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Mixed Bag

ASIA RATES
  • INDIA: Yields higher in early trade, despite the RBI scheduled to conduct its first purchase under its newly announced GSAP (Government Securities Acquisition Programme). RBI is to purchase a total INR 250bn. Further coronavirus caution with India reporting over 200k single day infections for the first time.
  • SOUTH KOREA: BoK held rates at 0.50%, said it would maintain its accommodative stance but noted the potential for above forecast growth and inflation. Lee also touched on the bond market, he noted timing of the bank's bond buying is dependent on market conditions, and that there was no change in the previously announced plan for bond buying. The BoK will adjust liquidity via MSB's and other tools, and will proceed with preparation for 3-Year MSB issuance. Bond markets are indifferent to the comments though, 10-year future at session lows.
  • CHINA: The PBOC drained liquidity from the system at the MLF operations against expectations for a neutral position or an injection. Bond futures lower on the perceived tightening move, but repo rates took the announcement in stride.
  • INDONESIA: Yields mostly higher as bonds come under pressure after finance ministry data showed global funds sold $282m of Indonesian bonds earlier this week, ending an eight session run of inflows. Data in the session showed exports rose 30.47% against estimates of a 12.23% rise. Elsewhere the finance ministry sold IDR 5.77tn of bonds in a greenshoe option yesterday, with bid/cover around 1.57.
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