October 01, 2026

Emerging Asia (ex China) government bonds monthly – October 2026

Explore monthly insights on key developments across India, Indonesia, Malaysia, the Philippines and Thailand government bond markets.

Robin Marshall, MA, MPhil

Head of FICC Research

Key highlights:

The long tail on the Q1 energy shock, and stronger US dollar give EM Asia (ex China) policy-makers little respite.
Yield betas to global bonds are variable across the region, with Malaysia and Thailand showing least sensitivity…
…but Philippine yields retain high correlation to US Treasury yields and the economy is the most vulnerable to negative supply shocks
Indian inflation uptick increases probability of RBI tightening, but a more contained inflation shock than 2022
10 year real yields show Malaysia and Indonesia with a 200 bp premium, despite Malaysia’s strong terms of trade and leverage to AI boom.

Published monthly by FTSE Russell FICC Research, this report:

Covers key developments in government bond markets across India, Indonesia, Malaysia, the Philippines and Thailand.
Assesses macroeconomic and policy developments in each country and globally, and their implications for local bond markets.
Includes analysis of yield curve movements and spreads.
Presents performance returns and yield movements using FTSE Russell indices.
Features a rotating monthly spotlight on one of the five economies.