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Auctions & Budgets

ASIA RATES
  • INDIA: Yields lower across the curve, extending drop from yesterday as the global bond rout partially reversed. Helping support the space was a report from the finance ministry that goods and services tax collections in February was 7% higher Y/Y at INR 1.13t , which could help assuage worries of financing the budget through extra issuance. Markets await state bond sales to the tune of INR 230bn today.
  • INDONESIA: sovereign debt remains in narrow range ahead of IDR 30tn auction, markets will scrutinize the results to ascertain if the governments decision to reduce issuance will support demand.
  • CHINA: China's bonds rose for a second day after a CIBRC official sounded a warning on asset bubbles and leverage which sapped risk appetite. The PBOC matched liquidity injections with maturities today, after a net drain of CNY 10bn yesterday. The overnight repo rate jumped at the open but has since receded to trade around unchanged levels, last at 1.7757%, the 7-day repo rate is slightly higher than yesterday's close at 2.0647%.
  • SOUTH KOREA: Futures moved higher at the open and moved in a range. It was announced previously that the MOF would issue an extra KRW 9.9tn of government bonds to fund the latest extra budget, in addition to the record KRW 176.4tn issuance already announced, however it is less than the KRW 12tn – KRW 20tn range that was floated, with the ruling democratic party pushing for the larger figure.
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