Shows
OCBC Treasury Research and Strategy - PodcastBack to the Future: 'Hangry' For More (Wellian Wiranto)In this new podcast series, economist Wellian Wiranto speaks to start-ups revving to go in the post-pandemic world. Our first episode is a chat with Abraham Viktor, the co-founder and CEO of Hangry, an Indonesian "cloud kitchen" start-up finding a foothold in a large nation increasingly reliant on their mobile phones. Hear from Abraham about the challenges and advantages of operating post-Covid, and what makes him tick.2021-03-1924 min
OCBC Treasury Research and Strategy - PodcastHow the US Treasury yield environment affects USD (Terence Wu)In this podcast, our FX specialist Terence Wu looks at how the pass-through from the yield environment to the US Dollar is currently very diffused, with different elements pulling the Dollar in different directions. He argues, however, that it is likely to evolve into a net-positive for the US Dollar in the medium term.2021-03-0105 min
OCBC Treasury Research and Strategy - PodcastThe Popularity of Temasek Linked Companies (Ezien Hoo)What is a Temasek Linked Company and why are they favoured in the SGD bond market? Temasek, a global investor, is the major shareholder of issuers who form a sizeable part of the SGD bond market. However, what constitutes a Temasek Linked Company is more fluid and dependent on interpretation. In this podcast, our credit research analyst Ezien Hoo explains how the team defines this space and highlights the key considerations to look out for when investing in bonds issued by Temasek Linked Companies.2021-02-0407 min
OCBC Treasury Research and Strategy - PodcastENN Energy: A company benefitting from China's transition to a cleaner environment (Ezien Hoo)As policies continue to prioritise the development of natural gas as a way for China to reduce its reliance on coal, OCBC Credit Research weighs the merits and risks of investing in this USD bond issuer.2020-11-0405 min
OCBC Treasury Research and Strategy - PodcastChina removes the 20% risk reserve requirement for purchasing foreign currency via derivatives (Tommy Xie)What does this mean? What's the rational behind that? What's the possible implication on RMB? In this podcast, we will try to answer those questions.2020-10-1204 min
OCBC Treasury Research and Strategy - Podcast3 burning questions about Singapore (Selena Ling)In this podcast, our chief economist, Selena Ling, discusses the Singapore property market, what the transition to Phase 3 will mean for GDP growth, and the upcoming MAS monetary policy meeting.2020-10-0205 min
OCBC Treasury Research and Strategy - PodcastRMB - still room to strengthen (Terence Wu)In this podcast, we touch on the developments on the Sino-US front and the on-track macro recovery in China as positives for the RMB. Further details and other positives, such as a seeming shift in official stance towards the RMB and yield differentials, are covered in our recently published FX Viewpoint - RMB: Still room to strengthen, available on our research website.2020-09-2206 min
OCBC Treasury Research and Strategy - PodcastHospitality issuers – credit outlook (Ezien Hoo)In March and April, we lowered the issuer profile of hospitality issuers under our coverage as international borders started closing, along with dampening travel demand. Five months on, how have SGD hospitality bond issuers fared? In this podcast, our credit research analyst, Ezien Hoo, discusses the opportunity and risks within this SGD bond sector.2020-09-1507 min
OCBC Treasury Research and Strategy - PodcastCommodities update: What's performing and what's sagging? (Howie Lee)Metals continue their run up, while energy sagged on a series of negative news. Agriculture looks like it may be the next outperformer.2020-09-0803 min
OCBC Treasury Research and Strategy - PodcastA grimmer 2020, but brighter days ahead in 2021? (Selena Ling)The latest MAS survey of professional forecasters (SPF) shared some interesting insights, namely the worst is likely over, but the Singapore economy will still see a severe 2020 recession with GDP growth likely to shrink 6% yoy. However, there may be a sharp growth bounce of 5.5% in 2021, notwithstanding the familiar risks of an escalation in the Covid-19 pandemic and US-China tensions. Consequently, the mild disinflationary environment should subside and revert to positive inflation prints next year. The policy implication is that MAS is likely to be static at the upcoming monetary policy review in October.2020-09-0804 min
OCBC Treasury Research and Strategy - PodcastClarity on interest rate outlook and a solid end to the month for credit (Andrew Wong)OCBC Bank Credit Analyst Andrew Wong shares in this podcast recent developments in the credit market and the interest rate outlook. He expects credit market activity to remain brisk in September and that issuers will begin to have better clarity on their performance for 2020 as we enter the final month of 3Q2020. Check out the monthly credit view on the OCBC website for further information on bond level recommendation changes.2020-09-0406 min
OCBC Treasury Research and Strategy - PodcastFed’s average inflation target and a K-shape recovery? (Selena Ling)Fed chair Powell has articulated a shift to an average inflation target of 2%. This has given the green light to the risk rally. But the market is also concerned about prospects of a K-shaped recovery. What does this mean for the Singapore economy? Tune in and find out!2020-09-0304 min
OCBC Treasury Research and Strategy - PodcastCommodities bull run fuelled by China’s buying (Howie Lee)China’s buying of energy, industrial metals and agriculture commodities continues, keeping prices supported across the spectrum.2020-09-0102 min
OCBC Treasury Research and Strategy - PodcastUS-China tension: New parameters. New reaction. (Tommy Xie)What are the new parameters adding to the current US-China tension? Is this time different? Reasons why we think China may not go down the path of tit-for-tat despite the significant escalation of the tension. This could be the relief the global financial market needs.2020-08-3103 min
