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Market News Topics
August 24, 2021 04:46 GMT
Indonesia To Extend Bond Purchases & Reduce Debt Issuance
ASIA RATES
- INDIA: Yields slightly higher in early trade. Crude futures rose over 5% yesterday which is expected to weigh on Indian bonds as the prospect of an inflation overshoot returns to the fore. Markets await a state debt sale today with a total target amount of INR 112bn. Elsewhere Indian FinMin Sitharaman said yesterday that the government has plans to raise INR 6tn through a scheme of leasing out state-owned infrastructure assets over the next four years with the aim of funding capex without putting further pressure on government finances. This initiative has long been expected. On the coronavirus front India's vaccine panel Chief Arora said that India should have up to 1.2bn vaccine doses by the end of 2021 and is set to approve six domestic inoculations by the end of this year
- SOUTH KOREA: Moves muted in the space, future slightly lower. Risk environment is generally supportive, equity markets in the region in the green. 20-Year auction was smoothly taken down despite a slightly larger sale size. There were reports that the national budget for 2022 should be bigger than the KRW 604 trillion earmarked for this year to finance the country's efforts to tackle the COVID-19 crisis. The leader of the ruling Democratic Party said the 2022 budget should include compensation for small merchants and small business owners affected by the pandemic, noting the current budget measures did not go far enough. On the coronavirus front there were 1,509 new cases in the past 24 hours, back above 1,500 after reporting 1,418 on Monday.
- CHINA: Futures slightly higher in China and hugging a narrow range. Equity markets in the region have seen muted moves compared to peers, but have managed to sustain positive territory. The PBOC matched maturities with injections, the overnight repo rate is higher, up 2.2808%, the 7-day repo rate is lower by around 1.8bps at 2.2121%, the second time in the past two weeks the rates have inverted. Markets digest comments from PBOC Governor Yang late on Monday, he said the Central Bank would increase credit support to the economy and SME's in particular. There were a few pieces doing the rounds from China dailies, including one from Minister of Commerce Wang that China could consider a smaller negative list to attract foreign capital. There was a piece in China's People Daily which said that China should adopt a more proactive macroeconomic policy to support the economy and maintain the sustainability and stability of its policies.
- INDONESIA: Yields lower, some curve steepening seen. Bank of Indonesia plans to extend its bond purchases through 2022 according to reports, the plan is said to have the backing of majority of lawmakers in parliament. The "burden sharing" programme, as it is known, between the Central Bank and the government will be expanded by IDR 215tn this year and IDR 224tn in 2022. Last year almost IDR 400tn of debt was purchases via private placements. FinMin Indrawati said the plan would allow Indonesia "to be able to respond to this extraordinary situation and challenge with an extraordinary policy." It was also announced that Indonesia would reduce government bond issuance via auctions. The government aims to bring the budget deficit under the legal limit of 3% of GDP by 2023. Indonesia will reduce its bond sale target per auction for the rest of 2021 to IDR 30t - IDR 35tn.
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Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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