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India Proposes Changes To Auctions; China Drains Liquidity

ASIA RATES
  • INDIA: Friday's auctions struggled, primary dealers were left to take INR 105bn out of the INR 110bn sale, the RBI did sell a total of INR 345bn against a target of INR 320bn, selling more than targeted of the 6.64% 2035 bond. India's central bank is said to have written to primary dealers proposing a new framework for defining acceptable bids at auction. The RBI wants to define any bids that have a spread of more than two basis points from secondary market yields as outliers, this would allow the RBI to cap bond yields by not accepting outlier bids.
  • SOUTH KOREA: Futures higher in South Korea but off best levels seen at opening. A mediocre US NFP number on Friday assuaged fears of tapering in the near term which has helped support bonds. The MOF sold 3-year bonds, the auction was in line with recent averages. Coronavirus case numbers jumped in the past few days, hitting a six-month high on Friday and staying above 700 since. There were 711 cases in the past 24 hours.
  • CHINA: The PBOC drained CNY 20bn from the financial system today, a total of CNY 60bn has now been drained in the past three sessions; repo rates rose but have stayed within normal ranges. Futures are lower as repo rates edge higher. China June Caixin services PMI prints 50.3 in June from 55.1 in May, the figure denotes the lowest since April 2020. Composite PMI dragged down to 50.6 from 53.8.
  • INDONESIA: Yields lower with some bull steepening seen. Indonesia ramped up efforts to contain the spread of Covid-19 after a record 555 positive cases died on a single day. The gov't tightened border controls and ordered that all production of industrial oxygen production is converted to pharmaceutical oxygen. The gov't has also intensified efforts to waive Covid-related IP rights at the WTO, which would allow countries like Indonesia to manufacture mRNA Covid-19 vaccines. Meanwhile, the emergency measures in Java & Bali have fully taken effect, but the authorities still expect daily cases to keep rising for the "critical period" of two weeks.
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