The Continuing Rise Of Local Debt

Philippine and Indonesian local bonds are attracting ample interest, allowing each country's central bank to continue reshaping their respective debt profiles. Fiscal consolidation and falling inflation have resulted in lower borrowing costs, more liquid local markets and lengthier curves, boding well for the future. While we are somewhat concerned that investors are becoming too complacent about potential macroeconomic and political risks in Southeast Asia, there is little question that the investment picture has brightened considerably in each market.

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