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Early Moves Reversed

ASIA RATES
  • INDIA: Indian markets will return from a holiday today to a wave of activity in the form of RBI minutes and an INR 260bn auction. Markets will look to the minutes for confirmation of the dovish bias and any further clues of bond market support. The latest RBI bulletin showed the Central Bank is focused on supporting economic growth and will look through supply side inflationary pressures. In terms of the auctions the sale will feature the benchmark 10-Year bond. The RBI will today sell INR 260bn consisting of INR 30bn 4.26% 2023 bonds, INR 140bn 6.1% 2031 bonds and INR 90bn 6.76% 2061 bonds.
  • SOUTH KOREA: Futures reversed early losses and posted small gains. Markets continue to focus on coronavirus developments which saw social distancing measures extended for two weeks, though restrictions for private gatherings of four people are allowed as long as there are two vaccinated members in the party. South Korea said that 48.3% of the population have had the first vaccine, while 21.6% have been fully vaccinated.
  • CHINA: Futures in China lower, even as equity markets drop. 10-Year future down 6.5 ticks. the PBOC kept LPR rates on hold – there was an outside chance of a cut after some of the recent dovish PBOC moves, but state media telegraphed that the PBOC is unlikely to cut LPR rates in August. The PBOC matched maturities with injections, repo rates slightly higher but respecting recent ranges. Evergrande's bonds are under pressure but off worst levels, the firm said it would address its debt issues after the CBIRC issued a public reproach.
  • INDONESIA: Yields higher in Indonesia, some curve flattening. Indonesia will offer a retail sukuk from Aug. 20 to Sept. 15, with a fixed return rate of 5.1%. Funds from the sale will be used to finance the state budget. The Bank Indonesia left rates unchanged yesterday and said it had a plan to address tightening from the US when it came.
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