EM ASIA CREDIT: Wipro: Q1 results, consensus miss

Today’s auction showed solid pricing for ACGBs, with the weighted average yield coming in 0.37bps below prevailing mid-yields, according to Yieldbroker. Moreover, the cover ratio jumped to 3.4444x from 2.75x at the previous auction. 

• As noted in our preview, the current yield for this bond was approximately the same as the previous auction, notably about 50bps below the high recorded in early November 2024.
• The 3/10 yield curve was also around the same level as the previous auction but sits around 20bps below its recent high.
• Following the auction, both the cash line and XM remained relatively unchanged.

Government officials cannot host illegal banqueting under the excuse of revitalising the economy, the People’s Daily said in a commentary. Rules banning illegal eating and drinking are to prevent corruption and allow the economy to develop better, the paper said. Normal catering practices are the pulse of the economy with revenue exceeding CNY5.5 trillion in 2024 and supporting more than 30 million jobs, the paper added. Non-compliant dinners are eroding public trust and must be eradicated with a zero tolerance attitude.

More than 70% of enterprises expect cross-border e-commerce imports and exports to be stable or grow in 2025, a Chinese customs survey has shown, following 2024’s trade reaching CNY2.7 trillion, up 14% y/y and 9 percentage points higher than the country's overall goods trade. In addition to diversifying markets, firms are developing overseas warehouse services to reduce the impact of tariff policy fluctuations, insiders said. (Source: Yicai)