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Mostly Higher As EM Risk Off Continues

ASIA RATES
  • INDIA: Bond market closed for Id-ul-zuha public holiday.
  • SOUTH KOREA: Futures have moved higher from the open in South Korea, participants choosing to ignore strong exports and PPI data and focus on a record number of COVID-19 cases. There were 1,784 new cases in the past 24 hours, health officials warned that cases are expected to climb again tomorrow before declining from July 23/24. Elsewhere the BoK sold KRW 2tn of 2-Year MSB's at 1.29% with cover of 1.38x.
  • CHINA: The PBOC matched injections with maturities at its OMOs today; repo rates are higher, the overnight repo rate has been climbing steadily through July, rising from July 1 lows of 1.2841% to hit 2.1846%, this is still below highs seen in previous months. The 7-day repo rate has remained steady and is within recent ranges at 2.1987%. Futures are higher for the sixth of the last eight sessions. There were reports in the Shanghai Securities News that bidding at recent local government bond auctions indicates that government bond issuance is becoming more market driven.
  • INDONESIA: Yields mixed with the belly seeing buying while the long and short end sells off. The government announced an extension to the current curbs through Jul 25 was announced, while elsewhere the government outlined a plan to relax restrictions from Jul 26, if daily case count continues to fall.
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