No Discernable Trend Across Geographies

Bond markets in Asia mixed as local events take precedence over prevailing themes.

• INDIA: Market closed for Holi festival.
• INDONESIA: Bonds are lower in Indonesia, declining after an attack from a suspected suicide bomber at a Cathedral during Palm Sunday celebrations. The attack hurt sentiment and saw a sell off of Indonesian assets.
• CHINA: The PBOC matched maturities with injections again today, the sixteenth straight day of matching maturities, while the bank hasn't injected funds since February 25. The market appears sanguine about liquidity, the overnight repo rate is last at 1.8017%, from around ~2.00% last week while the 7-day repo rate last at 2.1704%, below the prevailing PBOC repo rate of 2.20% Bond futures are under pressure with stocks in positive territory, despite some simmering geopolitical tensions. Over the weekend US Trade Representative Tai says the US isn't ready to lift tariffs on Chinese imports soon.
• SOUTH KOREA: Futures are higher in South Korea, the 10-year contract opened lower but has gained as equity markets have lost favour. South Korea reported 482 new daily new coronavirus cases in the past 24 hours, back below 500, a day after reaching a 36-day high of 505.