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Foreign Selling Of Indian Bonds Accelerates

ASIA RATES
  • INDIA: Yields dipping slightly in early trade. Bond yields stick to a narrow range yesterday as the rupee declined on the back of a gain in the greenback. Markets will watch an INR 170bn bill sale today to gauge demand, especially after the recent spate of cancelled auctions. Elsewhere data has showed that foreign selling of India's bonds accelerated in the past week as the yield on the benchmark 10-year government bond rose. The 5-day moving average of net foreign outflows accelerated to $7.99 million, compared with the 20-day average outflows of $3.36 million. Markets await industrial production and CPI data tomorrow.
  • SOUTH KOREA: Futures are hovering around neutral levels in South Korea, 3-Year future is up 3 ticks at 110.33, the 10-Year is down 5 ticks to 127.84. South Korea reported 2,223 new coronavirus cases in the past 24 hours, a fresh all time record high. Elsewhere data earlier showed the adjusted jobless rate fell to 3.3% against estimates of 3.8%. The gain in jobs denotes the fifth straight month, though the pace of growth did slow as employment in face-to-face service segments was hit hard by the fourth wave of the pandemic. Other data showed exports rose 46.4% Y/Y in the first 10 days of August on the back of robust demand for chips and petroleum products. Bond issuance in South Korea fell sharply in July from the previous month despite continued foreign buying, according to figures from the Korea Financial Investment Association. The value of bonds sold fell KRW 21.8 trillion M/M, the fall is a contrast with the increase of KRW 18.2 trillion in June.
  • CHINA: The PBOC matched maturities with injections again today, repo ranges are well within their recent ranges. Overnight repo rate is up 18 bps at 2.0342%, 7-day repo rate is down 28bpd at 2.1705%. Futures are lower as equity markets resume their gains. Futures are lower, on track for a fourth day of declines, with equity markets making gains. There was a piece in the China Securities Journal that China may increase the pace of local government bond sales in August and September due to a slow issuance so far in July. On the coronavirus front cases remain elevated, there were 111 new cases in the past 24 hours.
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