OCBC Treasury Research and Strategy - PodcastKeppel Corp: Status quo for now (Ezien Hoo)We are maintaining our issuer profile on Keppel despite its credit metric deterioration and single largest shareholder walking away from the pre-conditional partial takeover offer. Despite equity markets reacting negatively to the developments, reaction on Keppel's bonds has been far more muted.2020-08-1405 min
OCBC Treasury Research and Strategy - PodcastSingapore's 2Q20 GDP growth: Revised lower, but worst is likely over (Selena Ling)Singapore's 2Q20 GDP growth was revised to -13.2% year-on-year, down from initial flash estimates of -12.6% year-on-year. While manufacturing, construction and the services sectors have taken a big hit, there's a silver lining in the finance and insurance sector which still saw positive growth of 3.4% year-on-year, despite it being half of the 8.3% year-on-year growth in the first quarter of 2020. With escalating US-China tensions, and the long-tail nature of the Covid-19 pandemic, Singapore's GDP growth may continue to contract, albeit by a milder 7.5% and 1.5% year-on-year in the third and fourth quarters of this year respectively.2020-08-1205 min
OCBC Treasury Research and Strategy - PodcastInvestors continue search for yield (Andrew Wong)OCBC Credit Research recently published its monthly credit view for August with some interesting trends in the US, Asia dollar and SGD space. In all, the technical environment remains strong but the team remains cautious on the fundamental outlook. Investors however are continuing to search for yield and this could drive demand back to structural high yield instruments. Activity in the SGD space has firmed up with the total number of bond level recommendation changes falling. With swap rates lower m/m, we still see value with 19 bond level recommendations raised and 13 lowered. Please check out our monthly credit...2020-08-0605 min
OCBC Treasury Research and Strategy - PodcastSuperpower Showdown - Who's got the better handle on Covid-19?Tensions between the US and China have hit an all-time high. What's brewing between the world's superpowers? Our economists, Wellian Wiranto and Tommy Xie, break down how the two largest economies in the world have been dealing with the political fallout, the Covid-19 pandemic, and what lies ahead as the fate of their economies hang in the balance.2020-07-2930 min
OCBC Treasury Research and Strategy - PodcastDollar cost averaging and why it's beneficial for investors (Vasu Menon)With markets so volatile, should investors be investing now or waiting for blue skies? Our Executive Director of Investment Strategy, Vasu Menon, advises investors to stay invested using a dollar cost averaging strategy, instead of trying to time the markets or bottom-fishing investments. This can benefit investors by lowering the average cost per share of an investment, and is a good and systematic way of investing in the markets during times of uncertainty. This podcast was recorded on 27 July 2020.2020-07-2802 min
OCBC Treasury Research and Strategy - PodcastShifting fortunes in the SGD corporate bond market (Ezien Hoo)With public health considerations taking priority, the economic fallout of COVID-19 has spread beyond directly-hit sectors like travel and hospitality, and into others. In the fourth and final podcast of the series, the OCBC Credit Research team identifies the area of vulnerabilities and shares their updated views on industry sectors who form the main issuers.2020-07-2108 min
OCBC Treasury Research and Strategy - PodcastSingapore Mid-Year 2020 Credit Outlook: An Unexpectedly Eventful 1H2020 for SREITs (Seow Zhiqi)The year began with a storm and SREITs underwent a turbulent period, which saw their equity prices plunging in mid-March. As Singapore emerges from the circuit breaker, each asset type continues to face headwinds - though some are expected to be more resilient than others. Tune in to hear our credit research team's outlook on each type of REIT.2020-07-1406 min
OCBC Treasury Research and Strategy - PodcastSingapore Mid-Year 2020 Credit Outlook: Uniquely and Proudly Singapore (Wong Hong Wei)Are there compelling reasons to look at Singdollar bonds? In this podcast, our credit analyst introduces Singdollar bonds, which provide a number of unique selling propositions. Among other things, he explains why and how Singdollar bonds should benefit from the SGD being a good store of value and a safe haven backed by reserves.2020-07-1308 min
OCBC Treasury Research and Strategy - PodcastSingapore Mid-Year 2020 Credit Outlook: Staying Defensive (Andrew Wong)Heading into 2H2020, significant risks and opportunities abound. Defaults globally are expected to rise and in the SGD market, an issuer has just missed the payment of a bond upon maturity. Interest rates pinned to the floor with an uncertain outlook may turn perpetuals into fodder to buffer balance sheets, as evidenced by the non-call of ARTSP 3.065%-PERP. Although credit spreads have widened significantly even for fundamentally sound issuers. unpredictability with the pandemic leads us to recommend investors stay defensive and in high quality credits. As part of a diverse basket however, we think it is opportune for investors...2020-07-0604 min
OCBC Treasury Research and Strategy - PodcastAfter the Storm: What would help or hinder Malaysia’s economic recovery prospects? (Wellian Wiranto)Malaysia’s stringent MCO restriction orders have helped keep COVID-19 case numbers under control. It can now shift the focus towards economic recovery. The tentative reopening of the global economy should help its export-dependent sectors - so would the quiet pickup in global oil prices. Still, it will not be an all-clear second half of 2020 for Malaysia, partly because of the fractured political landscape.2020-06-2507 min
OCBC Treasury Research and Strategy - Podcast2H2020 Outlook: Gazing into the Crystal Ball (Selena Ling)Here are three key questions to which investors are seeking answers:
