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JGBS AUCTION

The Japanese MOF sells Y2.0327tn 5-Year JGBs:

JGBS AUCTION

The Japanese MOF sells Y2.8069tn 6-Month Bills:

CNH

Inflation Data Under Scrutiny

OIL

Crude Registers Fresh Highs For The Week

JGBS AUCTION

PREVIEW: 5-Year Supply Due

PHP

Peso Gains Amid Improving Market Sentiment

ASIA
ASIA: Morgan Stanley note "Indonesia & Malaysia saw the biggest foreign outflows
from bonds on the global risk sell-off in Q1. However, Indonesia has seen
foreign net inflows since Apr. China & Korea have seen net foreign inflows YTD.
- Indonesia saw sig. reduction in foreign ownership between January and April
(US$11bn) but flows started to rebound in May with improving risk sentiment.
- In China, inflows have been very strong on the back of exp. that the PBOC
could ease more & the index (GBI-EM and Global Agg.) weight increase. We still
exp. inflows to be US$70bn in '20.
- Foreigners continue to sell Indian bonds due to the concerns about INR
depreciation & with COVID-19 not under control. As India strives to be included
in the global bond index, such outflows could reverse once sentiment improves.
- In Korea, foreigners continue to buy local FX bonds, especially KTB.
- Foreigners account for 16.5% of the local bond market in Thailand, stabilising
after foreigners sold THAIGBs to raise cash in early 2020.
- Foreigners have been reducing local bond holdings in Malaysia. Foreign asset
managers and central banks are the two biggest foreign holders in the market."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com