EM ASIA CREDIT: Jollibee Worldwide (JFCPM): Business remains on track

US treasury futures began the trading day stronger in Asia but have failed to follow on with further gains.  The US 10-Yr opened up +02 at 112-11+ and remains there towards the end of the morning session.  TYH6 is wedged between its 100-day EMA of 112-14+ as topside resistance and the bottom side resistance of the 200-day EMA at 111-30.

Cash has a bid tone to it with 5-Yr + maturities lower in yield whilst the front end is unchanged.  

• The 2-Yr is at 3.504%
• The 5-Yr is at 3.723% : -0.3bps
• The 10-Yr is at 4.17% : -0.6bps
• The 30-Yr is at 4.842% :  -0.5bps.

Tonight there is a US$75bn 6-week auction as the primary focus.  

The trend of very modest outcomes from OMO continues with a small injection Tuesday.  Repo rate appear to have some modest upward pressure on them at present, though that has not foreshadowed any significant injections.  

• The PBOC issued CNY135.3bn of 7-day reverse repo at 1.4% during this morning's operations.
• Today's maturities CNY117.3bn.
• Net liquidity injection CNY18bn.
• The PBOC monitors and maintains liquidity in the interbank system through the issuance of reverse repo.
• The CFETS Pledged Repo Deposit Institutions 7 Day Weighted is at 1.40%, from prior close of 1.44%.
• The China overnight interbank repo rate is at 1.31%, from the prior close of 1.45%.
• The China 7-day interbank repo rate is at 1.41%, from the prior close of 1.48%.

• CHINA PBOC CONDUCTS CNY135.3 BLN VIA 7-DAY REVERSE REPO TUES