EM ASIA CREDIT: Q1 Results: Metro Bank (MBTPM, Baa2/NR/BBB-) - Beat
Apr-30 01:59
"*METROBANK 1Q NET INCOME 12.3B PESOS, EST. 11.63B PESOS (2 EST.)" - BBG
Philippines bank, Metro bank, has reported its Q1 results this morning, with operating profits up 8.8% YoY to PHP18.8bn. Net interest income was marginally higher than the year ago period at PHP29.4bn. In terms of asset quality, the non-performing loans ratio remains low at 1.6% (1.7% Q1/24). The CET1 ratio however was lower at 14.7% versus 16% a year ago. Overall neutral for spreads.
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JGBS: Richer With US Tsys As Friday’s Risk-Off Extends
Mar-31 01:34
In Tokyo morning trade, JGB futures are sharply higher, +34 compared to settlement levels.
- Japan's industrial production rebounded at a faster-than-expected pace in February, but the coming U.S. tariffs may weigh on the recovery ahead. Industrial production rose 2.5% in February following January's 1.1% decline.
- Retail sales rose 0.5% m/m (+1.4% y/y) in February; est. -0.2% (+2.5%).
- Cash US tsys are 3-5bps richer in today’s Asia-Pac session as concern over the health of the US economy fuels demand for haven assets. On Friday, a strong risk-off tone pushed the US 10-year 11bp lower ahead of this week's Trump Tariff "Liberation Day" rollout on April 2, not to mention Friday's employment data for March.
- Cash JGBs are flat to 3bps richer across benchmarks, with the belly leading. The benchmark 10-year yield is 2.2bps lower at 1.521% versus the cycle high of 1.596%. 2-year supply is due later today.
- Swap rates are flat to 2bps lower. Swap spreads are mixed.
MNI: **CHINA MAR MANUFACTURING PMI 50.5 VS 50.2 IN FEB
Mar-31 01:33
- **CHINA MAR MANUFACTURING PMI 50.5 VS 50.2 IN FEB
CHINA: Central Bank Injects Liquidity via OMO.
Mar-31 01:23
- The PBOC issued CNY166.7bn of 7-day reverse repo at 1.5% during this morning’s operations.
- Today’s maturities CNY135bn
- Net liquidity injection CNY31.7bn
- The PBOC monitors and maintains liquidity in the interbank system via the issuance of reverse repo.
- The CFETS Pledged Repo Deposit Institutions 7 Day Weighted Average Index is at 1.68%, from Friday’s close of 2.05%.
- China’s overnight interbank repo rates is 1.72% , from Friday's close of 1.70%
- China’s 7-day interbank repo rate is 2.33%, from Friday’s close of 1.90%
