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China Repo Rates Creep Higher

ASIA RATES
  • INDIA: Yields mostly lower in early trade. Markets await an INR 360bn bill sale later today. Meanwhile India added 50,848 new coronavirus cases in the past 24 hours, while the death toll now stands at 30.03m
  • SOUTH KOREA: Futures higher in South Korea, 10-year up around 19 ticks at 126.50, but off best levels seen shortly after the open.The MOF said the extra budget is unlikely to exceed KRW 30tn, after reports yesterday it could be as high as KRW 35tn. As a reminder the extra budget is planned to take place without extra debt issuance.
  • CHINA: Repo rates are higher on the session but below yesterday's high, the PBOC matched liquidity maturities with injections. China's local governments are expected to scale up sales of special-purpose bonds in Q3 and the PBOC may increase liquidity injection to ease pressure on liquidity, the China Securities Journal reported citing Zhou Yue, the chief analyst at Zhongtai Securities. The issuances of local government special bonds have been slower than last year as authorities strengthened supervision and strictly reviewed projects to control risks, the newspaper said citing Zhao Wei, chief economist of Kaiyuan Securities. In total CNY1.17 trillion of special bonds have been sold in the first five months, accounting for about 16% of the annual issuance quota, compared to the pace of more than 40% in the same periods of the past two years, said the newspaper.
  • INDONESIA: Yields mixed; twist flattening seen on the curve. The FinMin said the government raised IDR 2tn from a non-tradable series in a private placement. Elsewhere Trade Min Lufti suggested that the gov't is holding consultations with the central bank and the mining industry on the planned launch of a domestic bullion bank in 2024.
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