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Thailand’s 10-Year Bonds Complete Weekly Advance on Fund Inflows

Thailand’s 10-year government bonds completed a weekly advance on speculation the region’s improving economic outlook and yield advantage over developed nations will attract investors. The baht gained.

The Asian Development Bank said today that private consumption and investment are bolstering Southeast Asian economies even as the rest of the region is seen expanding less than earlier estimated. International funds bought $391 million more local sovereign notes than they sold in the first two days of this week, according to the Thai Bond Market Association.

“Inflows into Asia will continue as the region’s growth will accelerate, making it an attractive destination,” said Dariusz Kowalczyk, a Hong Kong-based strategist at Credit Agricole CIB. “Moreover, higher interest rates will bring in more funds, putting upward pressure on currencies.”

The yield on the 3.625 percent securities due June 2023 dropped four basis points, or 0.04 percentage point, this week to 3.55 percent in Bangkok, according to data compiled by Bloomberg. It rose two basis points today.

Ten-year sovereign securities pay 1.58 percent in the U.S., 1.75 percent in the U.K., 1.30 percent in Germany and 0.70 percent in Japan, data compiled by Bloomberg show.

Developing Asian economies will grow 6 percent this year and 6.6 percent in 2013, Manila-based ADB said in its Asian Development Outlook 2012 Supplement today as it lowered its forecasts by 0.1 percentage point for each period. Among the region’s economic areas, it only raised its projections for Southeast Asia, predicting an expansion of 5.3 percent in 2012 from 5.2 percent earlier.

The baht advanced 0.1 percent from a week ago to 30.67 per dollar, according to data compiled by Bloomberg. It was little changed today. One-month implied volatility, a measure of expected moves in exchange rates used to price options, fell five basis points today to 3.89 percent. The gauge has declined 14 basis points from Nov. 30.

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