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October 12, 2021 04:43 GMT
BoK Keeps Rates On Hold, Bonds Drop As November Meeting Indicated Live
ASIA RATES
- INDIA: Yields lower in early trade. Market focus today will be on inflation data as well as the industrial production release, while the RBI will hold reverse repo operations and states will auction debt. Bonds dropped yesterday as oil continued to push higher which intensified worries around a large deficit, INR also came under pressure and dropped to the lowest level since August 2020. The announcement by the RBI that the GSAP programme would be discontinued continues to weigh, while bonds also suffered after reports that the government was considering additional bond sales to repay the debt of Air India. There were also reports yesterday that the government could consider increasing tax on some goods and services in order to simplify the tax structure, the two lowest rates could be raised by 1ppt each and eventually there would only be three applicable tax rates.
- SOUTH KOREA: 3-Year futures initially rose after the BoK kept rates on hold as expected, there was an outside chance of a 25bps hike after the Bank embarked on a hiking cycle in August, but fell into negative territory as the Governor revealed there were two dissenters and made other comments that put a November hike firmly on the table. The BoK said the economic recovery was on solid ground, and acknowledged that inflation would run above the 2% target for a while but leaving itself some flexibility for action at the November meeting and further down the line saying that saying that further adjustments depends on virus, growth and inflation. The Central Bank maintained an accommodative bias, stating it will conduct monpol to sustain the recovery.
- CHINA: The PBOC drained a net CNY 90bn via OMOs today as the drain of pre-Golden Week liquidity continues. Repo rates higher after dropping late on yesterday, but remain below the previous day's highs. Futures are higher as risk off sentiment takes hold in Asia, Chinese equity markets down around 0.7% at the time of writing, 10-Year future up 6.5 ticks, the first up day in October after being closed for Golden week – contract highs hit in September sit around 100.155. In Chinese press there was a piece in the 21st Century Business Herald which positing that the PBOC could cut banks RRR as soon as October. The latest development in the Evergrande saga sees some holders of dollar bonds with interest payments due Monday saying they had yet to receive them, while in a sign the situation is affecting others in the real estate sector Sinic has said it doesn't expect to pay the principal or interest payments due on October 18.
- INDONESIA: Curve twist flattens. Indonesia slashed its quarantine period for foreign visitors to 5 days for 18 countries amid a further reopening of borders. Elsewhere, Finance Ministry off'l Budiarso suggested that the gov't may seek to convince lawmakers to back a financial sector reform next year. Looking ahead, the government will sell bonds today and further down the line Indonesian trade data will hit the wires on Friday. Elsewhere, the Foreign Ministry holds a briefing on 2022 multilateral plans.
To read the full story
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Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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