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LPR On Hold; Repo Rates Invert

CHINA RATES

The PBOC kept LPR rates unchanged as expected (1-Year: 3.85%, 5-Year 4.65%), the PBOC matched maturities with injections at its OMOs. Repo rates have inverted, the overnight repo rate is now above the 7-day repo rate as the O/N rate rises for the seventh straight session, the rate remains within recent ranges; overnight repo rate up 28bps at 2.1841%, 7-day repo rate down 2.4bps at 2.1753%. Futures are higher, 10-year future up 22 ticks at 99.575 to hit the highest since July 14, with equity markets in the region lower on the session.

  • Elsewhere, corporate bond spreads widened as investor concerns over China Evergrande's ability to raise funds after creditors froze some of its assets. A court ruling showed that CNY 132m held by Hengda Real Estate, Evergrande's main onshore subsidiary, was frozen by a Chinese court at the request of China Guingfa Bank. Evergrande's bonds are set to hit a record low today with weakness spilling over into the broader market.
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