MNI China Daily Summary: Monday, December 9

MNI BRIEF: China To Strengthen Policy Easing In 2025: Poliburo

MNI BRIEF: Japan Nov Sentiment, Outlook Indexes Rise

MNI BRIEF: China Nov CPI Slows To 5-Month Low Of 0.2% Y/Y

MNI: PBOC Sets Yuan Parity Higher At 7.1870 Mon; -1.39% Y/Y

MNI: China CFETS Yuan Index Down 0.36% In Week of Dec 6

MNI JAPAN Q3 GDP REV +0.3% Q/Q; PRELIM +0.2%; MEDIAN +0.2%

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

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

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

BONDS: First EU-bond Auction Since MSCI Rejection Sees Improved Results

BONDS

Today’s EU-bond auction was the first since MSCI rejected plans to add EU debt to its sovereign indexes.

  • Although the lowest accepted price (99.390) for the 2.75% Oct-26 EU-bond was slightly below the pre-auction mid-price (99.934), the bid-to-cover of 1.44x was an improvement on the 1.05x seen in the February reopening.
  • The 3.00% Dec-34 EU-bond also saw an improved bid-to-cover, and a lowest accepted price in excess of the pre-auction mid price.
  • The spread between the 3.00% Dec-34 EU-bond and the on-the-run 2.20% Feb-34 Bund has widened from around 55bps before the June 12 MSCI announcement to ~65bps at typing, though French political uncertainty also contributed to spread widening in that period.
  • As we noted after the announcement, we still expect government bond index inclusion at some point, with MSCI noting in their press release that they would "re-evaluate the eligibility criteria (for EU-bonds) in Q225."
BulletFixed Income Bullets
BulletFixed Income Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.