MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

MNI China Daily Summary: Wednesday, July 24

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

MNI: JAPAN JUNE SERVICES PPI +3.0% Y/Y; MAY REV +2.7%

MNI BRIEF: Japan June Services PPI Rises 3.0% Vs. May's 2.7%

US Treasury Auction Calendar

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

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Capri equities are only down 2% in pre-market, € lines largely unch

CONSUMER CYCLICALS
  • $33s might see the most vol again (after +30bp move last week) but it does compensate $104.2 cash price with ~120bps of tightening on deal closing - breakeven for it is late September on the higher carry (7.85% coupon) -higher funding costs likely to wear down the more attractive carry vs. local bonds in practice.
  • For those with room in BS & minimal to no funding costs, local lines likely to still screen attractive here. FTC formally blocking does increase chance now of a eventual call/net ~flat total returns by YE. We still view negative total returns as unlikely giving timing - but is in the hands of the co's compliance with FTC in interim.
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