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LIBOR

US FIX - 17/05/22

BOND SUMMARY

EGB/Gilt: Hawkish CB Speak Fuels Sell-Off

SONIA

The call fly trades for more

FOREX

FX option exchange traded play

US 10YR FUTURE TECHS

(M2)‌‌ Consolidating

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Rising Tide

ASIA RATES

Moves exacerbated in thin liquidity. Several markets in Asia are closed for public holiday's; Singapore, Indonesia, Thailand, Malaysia and India are all closed today.

  • SOUTH KOREA: Bonds higher in South Korea as markets await the BoK rate announcement, the bank is expected to remain on hold but upgrade economic forecasts on the back of robust exports and a solid economic recovery. There is still some doubt over the pandemic with new cases rising back above 700 on Wednesday.
  • CHINA: Repo rates dropped after a jump yesterday, the overnight repo rate down 16bps to 1.9993%. The PBOC matched maturities with injections again. Futures rose with the 10-year moving back towards resistance at 98.65. The MOF sold 10-year upsized bonds to strong demand; the auction drew a yield of 3.02% and cover of 5.8, previous auction on April 21 drew a yield of 3.1265% and was covered 4.73x.

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