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Liquidity & Supplementary Measures In Focus

ASIA RATES

Repo rates jumped to the highest since late April in China as the PBOC drained a net CNY 10bn from the financial system. Focus on supplementary measures in India as conversion offer and SLTRO on the slate, while the 10-year auction cancellation on Friday also helped yields lower.

  • INDIA: Yields are lower, extending their move from Friday after the RBI cancelled yet another 10-eyar debt sale with cut off yields at unmanageable levels for the bank. Elsewhere the RBI will conduct a conversion offer today for INR 200bn today, converting shorter dated paper into longer. The bank will also hold the first SLTRO auction for INR 100bn today, the Special Long-Term Repo Operations (SLTRO) was announced earlier in May and targets liquidity for small banks, the scheme has a maturity of 3-years.
  • SOUTH KOREA: Futures higher in South Korea as equity markets come under pressure. South Korea reported 619 daily new coronavirus cases, staying in the 600s for the third consecutive day Monday, as infections from private gatherings, schools and military bases continued amid little progress in vaccinations. The MOF sold 10-year paper, demand was decent but lower than the previous auction despite a 13.5bps yield concession.
  • CHINA: Repo rates rose, the overnight repo rate jumping some 33 bps to 2.17%. The PBOC drained a net CNY 10bn of liquidity from the system today, injecting CNY 10bn against CNY 20bn maturing. The bank also matched maturities in the MLF operations, conducting CNY 100bn to match the CNY 100bn rolling off at an unchanged 2.95%. Futures are lower, heading into the European hours at session lows. Data earlier showed that while indicators continued to grow, the pace of expansion slowed.
  • INDONESIA: Short end yields rise in Indonesia as the curve twist flattens, market plays catch up after a holiday last week. Indonesia suspended the use of a certain batch of AstraZeneca Covid-19 batch and ordered an investigation into potential side effects. Private COVID-19 vaccination will start on May 18.
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