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Indian Bonds Boosted By Vaccine Announcement & Case Reduction

ASIA RATES
  • INDIA: Yields lower today after PM Modi announced free inoculations for everyone over 18 in a state address yesterday, the plan will start on June 21 and follows criticism of the vaccination roll out. Modi promised to speed up the vaccination programme and also announced the central government would procure the doses for individual states rather than asking provinces to compete for supplies as previously outlined. Assets also given a boost by reports that daily COVID-19 cases are under 100k for the first time in two months. Markets look ahead to state debt sale later in the session.
  • SOUTH KOREA: 10-Year future ground higher from the open as equity markets spent the session treading water. Data earlier showed the BoP current account balance narrowed to $1.909bn from $7.816bn, goods balance narrowed to $4.559bn from $7.92bn. Following the release the BoK said higher oil prices increased the price of imports.On the coronavirus front there were 454 new cases in the past 24 hours, in the 400's for the second straight day with authorities citing a pick up in the vaccination campaign
  • CHINA: The PBOC matched injections with maturities again, repo rates holding their ground currently but remain elevated. The 7-day repo rate is up 2bps at 2.27%, above the PBOC's 2.20% rate. There was another piece in the China Securities Journal that said the PBOC may inject more liquidity at an appropriate time, very similar in tone to a piece in CSJ last week. Futures gapped higher at the open but are off best levels.
  • INDONESIA: Yields slightly higher but seeing little movement ahead of a bond sale later in the session. The government aims to sell IDR 30tn of bonds in 5-, 10-, 15- and 20-year maturities. Data earlier in the session showed foreign reserves slipped slightly to $136.40bn while Danareksa consumer confidence rose 0.1pts to 80.2. A Deutsche Bank report was doing the rounds that noted rupiah bonds could lose support from domestic banks as the economic recovery picks up.
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