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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1.25% Jul-51

GILT AUCTION PREVIEW
  • The DMO is due to come to the market this morning with GBP1.75bln of the 30-year 1.25% Jul-51 gilt on offer.
  • This will be the eighth auction of the gilt since its syndicated launch in April 2021.
  • The auction size of GBP1.75bln is a little smaller than the GBP2.00bln seen at last month’s auction, but in line with the May auction. The other only other auction of the gilt this calendar year saw GBP1.50bln on offer in March.
  • This year’s auctions have seen bid-to-covers of 2.24-2.91x and fairly tight tails ranging from 0.2-0.4bp.
  • This followed a couple of weaker auctions in September and December last year with still-decent bid-to-covers of 2.05-2.42x but wider tails of 1.1bp and 1.0bp respectively.
  • Timing: Results will be available shortly after the auction closes at 10:00BST with a further GBP437.5mln available to successful bidders through the PAOF.
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