1. Is the worst over for the global economy?
2. Is this market rally sustainable?
3. Should one be concerned that policy makers are adopting a “whatever it takes” approach to the Covid-19 pandemic?
Come find out the answers in this podcast by our chief economist, Selena Ling. 2020-06-2205 min
OCBC Treasury Research and Strategy - PodcastDown but not out: Can Indonesia escape a recession? (Wellian Wiranto)With the authorities busy slashing their growth forecasts, there are concerns that Indonesia might be suffering a recession for the first time since the Asian Financial Crisis. Our economist Wellian Wiranto thinks there is hope that it can avoid that fate, but a lot still hinges on whether Indonesia can tackle the latest uptick in coronavirus cases.2020-06-1908 min
OCBC Treasury Research and Strategy - PodcastIs Privatisation Good for Bondholders? (Wong Hong Wei)The likes of Breadtalk and Perennial have either delisted or are looking to privatise, joining the ranks of NOL, CWT and Global Logistics Properties. But when shares are delisted, what happens to the bonds?
In this podcast, credit research analyst Wong Hong Wei answers the following questions:
Why do companies privatise?
What are the repercussions for bondholders?
Which area should you pay attention to if you are a bondholder?2020-06-1710 min
OCBC Treasury Research and Strategy - PodcastThe Resilience of the Regional Electronics Supply Chain (Howie Lee)The electronics supply chain has proven resilient thus far, even in the face of Covid-19. Why is this the case and how will it impact the economies that produce them? 2020-06-1704 min
OCBC Treasury Research and Strategy - PodcastDigging Deep: Beijing’s coronavirus outbreak (Tommy Xie)All communities in Beijing have entered “wartime” status. Should we be worried about the Covid-19 outbreak in Beijing? In today’s podcast, our Head of Greater China Research Tommy will tackle the following questions: How has Beijing’s reaction been so far? Could fish be responsible for the spread of coronavirus? And could Beijing become the second Wuhan?2020-06-1607 min
OCBC Treasury Research and Strategy - PodcastSembcorp Industries: The Long-Awaited Spin-Off (Ezien Hoo)Our credit research analysts have upgraded their issuer profile on Sembcorp, on the back of the company announcing a two-step transaction which will see it spinning off its marine arm. They view this move to be credit positive for the issuer, allowing Sembcorp to focus its resources on its energy and urban segments.2020-06-1205 min
OCBC Treasury Research and Strategy - PodcastHanging up on the callAscott Residence Trust (ART) did not call its perpetual, an unprecedented move for a S-REIT. Why didn't ART call, and will it eventually call? In this podcast, our credit research analysts Ezien Hoo and Wong Hong Wei discuss the reasons and whether other perpetuals face similar risks.2020-06-0416 min
OCBC Treasury Research and Strategy - PodcastWorking from home a risk to Office REITs (Seow Zhiqi)As companies deliberate the value add of office spaces and whether they actually need all of the office space they have, we think more may be open to a hybrid operating model. Over the longer term, what would it mean for the office REITs?2020-05-2605 min
OCBC Treasury Research and Strategy - PodcastBeyond the Circuit Breaker (Selena Ling)The two-month Circuit Breaker is coming to an end, but the Singapore economy will only be re-opened in phases. What will our GDP and our market outlook like? In this podcast, our chief economist Selena Ling and Head of OCBC Investment Research Carmen Lee answer the questions on our minds, like what we could see in the fourth Budget next week, equity sectors that are doing well, and what Singaporeans could do to future-proof themselves amid this new normal.2020-05-2323 min
OCBC Treasury Research and Strategy - PodcastFrasers Property Limited - sum of weakened parts (Ezien)We lowered our issuer profile on Frasers Property Limited, driven by expectations that the recurring income at Frasers Property is likely to fall with a knock-on effect on leverage ratios, though the company has taken steps to mitigate the impact from the virus outbreak. OCBC Credit Research team sits down to discuss this change and possible implications to its Sponsored REITs. This podcast was recorded on 19/05/20202020-05-1911 min
OCBC Treasury Research and Strategy - PodcastS’pore’s NODX growth surprised in April, but will the upward momentum continue? (Selena Ling)What do pharmaceuticals, non-monetary gold and food preparations have in common? They were the key drivers of S’pore’s non-oil export outperformance in April despite the ongoing Circuit Breaker! The low NODX base in 2019 due to the US-China trade war may limit the NODX fallout in 2Q20, but the global re-opening of economies post-lockdown and the risk of subsequent infection wages will be key for NODX momentum in 2H20.2020-05-1804 min
OCBC Treasury Research and Strategy - PodcastQuick take on commodities and commodity currencies (Terence Wu & Howie Lee)The commodity sector has stabilised in the past couple of weeks, leading to a rally in commodity currencies such as AUD, NZD and CAD. In the near term, however, we see signs of bearish pressure forming in this space. This podcast was recorded on 15/05/20202020-05-1505 min
OCBC Treasury Research and Strategy - PodcastHolding perpetuals to perpetuity (Seow Zhi Qi)Rates have come down and spreads have widened. With companies facing potential liquidity squeeze, perpetual bonds see elevated risk of non call in our view. Bank capital - Additional Tier 1 which serve regulatory purposes amongst others may be arguably less affected as compared to perpetual bonds issued by REITs. Given the heightened uncertainty, Ocbc credit research underweights perpetual bonds as an asset class.
