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Indian Bonds Under Pressure After Weak Auctions

ASIA RATES
  • INDIA: Yields higher in early trade. Auctions were poorly received on Friday, the RBI didn't accept any bids for the 10-year auction and the sale of shorter maturity bonds was rescued by underwriters. In total investors bought INR 91.5bn of bonds, compared to an initial RBI target of INR 260bn. There was upward pressure on yields in the second half of June as retail inflation remains above the top of the RBI's target band and oil prices continue to rally.
  • SOUTH KOREA: Futures lower in South Korea after hawkish comments from the BoK Governor last week saw markets reprice the chances of a rate hike. Lee said it would be time for orderly normalization in the coming months. The MOF sold 30-Year debt, the sale was taken in line with the previous auction and saw futures come off their lows.
  • CHINA: The PBOC conducted net injections of CNY 20bn today in a move to stabilize liquidity heading into month and quarter end, the third straight session of injections. Repo rates are slightly higher but the overnight repo rate is some 85bps lower than last week's peak. Futures are lower, 10-year future down 6.5 ticks and breaking out of Friday's range.
  • INDONESIA: Curve twist steepens. Health Min Sadikin confirmed that the gov't has met the target of administering 1mn vaccinations per day and has enough supply of jabs to maintain the current rate of 1.3mn jabs/day. This comes after Indonesia expanded loosened vaccination eligibility criteria and allowed all adults to register. Officials are scrambling to secure swift distribution of vaccines after the country declared a record increase in new Covid-19 cases (21,342) on Sunday.
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