MNI: PBOC Net Injects CNY98 Bln Via OMO Fri; Rate Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1088 Fri; -2.14% Y/Y

CHINA PBOC INJECTS CNY100 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1088 FRI VS 7.1111

MNI China Daily Summary: Thursday, May 30

MNI BRIEF: China Export Controls On Aerospace & Shipping Items

May PMIs Weaker Than Forecast, Manufacturing Back Sub 50

CHINA MAY MANUFACTURING PMI 49.5 VS 50.4 IN APR

Japan Apr Ind. Output -0.1% M/M; Shipments +0.2% M/M

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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A lack of Italian syndications is not a surprise - but market moves anyway

BTP
  • As we noted in our Eurozone Deep Dive publication one of the possibilities for Italy in coming months will be to use syndicated exchanges (or conventional exchanges)
  • We already knew that Italy's funding position was in a good place after it skipped the August auction and stated that it was due to the cash position of the Treasury.
  • Also Italy's last syndication in 2020 was in early September (excluding the USD issue and the syndicated exchange).
  • So although we've seen BTP futures pick up on the back of the story earlier that suggested there would be no further syndications through the "early fall", a lack of syndications through the rest of the year shouldn't be seen as a huge surprise.
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