Mostly Bid After Sell-Off

Most bond markets in the region supported after selling off yesterday.

• INDIA: Indian bonds are bid across the curve as markets await the RBI's operation twist, the central bank have increased the size of long end purchases to INR 200bn, while keeping short end issuance at INR 150bn.
• SOUTH KOREA: South Korean futures are higher today, 10-year future last up 14 ticks at 127.02, but some 13 ticks off session highs. The move reverses the short end sell off yesterday following poor reception of a 3-year auction.
• CHINA: The PBOC matched injections with maturities in today's OMOs, the third straight day of no injections, with CNY 30bn drained last week and no fresh cash injected since Feb 25. The overnight repo rate is around 14.5bps higher today, last at 1.7452%, the 7-day repo rate has come down slightly, last at 2.0173%. In the cash space, some buying seen in the 5-year after a strong auction, the sale was covered 4.15x, at an average yield of 3.03%.
• INDONESIA: Bonds bid across the curve after a sell off sparked by tepid demand at yesterday's auction, the government sold IDR 4.49t against a target of IDR 12tn.