EM ASIA CREDIT: Korea Gas: New $ deal priced
Jul-03 01:28
(KORGAS, Aa2/AA/AA-)
New Issue: $300m 3Y FRN
IPT: SOFR +105bp
Final: SOFR +65bp
Book size: > $3.1bn (10x oversubscribed)
New Issue: $500m 5Y Fixed
IPT: T+85bp
Final: T+47bp
Book size: > $2.7bn (5x oversubscribed)
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AUSSIE BONDS: Solid Digestion Of Apr-37 Supply But With Less Demand
Jun-03 01:26
The latest ACGB April 2037 auction attracted solid demand, with the weighted average yield printing 0.45bps through prevailing mid-yields, according to Yieldbroker — continuing the recent trend of firm pricing across ACGB auctions.
- However, the cover ratio fell sharply to 1.9750x from 4.6400x at the previous auction, indicating less investor participation. This was further supported by a notable increase in the number of successful bidders.
- As noted in our preview, the outright yield was roughly at the same level as the previous auction but remained about 40bps below the November 2024 peak.
- The 3/10 yield curve was also around the same level as the previous auction but sat around 20bps below its recent high.
- The reduction in bidding strength may also have reflected the deterioration in investor sentiment toward longer-dated global bonds since the prior auction in early May.
- In early post-auction trading, both XM futures and the bond line are little changed.
MNI: CHINA PBOC CONDUCTS CNY454.5 BLN VIA 7-DAY REVERSE REPO TUES
Jun-03 01:23
- CHINA PBOC CONDUCTS CNY454.5 BLN VIA 7-DAY REVERSE REPO TUES
CNH: USD/CNY Fixing Error Term Steady, Stays Positive
Jun-03 01:19
The USD/CNY fixing rate was set at 7.1869, against a BBG market consensus estimate of 7.1732.
- The fixing level is higher than Friday's outcome (7.1848), while the fixing error is little changed at +137pips, with onshore markets out yesterday.
- USD/CNH is down slightly in the first part of dealing today, holding under 7.2100. We haven't reacted much to the fixing outcome. Broader USD sentiment was weaker in the first part of trade, but has now stabilized.
