MNI China Daily Summary: Tuesday, December 31

MNI China Press Digest Dec 31: PBOC, Panda Bonds, EVs

MNI: PBOC Net Injects CNY93.6 Bln via OMO Tues

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MNI: PBOC Sets Yuan Parity Lower At 7.1884 Tues; -2.65% Y/Y

MNI: China CFETS Yuan Index Down 0.13% In Week of Dec 27

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

EZ/UK Bond Supply Calendar: BOE APF Sales Due 6 January

MNI: US NAR NOV PENDING HOME SALES INDEX 79 V 77.3 IN OCT

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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FINANCIALS: Aviva (AVLN: A2/A/A+u): Direct Line Takeover Agreed

FINANCIALS
Credit BulletsUKCEEMEABullet

From this morning's RNS

  • Since 2020, has executed 8 international disposals enabling £9bn to be returned to shareholders
  • The acquisition will accelerate the capital-light strategy - with more than 70% of operating profits from capital-light by 2026
  • expected EPS accretion of ~10% once pre-tax synergies of £125m are fully realised
  • mid single-digit uplift in dividend following completion
  • not expected to impact credit ratings.
  • We noted on the 4th Dec that the DLGLN 4% 32 had about another 10-15 to rally vs the Aviva curve. The bond has actually gained 20bps since then and now trades slightly through the AVLN curve.
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From this morning's RNS

  • Since 2020, has executed 8 international disposals enabling £9bn to be returned to shareholders
  • The acquisition will accelerate the capital-light strategy - with more than 70% of operating profits from capital-light by 2026
  • expected EPS accretion of ~10% once pre-tax synergies of £125m are fully realised
  • mid single-digit uplift in dividend following completion
  • not expected to impact credit ratings.
  • We noted on the 4th Dec that the DLGLN 4% 32 had about another 10-15 to rally vs the Aviva curve. The bond has actually gained 20bps since then and now trades slightly through the AVLN curve.