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Bonds Higher In Risk Averse Trade

ASIA RATES
  • INDIA: Yields lower in early trade, Bonds are expected to be supported today due to lower oil prices and the RBI's operation switch. The RBI will convert INR 100bn of shorter dated bonds into longer dated bonds. The RBI sold the full INR 320bn of debt at auction on Friday, demand was decent with primary dealers not forced to take any of the sale. The 6.64% 2035 bond saw a cut-off of 6.7872%.
  • SOUTH KOREA: Futures higher in South Korea, moving higher at the open and then moving in a range. The move in the 3-year future is more muted due to the hawkish BoK last week. Risk assets under pressure in South Korea as coronavirus cases remain elevated; there were 1,252 new cases in the past 24 hours, meaning cases have been over 1,000 per day for two weeks. A five year auction was taken down smoothly with strong demand.
  • CHINA: The PBOC matched maturities with injections at OMO operations today, repo rates have stayed within recent ranges; the overnight repo rate is up 9bps at 2.0989%, the 7-day repo rate is down marginally at 2.1487%. Futures have stayed within Friday's range but are slightly lower on the session, shaking off the general risk off tone of the session.
  • INDONESIA: Yields lower across the curve. Min Luhut who coordinates emergency Covid countermeasures said that the decision on whether to extend curbs in Java and Bali will be announced in the next few days, while Detik reported that the cabinet approved an extension through the end of July last Friday. As a reminder, Indonesia will observe a religious public holiday tomorrow. Local media outlets have drawn parallels with the Idul Fitri holidays in May, which have been linked to the origins of the current wave of Covid-19 infections. The gov't banned public celebrations and restricted mass prayers during the upcoming holidays. Bank Indonesia are set to deliver their monetary policy decision on Thursday.
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