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

Key highlights:

• A second leg of the energy shock forces more tightening, including the RBI…
• … even if wider inflation targets give greater flexibility to accommodate inflation shocks, unlike the G7.
• Favourable Indonesian debt metrics protect bond market from equity index woes.
• Indian yields rose after the RBI move, but Indian debt might benefit most from an AI slowdown…
• …as early signs of investors mulling a slower AI cycle emerged in October, alongside bouts of risk-off.

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.