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SK MOF To Flexibly Adjust Issuance

ASIA RATES
  • INDIA: Yields lower across the curve. The outlook is clouded by the proximity of the RBI meeting tomorrow, the Central Bank is expected to remain on hold but could take tentative steps to withdrawing pandemic era stimulus. Finance Minister Sitharaman said yesterday that India had learnt its lessons from the last taper tantrum, adding the government and the RBI were wary of this. Elsewhere there were reports yesterday that India is considering giving some tax exemption to foreign investors settling sovereign bond purchases on Euroclear to speed up the inclusion of its debt in global indices, though uncertainty around the weights of Indian bonds in the index is limiting market reaction. INR was under pressure yesterday, declining the most among its peers, as elevated oil prices and a selloff in stocks negatively impacted sentiment. Oil has fallen from its recent highs, but remains some 102% higher than this time last year which could pose problems for net importers like India.
  • SOUTH KOREA: Futures higher and yields lower across the curve, 3-Year future is up 8 ticks at 109.01, 10-Year up 29 ticks at 1.2284. Yields are coming off multi-year highs with the move focused in the belly, 10-Year yield down 1.6bps. The main driver of the move is comments around issuance from the MOF earlier, the government said it will flexibly adjust sales volume of bonds by maturity to help stabilise the debt market. Elsewhere, the MOF sold a total of $1.3bn of USD and EUR denominated bonds; a reminder that earlier this week there were reports that the MOF is considering a euro-denominated green bond deal, this would be the first euro-denominated issue with other green issues in the region (from South Korea, Hong Kong and Indonesia) having been in dollars. Meanwhile, there were reports that the 70% vaccination threshold could be hit by October 25 which could lead to a loosening of restrictions and a gradual return to daily life.
  • CHINA: Market closed.
  • INDONESIA: Yields higher, curve flattens. Worth noting that Indonesian parliament convenes for a plenary meeting to discuss a sweeping tax reform, which would raise the VAT and add a new top income tax bracket, among others. The bill could generate up to IDR 250tn of additional income, around 1.5% of GDP. Danareksa Research Institute's consumer confidence gauge should hit the wires later today, while the official counterpart will be published tomorrow.
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