This podcast was recorded on 11/05/20202020-05-1112 min
OCBC Treasury Research and Strategy - PodcastCOVID-19 where to from here for the SGD bond market? (Tommy Xie)It has been just over 3 months since COVID-19 came into view in Singapore. The OCBC Credit Research team sits with Tommy Xie, our Head of Greater China Research who has been tracking the outbreak from the start to discuss the impact of COVID-19 on the banking, property and REIT sectors, being key issuing sectors in the SGD corporate bond market. This podcast was recorded on 11/05/20202020-05-1121 min
OCBC Treasury Research and Strategy - PodcastThe worst might be behind for crude oil (Howie Lee)Optimism may be slowly creeping back into the oil market, but the market remains incredibly soft. Even if the worst is behind, the market still lacks a strong catalyst to embark on a strong rally. The negative prices seen last month, however, now appears to be an outlier.2020-05-0803 min
OCBC Treasury Research and Strategy - PodcastNo Grand Reopening: Why Malaysia’s economy may remain subdued despite lifting the MCO (Wellian Wiranto)While the reopening of the Malaysian economy would help save jobs and businesses, the pace of recovery may remain subdued. Hesitation among some state governments is one factor, as firms - big and small alike - contemplate kickstarting their business at a gingerly pace, as well. To help growth, monetary policy accommodation would remain the focus due to fiscal constraints.2020-05-0605 min
OCBC Treasury Research and Strategy - PodcastToo early to call a bottom in April manufacturing PMI for Singapore? (Selena Ling)As many countries contemplate lifting lockdowns and easing containment measures, the incoming economic data like the April manufacturing purchasing managers index (PMI) remain fairly grim. A re-escalation of US-China bilateral relations may pose a potential headwind for the 2H20 recovery story.2020-05-0504 min
OCBC Treasury Research and Strategy - PodcastIndustrial REITs - A more defensive type of REIT? (Ezien Hoo)Investors are re-considering the importance of the underlying physical assets within REITs after years of yield-chasing. Our economists posit that Industrial REITs have income streams that are relatively more resilient compared to other REITs in this environment though pockets of stress exist, given the large divergence of property sub-types, which range from business parks to warehouses. 2020-05-0407 min
OCBC Treasury Research and Strategy - PodcastHealthcare should be part of your diversified portfolio (Carmen Lee)The COVID-19 pandemic has sparked investments and research into developing a vaccine with certain segments of the healthcare sector expected to benefit from it. With markets likely to stay volatile for the near to medium term, Head of OCBC Investment Research Carmen Lee explains why healthcare stocks should form part of the core holdings in a diversified portfolio.2020-04-3003 min
OCBC Treasury Research and Strategy - PodcastUpdating the FX playbook - Broad USD may still be heavy on short-term risk dynamics (Terence Wu)The broad USD seems hampered in the near term on the back of a sustained risk positive tilt. However, we remain cautious due to the impact of month-end flows for now. Meanwhile, Asian currencies may have strengthened beyond its implied valuations in the near term. Structurally, they probably have not adjusted enough relative to the negative macro hit. Overall, still prefer to be negative on the Asian currencies on the medium term horizon. (Recorded April 29, 2020)2020-04-2905 min
OCBC Treasury Research and Strategy - PodcastIs the risk rally betting on hopes to reopen the economy sustainable? (Tommy Xie)After revisiting the assumptions for a return to normalcy, we found that the hype of reopening the economy could be overblown. Too many questions about antibodies and possible mutations remain unanswered. So what's next? 2020-04-2904 min
OCBC Treasury Research and Strategy - PodcastMore intervention is on the way to defend the HKD (Carie Li)The Hong Kong Dollar (HKD) repeatedly touched the strong end of trading band last week and triggered HKMA’s intervention for the first time since 2015. Will HKD continue to strengthen and trigger more intervention? Will this guide the local rates lower and render some support to the damaged economy? 2020-04-2703 min
OCBC Treasury Research and Strategy - PodcastAre S-REIT relief measures enough to alleviate Covid-19 pressures? (Carmen Lee)The Government has launched relief measures to help S-REITs such as extending deadlines for distribution of taxable income and raising the leverage limit and deferment of new regulatory requirements. While these are expected to help alleviate some pressure the sector is facing from the pandemic, Head of OCBC Investment Research Carmen Lee feels that investors should look towards government-linked REITs for the long term.2020-04-2303 min
OCBC Treasury Research and Strategy - PodcastExtending the Circuit Breaker and what it means for 2Q growth (Selena Ling)Will the additional $3.8b of extended support offset the economic pain of another month of circuit breaker? Will 2Q20 recession be deeper? Will we see a bounce back in 2H20? (Recorded April 22, 2020) 2020-04-2205 min
