Swaps - CNY
The spike in the share price of Evergrande saw slightly better paying in 5-year, which led to a steeper 1s/5s NDIRS. Liquidity strain has eased a tad.
Listing of structured bonds and vanilla bonds issued in the Asia Pacific markets over the past week.
5y NDIRS saw receiving following weak domestic data. China will launch a program for domestic investors to access foreign bond markets.
Strong domestic data has prompted good amount of flow in 5y NDIRS. Players are watching closely if there's any further clue from the ECB.
CNY NDIRS saw better paying with clearer bid-side interest in 5-year near market close. 1s/5s and 2s/5s NDIRS were both steeper.
Despite a slump in domestic equities, CNY swaps saw better paying interest due to worries over tighter regulations.
CNY NDIRS has been better offered, as a aftermath of weak domestic data. China has banned the sale of structured bonds.
CNY swaps have been offered and 1s/5s NDIRS is flatter. 1s/10s NDIRS has flattened out to near two-year low.
CNY NDIRS saw better paying interest with paying in 5-year steepening 1s/5s a tad. Dealers expect further steepening in the near-term.
The short-end of the NDIRS curve was well offered earlier in the week after the RRR cut. Paying in 5-year faded after lunch break.