MNI: PBOC Net Injects CNY47 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1285 Thurs; -1.29% Y/Y

MNI BRIEF: Aussie Employment Grows Stronger Than Expected

CHINA PBOC CONDUCTS CNY49 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1285 THU VS 7.1318

MNI BRIEF: China Equip't Renewal Policy Includes Foreign Firms

Australia Jun Unemployment Rate 4.0%

Japan Jun Exports +5.4% Y/Y; Imports +3.2% Y/Y

MNI:AUSTRALIA JUN UNEMPLOYMENT RATE +4.1%

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

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AB InBev (ABIBB; A3, A-; S); new issues trade sideways, BI analyst weigh in

CONSUMER STAPLES
  • Bloomberg credit analyst weighing in on AB InBev, net positive noting mgmt is prioritising deleveraging (current 3.4*, target 2*) over shareholder returns & M&A.
  • They do note that 1) would require sizeable debt paydown 2)North America weakness in sales may drag on FCF 3) vs. similar rated beverage beers leverage is higher.

As we mentioned when it came to market last week, we see secondary fairly priced (in € that is - see £29/37's tight) for last yrs upgrade into A- & see no rating risk in either direction. It did struggle on €4b/3-part supply both in secondary (outside shorter tendered lines) & in primary (NIC's against our FV were high single to low double digit). The 20yr/44's pricing 4bps shy of the Booking.com 44's (A3, A-;S) - a more discretionary name that has traded with a reverse yankee discount - was tad surprising/wide to us.

New issues have traded sideways since.

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