OCBC Treasury Research and Strategy - PodcastHelping S-REITs and their tenants navigate the operating challenges (Seow Zhi Qi)MAS announced last Friday that it is raising the aggregate leverage limit for S-REITs to 50% from 45% with immediate effect. IRAS too is giving the S-REITs more time to distribute at least 90% of their FY2020 taxable income to unitholders. Tenants of S-REITs too are receiving support. What does this mean to S-REITs? Are these credit positive? (Recorded April 21, 2020) 2020-04-2203 min
OCBC Treasury Research and Strategy - PodcastNegative oil prices: No, it's not the end of the world (Howie Lee)It's not the end of the world. Negative prices on WTI on Monday (April 20) were a result of diminishing storage in the US, not a market meltdown. Besides, only one particular contract saw negative prices. Negative prices might come round again until we have a pickup in demand, or the US cuts its oil output. Also, it is unlikely petrol pumps will pay consumers money to fill their cars. (Recorded April 21) 2020-04-2105 min
OCBC Treasury Research and Strategy - PodcastChinese Commodities Showing Signs of Stabilisation (Howie Lee)China posted a GDP growth contraction in Q1. However, macro indicators have suggested a gentle rebound is underway. Key commodity indicators suggests that this may be indeed true.2020-04-2004 min
OCBC Treasury Research and Strategy - PodcastThe worst is over for China, but recovery takes time (Tommy Xie)China reported its first economic contraction in the first quarter. But the equity market ended the day higher. What does this mixed reaction tell us? What are the silver linings? Is it too early to expect a V-shape recovery in China?2020-04-1704 min
OCBC Treasury Research and Strategy - PodcastWhat does the great lockdown recession imply for financial markets? (Selena Ling)The IMF has slashed their 2020 global growth forecast to -3% assuming the Covid-19 pandemic fades and containment efforts are gradually unwound in 2H20. However, downside risks still remain. Decisive and sizeable policy stimulus have help to stabilize investor sentiments recently and market liquidity has also improved somewhat. The turbocharge from coordinated global policy easing will work at some point. Look for opportunities to dribble in if investor sentiments continues to back away from extreme risk-off levels going ahead, even if 2Q20 growth remains dire. (Recorded April 15, 2020)2020-04-1604 min
OCBC Treasury Research and Strategy - PodcastGo defensive, invest in the long term (Carmen Lee)It is difficult to have any near term market outlook clarity due to the evolving situation on the Covid-19 front. With current sharp volatility and persistent concern of a lack of liquidity in the market, it is prudent for investors to take a long-term view on equities. Ms Carmen Lee, Head of OCBC Investment Research, explains why fundamentally sound companies with established business track records and consistent dividend payouts are still favoured. This podcast was recorded on 13/04/2020.2020-04-1603 min
OCBC Treasury Research and Strategy - PodcastPositioning for shifting risk sentiment in the FX market (Terence Wu)Caution has not paid in the past few sessions, with investors looking to entrench a positive tilt in risk appetite. We think there is still room for cyclical currencies to extend their run in the immediate horizon. However, we don't see it as the start of a structural improvement in risk sentiment due to the worsening macro trajectory that is still to come. Thus, in a multi-week time horizon, we continue to prefer a defensive posture and staying long of the USD against the cyclicals.2020-04-1504 min
OCBC Treasury Research and Strategy - PodcastOPEC+ cuts output - what it means for the markets and you (Howie Lee)Oil prices suffered a rout in March but OPEC+ has since convened on an emergency meeting to cut supply. What does this mean for the markets and you as a consumer? (Recorded on April 14, 2020) 2020-04-1405 min
OCBC Treasury Research and Strategy - PodcastHospitality issuers: Time for a relook? (Ezien Hoo)While the aviation sector regularly makes headlines and has garnered financial support from governments globally, less attention has been paid on the hospitality sector. Our credit analysts take an in-depth look at the credit impact on Ascott Residence Trust, Frasers Hospitality Trust and Shangri-La being key hospitality issuers in the SGD bond market.2020-04-1309 min
OCBC Treasury Research and Strategy - PodcastWiggle Room: How Indonesia is trying to protect lives and livelihoods in challenging times (Wellian Wiranto)With Covid-19 cases on the rise, the Indonesian government has announced big stimulus package to bulk up the healthcare sector and strengthen the social safety net. We discuss the challenges they face and some silver linings here. (Recorded April 9, 2020)2020-04-1305 min
