacity Utilisation).
Asia EM credit was weaker with govie/agency $ spreads up to 8bp wider, Indonesia (+8bp) and the Philippines (+6bp) the outliers. Indonesia announced it would delay April trade balance data until June, while the Philippines central bank guided to GDP growth at the low end of 2025-27 goals. Asia equities mostly lower, except for Indonesia's JCI index, up +1.2% on the day.
In terms of newsflow, Reliance Industries announced it had agreed a $2.98bn loan, that’s been on the cards for 6 months. On the issuance front we have Shandong Gold with a 3y $benchmark. The IPT is 5.2% area and we have estimated FV around 4.65%.
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The Swedish Spring budget bill included SEK11.5bln of expansionary measures (0.2% GDP), as previously announced by Finance Minister Svantesson.