MNI China Daily Summary: Wednesday, July 10

MNI BRIEF: China To Investigate EU Trade Actions

MNI BRIEF: China June CPI Hits Three Month Low

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

US Treasury Auction Calendar

IP Stronger Than Expected In May, But 3m/3m Trend Still Bleak

US EIA: CRUDE OIL STOCKS EX SPR -3.44M TO 445.1M JUL 05 WK

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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CBA T2 FV (10NC5 Green Sub Fixed; A2/A-/A-)

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  • IPT given at MS+170-175bps; we see FV at around MS+140a though we attach a wider confidence interval here given the lack of an existing EUR T2 curve and the flatness of the peer ANZ curve at the long-end.
  • The existing EUR T2 29s have for the most part traded in a tight range recently against the ANZ 29s (A3/A-).
  • CBA’s IDR was yesterday upgraded by Fitch (along with the other large Australian banks) to AA- on improved LAC buffers. They were also upgraded by Moody’s to Aa2 on the same day.

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  • IPT given at MS+170-175bps; we see FV at around MS+140a though we attach a wider confidence interval here given the lack of an existing EUR T2 curve and the flatness of the peer ANZ curve at the long-end.
  • The existing EUR T2 29s have for the most part traded in a tight range recently against the ANZ 29s (A3/A-).
  • CBA’s IDR was yesterday upgraded by Fitch (along with the other large Australian banks) to AA- on improved LAC buffers. They were also upgraded by Moody’s to Aa2 on the same day.