Swaps - CNY
CNY NDIRS saw good amount of paying particularly in 5-year forwards. 1s/5s NDIRS has steepened up to the steepest since July but a resistance is near.
Listing of structured bonds and vanilla bonds issued in the Asia Pacific markets over the past week.
CNY NDIRS saw strong receiving after the PBOC cut earlier this week, but turned bid today as the move was excessive. 1s/10s NDIRS will flatten more.
The 5- to 10-year area of the CNY NDIRS curve saw receiving, but 1s/5s and 1s/10s are steeper amid price action at the front-end.
Listing of structured bonds and vanilla bonds issued in the Asia Pacific markets over the past few weeks.
CNY NDIRS has been offered although light paying in 2y emerged after mid-day. The PBOC has kept rates unchanged despite property crisis.
Weak yuan has backed light paying at the front-end of the NDIRS curve. Strong equities have failed to prompt bid in 5y.
CNY NDIRS has been offered though underperforming the rally in other rates markets. 5-year saw good amount of receiving and the swap curve is flatter.
EUR/USD basis flattened on a ECB Day. NIB has been busy in GBP and CNY and discusses those resurgent markets. BNPP eyes USD supply and EUR IRS.
The surge in trade surplus in China has deterred strong receiving interest despite a selloff in equities. 1s/5s NDIRS may correct flatter.