MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

MNI BRIEF: Brazil CenBank Faces Greater Uncertainty - Campos

MNI: PBOC Conducts CNY2 Bln Via OMO Mon; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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0.25% Jul-31

GILT AUCTION PREVIEW
  • Tomorrow, the DMO will look to reopen the 0.25% Jul-31 gilt for the final time ahead of the launch of the new 10-year gilt next month (the Jan-32 gilt).
  • The auction size of GBP2.25bln is the smallest auction of the 0.25% Jul-31 gilt to date.
  • Between February and August the monthly auctions were all sized at GBP2.75bln while the September auction was sized at GBP2.50bln.
  • Despite this, September saw the lowest bid-to-cover since the launch auction (2.52x) and saw a slightly wider tail of 0.2bp (the previous five auctions had seen 0.1bp tails).
  • This was still a solid auction and we expect another decent auction this week.
  • Timing: Results will be available shortly after the auction closes at 10:00BST with a further GBP562.5mln available to successful bidders through the PAOF.
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