MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

MNI: US MBA: MARKET COMPOSITE -2.2% SA THRU JUL 19 WK

US MBA: REFIS +0.3% SA; PURCH INDEX -4% SA THRU JULY 19 WK

Market round-up post PMIs

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

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Aramco Reportedly Approaches Repsol About Stake In Repsol Renovables

ENERGY SECTOR
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  • Expansion this morning reports that Aramco seeks a minority stake in Repsol Renovables, aiming to capitalize on its US projects. No offer presented yet; Repsol has appointed Banco Santander for advisory while Aramco has contact several banks operating in Spain.
  • Reported interest in the unit was previously in the media though this is the first time we have seen Aramco’s name mentioned.
  • Repsol holds a majority stake in Repsol Renovables, reportedly recently valued at EUR 5.9bn by UBS, up from EUR 4.4bn in 2022 when CredAg and EIP took their stake.
  • Crédit Agricole and EIP, holding 25% of the subsidiary between them via Janus Renewables, plan to retain their shares. Repsol is reportedly unwilling to dilute its stake below 50% or at lower than prior valuation multiples.
  • For context on size, Repsol had EUR 62bn in FY23 revenue, EUR 5bn in FY23 adj-Income and EUR 3bn in FY23 Net Income with a market cap of EUR 19bn and EV of EUR 29bn at Q124.
  • Spreads are muted with the short-end up to 3bp wider, though the interest seems a slight credit positive.
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  • Expansion this morning reports that Aramco seeks a minority stake in Repsol Renovables, aiming to capitalize on its US projects. No offer presented yet; Repsol has appointed Banco Santander for advisory while Aramco has contact several banks operating in Spain.
  • Reported interest in the unit was previously in the media though this is the first time we have seen Aramco’s name mentioned.
  • Repsol holds a majority stake in Repsol Renovables, reportedly recently valued at EUR 5.9bn by UBS, up from EUR 4.4bn in 2022 when CredAg and EIP took their stake.
  • Crédit Agricole and EIP, holding 25% of the subsidiary between them via Janus Renewables, plan to retain their shares. Repsol is reportedly unwilling to dilute its stake below 50% or at lower than prior valuation multiples.
  • For context on size, Repsol had EUR 62bn in FY23 revenue, EUR 5bn in FY23 adj-Income and EUR 3bn in FY23 Net Income with a market cap of EUR 19bn and EV of EUR 29bn at Q124.
  • Spreads are muted with the short-end up to 3bp wider, though the interest seems a slight credit positive.