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China 50-Year Sale Sees Robust Demand

ASIA RATES
  • INDIA: Indian markets closed for Ganesh Chaturthi
  • SOUTH KOREA: Futures lower in South Korea, grinding lower from the open as stocks rise while the won has reversed earlier losses. 3-Year future is down 8 ticks at 110.10 while the 10-Year contract is down 41 ticks at 126.66. US/South Korea short end spreads have narrowed after hitting the widest levels since 2015 last week, 2-Year spread last at 116.48bps. There were reports earlier that the MOF has postponed the issuance of the foreign currency-denominated bonds worth up to $1.5 billion to early October from the initially scheduled mid-September. South Korea has record foreign exchange holdings of $463.9bn, while sovereign debt is expected to rise to a record high of KRW 1,068.3tn next year.
  • CHINA: The PBOC matched maturities with injections, repo rates within recent ranges. Equity markets rose after reports that US President Biden and Chinese President Xi had agreed to a more open dialogue going forward. Future came off earlier highs and dropped to around neutral levels. The MOF sold 50-Year debt, the sale was well covered despite a ~25bps yield drop from the previous auction. Elsewhere Evergrande's dollar bonds roe as regulators acquiesced to a plan to renegotiate payment deadlines with banks and other creditors.
  • INDONESIA: Yields higher, curve flattens in quiet trade. Indonesia and Australia announced Thursday that they will bolster bilateral cooperation on a number of fronts, including defence ties, elsewhere Indonesia's July palm oil stockpiles rose to 4.55m tons from 4.29 million tons in June.
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