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Data Drives Price Action; RBI Have Debt Dilemma

ASIA RATES
  • CHINA: Yields dropped after PMI data showed economic recovery slowed in February, attributed partly to factory closures over LNY. The PBO conducted net drains of CNY 10bn today, the overnight repo rate is slightly higher, last up 3.7bps at 2.1574% and some 75bps higher than lows last week. The 7-day repo rate spiked to 2.60%, but has since fallen to 2.1741%.
  • INDONESIA: Yields mixed across the curve, PMI showed activity in the manufacturing sector dropped, while CPI was in line with expectations. There is an IDR 30bn bond sale due tomorrow, participants will watch to see if reduced issuance supports demand.
  • INDIA: Yields were lower across the curve, buying seen after a sell off on Friday, bull steepening seen. The auctions on Friday were weak, underwriters had to step in to save the sale, while GDP data showed growth, though lower than expected.
  • SOUTH KOREA: Markets in South Korea were closed for a local holiday
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