OCBC Treasury Research and Strategy - PodcastBe nimble and look for opportunities in the tech space (Carmen Lee)The Covid-19 pandemic has changed the way business is conducted worldwide and one clear trend has emerged. People still need to stay connected. Telecommunications and telecommuting will remain a key trend and will likely persist even after this crisis is over. Ms Carmen Lee, Head of OCBC Investment Research, highlights some possible entry points which have emerged in the technology sector. This podcast was recorded on 06/04/20.2020-04-0902 min
OCBC Treasury Research and Strategy - PodcastSingapore’s Solidarity Budget: 3 is more powerful than 1? (Selena Ling)Singapore just announced its third budget in two months. This comes on the eve of the one month circuit breaker which will see the closures of all schools and many firms except for essential services to flatten the covid-19 curve. With 3 budgets amounting to $59.9b (12% of GDP), will this do the trick of saving the Singapore economy? (Recorded April 6) 2020-04-0704 min
OCBC Treasury Research and Strategy - Podcast'Lazy' investing a possible strategy for 'noob' investorsOur Head of Wealth Advisory, Kelvin Goh, tells us how being a 'lazy' investor and adopting dollar cost averaging as an investment strategy could work well for newer investors. If you suffer from investment inertia, consider monthly investment plans that put your investments on 'autopilot'. 2020-04-0311 min
OCBC Treasury Research and Strategy - PodcastCare Package: Malaysia's big stimulus measures (Wellian Wiranto)Malaysia has launched an unprecedented stimulus package, slated to be worth 17% of GDP. We discuss the implications here.2020-04-0204 min
OCBC Treasury Research and Strategy - PodcastCredit Views for April - A Month to Remember, For All the Wrong Reasons (Andrew Wong)Our OCBC Credit Research team shares their views on whether government and central bank stimulus will alleviate the pain in credit markets today and what lies ahead. They also point out where investors may be able to find shelter in this storm and note four key fundamental calls.2020-04-0106 min
OCBC Treasury Research and Strategy - PodcastCovid-19 and why the Gold Standard can't make a comeback (Howie Lee)Gold remains an important investment asset to investors, but should the Gold Standard return? We think not. The Covid-19 episode has seen massive support policies from governments around the world - which would likely have been much smaller if the Gold Standard was still in place.2020-03-3104 min
OCBC Treasury Research and Strategy - PodcastRestarting the economy without compromising efforts to contain Covid-19 (Tommy Xie)Imposing a city-wide lockdown is important in the initial stages of dealing with an infectious disease, so as to "flatten the curve" and prevent one's healthcare systems from being overrun. But it is not the magic solution when the disease has evolved into a global pandemic. Our global economy has ground to a halt, and is not sustainable. How can we balance the need to restart the economy without compromising efforts to contain the outbreak? 2020-03-3103 min
OCBC Treasury Research and Strategy - PodcastMAS' latest monetary policy statement: Stability is key (Terence Wu)In this podcast, we break down the policy decisions by the MAS in its Monetary Policy Statement released on 30 March 2020. Overall, the decisions were in line with our expectations, especially when it comes to the slight re-centre of the policy band. (Recorded 30 March 2020) 2020-03-3006 min
OCBC Treasury Research and Strategy - PodcastSingapore’s fiscal bazooka to the rescue! (Selena Ling)Singapore’s 1Q20 GDP contraction of 2.2% y-o-y was double expectations and marked the worst performance since 2009. Hence it came as no surprise that a mega-sized Resilience Package of $48 billion was unveiled. Will this be sufficient to ward off the imminent recession?2020-03-2705 min
OCBC Treasury Research and Strategy - PodcastSingapore REITs: Falter but not Fall (Seow Zhi Qi)What are the operating and credit metrics that can offer us some insights amid this turbulent period? How can REITs, which typically do not hold much cash, boost its liquidity if needed? Credit research analyst Seow Zhi Qi believes it's reasonable to expect pockets of opportunity to pick up bullet bonds issued by quality REITs at slashed prices - though she discourages panic selling. Investors who have the holding power can also continue to hold on to their existing high-grade REIT bullet bonds as long as the fundamentals of the REITs remain intact. 2020-03-2704 min
OCBC Treasury Research and Strategy - PodcastWhy fiscal support could be the silver lining in a time of turmoil （Carmen Lee)The rapidly changing Covid-19 pandemic situation has caused market volatility and recession fears, with a lack of earnings clarity adding uncertainty to Asian markets. Ms Carmen Lee, Head of OCBC Investment Research, highlights how fiscal policy and stimulus from key countries are expected to provide some comfort in Q2 2020. This podcast was recorded on 23/03/2020 https://anchor.fm/ocbc2020-03-2501 min
OCBC Treasury Research and Strategy - PodcastGet started on retirement planning to achieve desired lifestyle (Tan Siew Lee)Many in their 30s and 40s struggle with retirement planning, but if you want to retire on $3,000 a month for 20 years, you would need to accumulate at least $1.3 million. It may sound daunting, but don't be afraid. Our Head of Wealth Management Singapore, Tan Siew Lee, has quick tips to help you get started on your plans.2020-03-2403 min
