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HSBC To Monitor Local Bond Issuance

CHINA RATES

HSBC says: "We will be monitoring the coming weeks, if there will be an acceleration of local government bond issuance beyond our expectations. Local governments have used 46% of their full-year issuance quota from January to July 2021. We expect net local government bond (LGB) supply to reach RMB550bn in August, up from RMB400bn in July. For this week, net LGB is low, at just RMB59bn, and the proportion of 15-30yr LGB supply is slightly below average, at 24.2%. The recent risk aversion bid for government bonds has been strong due to regulatory risk concerns surrounding Chinese companies, as well as the slight increase in local COVID-19 cases. Given these events, it is likely that the central bank will keep interbank liquidity conditions deliberately loose."

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