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Yields Lower Post Weekend Credit Data, First Ultra-Long Bond Issuance This Friday

CHINA RATES

China interest rates are skewed lower in the first part of Monday dealing. In the bond space, benchmark 5 and 10yr CGB yields are down around 3bps. The 10yr yield was last under 2.30%. Th 2yr was around 1.85%. Both yields were above recent lows from late April.

  • In the swap space, 2yr NDIRS is sub 1.90%, close to 2024 lows, the 10yr under 2.20% (but above late April lows).
  • Fallout from the weekend's weaker than expected credit data is fueling expectations of easier policy settings, potentially via a RRR cut.
  • This is offsetting news around supply of ultra-long bonds. This Friday will kick off the with 30yr auction, followed by the 20yr next Friday. 50-yr bonds will be issued on June 14. To be sure, the market has known about ultra long bond issuance, albeit with uncertainty around timing.
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