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Internal Operations Dictate Price Action

ASIA RATES
  • CHINA: The PBOC injected CNY 10bn via reverse repos, another small injection by historical standards, the second CNY 10bn injection this week. Repo rates fell in the wake of the injection; overnight repo rate down 43ps to 1.51%, 7-day repo rate down 19bps to 2.08%. 1-year interest rate swap falls a total of 3bps in the past two days as markets reassess perceptions of the PBOC outlook. Cash bonds saw buying after well received 2-, 5- and 10-year auctions.
  • INDIA: Yields are lower across the curve after rising yesterday, some bull steepening seen. The buying comes ahead of operation twist due from the RBI tomorrow where it will purchase INR 100bn of long end bonds and sell INR 100bn of short dated bonds.
  • INDONESIA: Indonesian government bond yields trade lower across the curve after FinMin Indrawati said that the gov't considers paring back its financing plans amid rising borrowing costs.
  • SOUTH KOREA: Bond futures in South Korea head into the close in positive territory as the KOSPI dropped, having initially hugged a narrow range slightly under neutral for the majority of the session. There is hope that the BoK will announce direct bond purchases at the rate announcement tomorrow, despite some opposition from government.
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