MNI China Daily Summary: Wednesday, June 19

MNI BRIEF: Rate Changes Affect Eurozone More Than US Firms-ECB

MNI BRIEF: BOJ May Real Export Index Drops 1.4% M/M

MNI BRIEF: PBOC, MOF To Promote Treasury Trades Progressively

MNI: PBOC Net Injects CNY276 Bln Via OMO Weds; Rates Unchanged

CHINA PBOC CONDUCTS CNY278 BILLION VIA 7-DAY REVERSE REPOS WEDS

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

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

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

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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BA/ML analysts eyed the high-grade....>

US CORPORATES
US CORPORATES: BA/ML analysts eyed the high-grade US$ corporate bond market and
said the "biggest driver of supply is demand, which could actually worsen in the
second half of 2018. Moreover we expect the more structural supply reducers
emanating from tax reform to finally materialize in 2018. Combined with some
frontloading in 2017 that implies we expect a 15% decline in HG supply volumes
in 2018 to $1.13 Trillion."
- They eyed "continued upside risk to volumes as 2018 looks set to begin with
the same favorable excess demand conditions that were the clear drivers of
upside to 2017's record breaking volumes." 
- They believe "these conditions should not improve further and could actually
worsen in the 2H 2018, as the Fed's monthly balance sheet reductions become
really large, and the ECB communicates the end to QE. Moreover, we expect the
more structural supply reducers emanating from tax reform to finally materialize
in 2018. Combined with some frontloading in 2017, that implies we expect a 15%
decline in high grade new issue supply volumes in 2018 to $1.13tr. Due to an
increase in bond maturities, we expect net supply to decline 33% to $487bn."

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