Standard Chartered Bank: Stay neutral on THB bonds
Quotes from Standard Chartered The bull flattening of the THB yield curve since October 2014 reflects disinflationary pressure from the drop in global crude oil prices. Indeed, ahead of the BoT's January monetary policy …
The bull flattening of the THB yield curve since October 2014 reflects disinflationary pressure from the drop in global crude oil prices.
Indeed, ahead of the BoT's January monetary policy announcement, the market was pricing in a possible rate cut due to strong disinflationary pressures.
However, the BoT kept policy rates on hold, and the market has since unwound its rate-cut expectations.
We have a Neutral outlook on THB bonds, as unattractive valuations are likely to counter-balance the impact of the accommodative monetary polciy adopted by major developed-market central banks.
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