Global sovereign and corporate credits traded weaker over the past week following a softer-than-expected job openings print from the Job Openings and Labor Turnover Survey (JOLTS). Levels were near unchanged even as US Treasury yields fell in the ensuing risk-off move. This made credit spreads widen by approximately 3 to 8 basis points week-on-week. In the sovereign space, Indonesian bonds underperformed, widening by 6 to 10 basis points after Moody’s revised Indonesia’s outlook to Negative from Stable, citing concerns around policy stability under President Prabowo Subianto’s incoming administration. Republic of the Philippines (ROP) bonds spreads initially widened by around 6 basis points like the Indonesia sovereign bond (Indon) before tightening to levels before the JOLTS release, which is supported by strong local demand. In the corporate space, Asia Investment Grade (IG) credits traded 2 to 6 basis points wider, with flows relatively muted as most investors opted to stay on the sidelines. Philippine corporates also saw spreads widen by 3 to 5 basis points. Notably, SMPM 2029 (US dollardenominated bond issued by SMIC SG Holdings Pte. Ltd. maturing in 2029) and SMPH 2030 (pesodenominated bond issued by SM Prime Holdings, Inc., maturing in 2030) spreads pushed out toward the 90-basis-point area as dealers moved their offer prices lower amidst lack of demand. Both names are trading the widest within the Philippine space.

• The US ADP National Employment Report for January 2026 came in lower than expected at 22,000 vs 45,000 December 2025 in a Bloomberg survey. This measures the change in non-farm, private sector employment in the US.
• The US ISM Manufacturing Purchasing Managers’ Index (PMI) came in higher-than-expected at 52.6 in January 2026 vs 48.5 in December 2025 in a Bloomberg survey. The PMI measures the performance of the manufacturing sector. A number higher than 50 means expansion while a number below 50 indicates contraction.
• The US JOLTS Job Openings, which measures the demand for labor, came in lower-than-expected, with 6.542 million in December 2025 vs 7.250 million in November 2025 in a Bloomberg survey.