Total Derivatives

Swaps - CNY

There has been some light flow at the front-end of the CNY NDIRS curve. 1s/10s is steeper following rumors about relaxation of restrictions.

Concerns over a liquidity strain ahead of the Chinese New Year have prompted some steepening to the belly of the CNY NDIRS curve. 1s/10s is flatter.

The PBOC cut its short-term benchmark interest rate Monday, for the first time since April 2020.

The recent RRR cut has prompted renewed risk appetite and players believe further steepening in 1s/5s NDIRS. Higher fixings has backed some 1y bid.

The PBOC may cut RRR in order to stabilise a possible liquidity strain. 5-year has been better bid and the move in FX has prompted front-end offers.

Listing of structured bonds and vanilla bonds issued in the Asia Pacific markets over the past week.

Listing of structured bonds and vanilla bonds issued in the Asia Pacific markets over the past week.

Losses in equities has backed some light receiving in the 2- to 5-year area of the NDIRS curve, despite fixings staying at recent highs.

The NZD rates market rallied after the RBNZ delivered a second consecutive 25bp rate hike because the market was positioned for more.

CNY repo rates ease today despite the PBOC draining fund from the system. 5y saw light receiving and 2s/5s may flatten out in the longer-term.

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