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Indonesian Bonds Buck Regional Trend, China Futures Lower After MLF

ASIA RATES
  • INDIA: Closed for market holiday.
  • SOUTH KOREA: Futures lower in South Korea as risk on sentiment dominates and domestic equity markets record robust gains, futures choosing to ignore another move higher in UST's. 3-Year last down 1 tick while the 10-Year is down 9 ticks. US/SK spreads continue to narrow, the 2-Year spread last at 100.7bps from highs of 134bps in August. BoK Gov Lee hinted again that November was live for a hike. The BoK submitted a report to parliament that confirmed the Central Bank will gradually adjust the degree of accommodation, adding that they will mindful of growth in asset prices and household debt when enacting monpol. Meanwhile the finance ministry released its monthly economic report and highlighted continued uncertainty as slumps in person-to-person service sectors have extended amid the latest spike in COVID-19 cases, but noted labour market recovery and export recovery. 50-Year debt was sold to decent demand thanks to a 28bps yield concession from the previous auction.
  • CHINA: Futures lower in China, dropping at the open. The PBOC rolled over CNY 500bn of MLF funds, refraining from extra injections, the Central Bank also matched maturing reverse repos. The roll over indicates the PBOC are comfortable with current policy settings, some have said easing is on the cards, and has seen CNH strengthen and futures drop, repo rates meanwhile creep slightly higher but are within recent ranges. As a reminder PBOC Governor Yang spoke at the G20 Central Bankers meeting earlier this week and said that policy will be "flexible, targeted, reasonable and appropriate".
  • INDONESIA: Yields lower across the curve with buying concentrated in the belly, 5-Year yield drops to the lowest since as domestic bonds track UST's higher. Indonesia's trade surplus shrank in September but not as much as expected. Shipments rose slightly slower than forecast, imports growth also missed estimates. Looking ahead, Bank Indonesia will deliver their monetary policy decision next Tuesday.
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