OCBC Treasury Research and Strategy - PodcastTo lower or not to lower the policy band, that is the question (Terence Wu)We expect that reducing the slope of the SGD NEER to a zero appreciation path will be an easy decision to make. Whether to lower the policy band, however, is less obvious and we prefer to watch the SGD NEER for cues. On balance, if the SGD NEER is higher than -1.00% below parity going into the scheduled March MPS, the lowering of the policy band may have little additional impact on the economy. On the flip side, if the SGD NEER softens further from now till 30 March, the likelihood of a lowering of the policy band will be...2020-03-2406 min
OCBC Treasury Research and Strategy - PodcastS’pore’s soft inflation + recession risks = more stimulus! (Selena Ling)Singapore saw its first negative core inflation print in a decade in February 2020. A further downgrade of the official 2020 GDP growth forecast and the headline and core inflation forecasts are imminent and this will pave the way for coordinated fiscal and monetary policy easing sooner rather than later. Watch for the advance 1Q20 growth estimate on 26 March and MAS monetary policy statement on 30 March.2020-03-2405 min
OCBC Treasury Research and Strategy - PodcastCovid-19 Weekly Update: Waiting for a Cure (Tommy Xie)In this week’s Covid-19 update, our Head of Greater China Research Tommy Xie looks at the progress scientists are making in fighting the novel coronavirus on two frontlines, including treatment and vaccine.2020-03-2304 min
OCBC Treasury Research and Strategy - PodcastEveryone’s Doing It: Bank Indonesia joins other central banks in easing further (Wellian Wiranto)Even though concerns about Rupiah volatility is never far off its radar, Bank Indonesia has decided that the need to support growth amidst mounting challenges is paramount - for now.2020-03-2004 min
OCBC Treasury Research and Strategy - PodcastSingapore Airlines - Even a good company needs help in the midst of COVID-19 (Ezien Hoo)We lowered our issuer profile on SIA for a second time in two weeks on the back of the swift deterioration in industry conditions and expectation of a stretched liquidity situation going into the next quarter.2020-03-2004 min
OCBC Treasury Research and Strategy - PodcastGold still a safe haven, despite recent selloff (Howie Lee)Gold has gotten sold off in the last two weeks, largely on liquidity fears. That doesn’t mean it has lost its status as a safe haven asset. Rather, it shows how severe fears of a liquidity crunch is as Covid-19 continues to distort global markets. (18 March 2020)
2020-03-1803 min
OCBC Treasury Research and Strategy - PodcastSGD corporate bonds in a time of credit stress (Ezien Hoo)As corporate credit stress comes into focus, do we avoid SGD corporate bonds altogether? In this turbulent time for the economy and financial markets, we centre our focus on the high grade parts of the SGD bond market. Rather than wait for an absolute bottom, we search for high quality issuers and start positioning for that.2020-03-1706 min
OCBC Treasury Research and Strategy - PodcastProspects for Asian FX amid market upheavals (Terence Wu)This podcast discusses the prospects of Asian currencies in the medium term amid a climate of potential rate cuts at the Asian central banks and growth downgrades stemming from the COVID-19 spread. Using the MYR as an example, we find very little to cheer about for the Asian currencies. Thus, it may be very difficult to back the Asian currencies at this juncture.2020-03-1705 min
OCBC Treasury Research and Strategy - PodcastCovid-19: Bad news, good news and what to look out for (Tommy Xie)Most of our travel plans in the next few weeks have been disrupted by Covid-19. Check out the latest development and trends via our weekly Covid-19 podcast. This week, we share with you bad news, good news, and what to watch out for going forward.2020-03-1605 min
OCBC Treasury Research and Strategy - PodcastThe Fed’s second emergency rate cut: What it means for markets (Selena Ling)Aggressive policy easing, market panic and fear characterize the current Covid-19 situation. So where do we go from here? Our chief economist Selena Ling says that liquidity is the key, but heightened recession risks remain.2020-03-1605 min
OCBC Treasury Research and Strategy - PodcastST-BT Budget RoundtableA second stimulus package and the continued support of workers and SMEs as the Covid-19 outbreak continues. These are just some of the topics that DPM Heng Swee Keat discussed with panellists including our head of global commercial banking Linus Goh.2020-03-1205 min
OCBC Treasury Research and Strategy - PodcastThe silver lining in the midst of Covid-19 market madnessAre there any silver linings in this season of Covid-19 market mania? Our experts - Chief Economist, Selena Ling, Executive Director of Investment Strategy, Vasu Menon, and Head of OCBC Investment Research, Carmen Lee - share their thoughts on how investors can best navigate these turbulent times.
