MNI China Daily Summary: Wednesday, July 10

MNI BRIEF: China To Investigate EU Trade Actions

MNI BRIEF: China June CPI Hits Three Month Low

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

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

Indeed Wages Tick Higher, But Future Revisions Are Likely

ITALY MAY INDUSTRIAL PRODUCTION +0.5% M/M ; -3.3% WDA Y/Y

Contrasting Momentum Dynamics Underscore Need For July Data

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

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

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

0.50% Oct-61 syndication preview

GILTS
  • The 0.50% Oct-61 gilt is due to be sold by syndication today in what will be the fifth gilt syndication in just over four months.
  • The first four syndications have seen new gilts launched (including the 0.50% Oct-61 gilt that was launched in May for GBP7.0bln). Demand at all of the syndications has been very strong with orderbooks for each of the transactions totalling over GBP50bln.
  • We would expect the size of the syndication to be slightly smaller than the GBP7.0bln launch size and look for something in the region of GBP4.5-6.5bln.
  • We note that the 0.50% Oct-61 gilt traded at a 1-2bp premium to the 4.00% Jan-60 gilt between its launch and 15 July. On 16 July the DMO announced that it would be holding two gilt syndications before the end of November and the premium to the 4.00% Jan-60 fell out of the 1-2bp range to end the day at a 0.36bp premium. Since then it has traded between this level and a 1.0bp premium.
  • We would expect to see a reversion to a broad 1.0-1.5bp premium following this week's syndication.
BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.