This podcast was recorded on - 10 March 20202020-03-1113 min
OCBC Treasury Research and Strategy - PodcastInterest rate outlook: To zero and beyond? (Selena Ling)After the Fed’s emergency 50bps rate cut last week, what’s next? Will SGD interest rates follow suit? Will lower rates for longer help to turn around the economy, which is facing Covid-19 challenges?2020-03-1004 min
OCBC Treasury Research and Strategy - PodcastTurmoil in perspective (Kelvin Goh)What's an investor to do in this time of market crisis? Keep a cool head and have some perspective. Hear what our Head of Wealth Advisory, Kelvin Goh, has to say.2020-03-1002 min
OCBC Treasury Research and Strategy - PodcastMalaysia’s new cabinet faces mounting economic challenges ahead While the appointment of seasoned banker Tengku Zafrul will help to bolster market confidence, the honeymoon period will be short. Malaysia faces a tricky fiscal challenge ahead as the oil price slump cuts a major source of government revenue, at a time when more fiscal stimulus is needed to help counter the impact of the viral outbreak.2020-03-1004 min
OCBC Treasury Research and Strategy - PodcastMonthly Credit Views for March (Andrew Wong)We examine the increasing impact on liquidity from the spread of COVID-19.2020-03-0905 min
OCBC Treasury Research and Strategy - PodcastOil for $30? Not impossible after OPEC + fiasco (Howie Lee)Oil might fall back to $30, no thanks to a fallout between Russia and Saudi Arabia. Learn more about how this came about, and how it impacts the economy. 2020-03-0904 min
OCBC Treasury Research and Strategy - PodcastRetail is in for its worst decline since the global financial crisis (Selena Ling)It’s now 12 consecutive months of dips in retail sales and with things only expected to pick up again after the first half of the year, Singapore could face its longest period of negative retail growth in 10 years.2020-03-0502 min
OCBC Treasury Research and Strategy - PodcastDoes the Fed’s emergency 50bps cut signify March market madness? (Selena Ling)Is the Fed’s 50bps emergency cut an over-reaction? Do they know something we don’t?2020-03-0402 min
OCBC Treasury Research and Strategy - PodcastStay calm or sell now? Credit podcast on COVID-19 (Wong Hong Wei) Are companies really getting hit hard by the COVID-19 outbreak? Which industries are the most vulnerable? At OCBC Credit Research, we have good news and bad news to share.2020-03-0404 min
OCBC Treasury Research and Strategy - Podcast#OCBCINSIGHTS - Singapore Equities Outlook 2020 (Carmen Lee)How has the Singapore stock market been impacted amid the current coronavirus outbreak? Ms Carmen Lee, Head of OCBC Investment Research, highlights sectors which are still showing strong growth. Go to https://www.ocbc.com/…/what-investors-should-be-looking-at-… to find out more.2020-02-2001 min
OCBC Treasury Research and Strategy - Podcast#OCBCINSIGHTS - Why every investor needs some gold in their portfolio (Howie Lee)Gold is a useful investment asset that is a good hedge against inflation and fear sentiments such as in times of geopolitical tensions, recessions and virus pandemics. Howie Lee, Economist at OCBC Bank shares what influences the prices of gold.2020-02-1202 min
OCBC Treasury Research and Strategy - Podcast#OCBCINSIGHTS - Global Market Outlook 2020 (Carmen Lee)Despite the uncertainty caused by the US-China trade war and Brexit, assets such as equities, bonds and even gold rose in 2019. Ms Carmen Lee, Head of OCBC Investment Research, shares what’s in store for investors in the year ahead.2019-12-3102 min
OCBC Treasury Research and Strategy - Podcast#OCBCINSIGHTS - Singapore property and REITs in 2019 (Andy Wong)Investors have been watching interest rates closely. What else could affect property prices, or the performance of property developers and REITs listed in the Singapore market? Andy Wong, Senior Investment Analyst at OCBC Investment Research, shares his thoughts.2019-10-2903 min
OCBC Treasury Research and Strategy - Podcast#OCBCINSIGHTS - Will we stave off a recession? (Howie Lee)We may stave off this recession, but can we escape the next? Howie Lee, Economist at OCBC Bank, shares his views on how a prolonged low-interest-rate environment potentially raises medium-term risks and what companies can do to create long term sustainable growth for themselves.2019-10-2902 min
OCBC Treasury Research and Strategy - PodcastOCBC Financial Masterclass - Grow Your Wealth (Jessica Goh)Jessica Goh, Product Manager for Investments teaches how to manage risks and overcome your fear of investing.
For more about Singapore's First Financial Wellness Index - https://www.ocbc.com/simplyspoton/2019-07-1712 min
OCBC Treasury Research and Strategy - PodcastOCBC Financial Masterclass - Safeguard Your Wealth (Wayne Chua)Wayne Chua, Head of Bancassurance shares how not to let a personal crisis become a financial crisis.
For more about Singapore's First Financial Wellness Index - https://www.ocbc.com/simplyspoton/2019-07-1709 min
OCBC Treasury Research and Strategy - PodcastOCBC Financial Masterclass - Manage Your Money (Tan Siew Lee)Learn about the flows of money, tricks of saving and how to balance your budget from Tan Siew Lee, Head of Wealth Management (Singapore)
For more about Singapore's First Financial Wellness Index - https://www.ocbc.com/simplyspoton/2019-07-1704 min
OCBC Treasury Research and Strategy - PodcastOCBC Financial Masterclass - Manage Your Debt (Vasu Menon)Understand the two sides to debt and how to be its master.
For more about Singapore's First Financial Wellness Index - https://www.ocbc.com/simplyspoton/2019-07-1704 min
OCBC Treasury Research and Strategy - Podcast#OCBCINSIGHTS - The road ahead for China (Tommy Xie)A Sino-American trade deal appears imminent, which would likely deliver a short-term boost to China's economy, financial markets and the yuan. However, China continues to face long-term challenges relating to economic growth and its bilateral relations with the United States. Tommy Xie, OCBC Bank's Head of Greater China Research, discusses how the world's second-largest economy could navigate this demanding landscape.2019-04-1104 min