MNI BRIEF: Canadians Fuzzy On How BOC Hikes Slow CPI, Government's Role

CANADA FLASH MAY GDP +0.1% ON FACTORIES AND REAL ESTATE

MNI China Daily Summary: Friday, June 28

MNI BRIEF: BCB Evaluating Real Depreciation Impacts - Galipolo

MNI BRIEF: PBOC Pledges to Curb Any Overshoot Of The Yuan: MPC

MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

MNI: BAKER HUGHES US RIG COUNT 581; OIL RIGS 479; GAS RIGS 97

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK Bond Supply Calendar: BoE APF on Monday

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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Cheap Views in Consumer & Transport

CONSUMER CYCLICALS
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  • Cheap view bond performances through last week's sell-off below. Note spreads against swaps were more mute for index (our RV views are taken on Z/OAS).
  • Decompression was strong in markets and unclear how much of this is on HY bonds that stream on px being left as is. It did hit all three of our HY views in Coty, Finnair & Elo/Auchan.
  • Elo, which is French, is of most concern for us given earnings ahead. It was/is a falling knife but came well wide in primary to curve (57bps) & CDS - curve has repriced wider since.
  • We are not worried about Coty28s moves.

Indices:
  • €IG (+0.6) to +80.4
  • £IG (+10) to +147
  • €BBB (+2.9) to +109
  • €BB (+30) to +189
  • €B (+58) to +464
0-3y
  • WBA (£) 25s (+4) at UKT+137
  • ISS Global 26s (-3) at Z+59
3-5y
  • IDS 28s (-10) at Z+152
  • Pluxee 28s (-7) at Z+79
  • Woolworths 28s (+1.5) at Z+88
  • Coty 28s (+37) at OAS+118 (eff. duration 1.8Y)
  • Finnair 29s (+26) at Z+230
  • Elo/Auchan new April 28s (+40) at Z+319
  • PVH 29s (-8) at Z+129
  • Bary Callebaut 29s (-17) at Z+103
5y+
  • PostNL 31s (-10), at Z+178
  • Tesco 31s (-7), at Z+101
  • BAT 32s (-6), at Z+154
  • Tesco (£) 34s (+5) at UKT+133
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  • Cheap view bond performances through last week's sell-off below. Note spreads against swaps were more mute for index (our RV views are taken on Z/OAS).
  • Decompression was strong in markets and unclear how much of this is on HY bonds that stream on px being left as is. It did hit all three of our HY views in Coty, Finnair & Elo/Auchan.
  • Elo, which is French, is of most concern for us given earnings ahead. It was/is a falling knife but came well wide in primary to curve (57bps) & CDS - curve has repriced wider since.
  • We are not worried about Coty28s moves.

Indices:
  • €IG (+0.6) to +80.4
  • £IG (+10) to +147
  • €BBB (+2.9) to +109
  • €BB (+30) to +189
  • €B (+58) to +464
0-3y
  • WBA (£) 25s (+4) at UKT+137
  • ISS Global 26s (-3) at Z+59
3-5y
  • IDS 28s (-10) at Z+152
  • Pluxee 28s (-7) at Z+79
  • Woolworths 28s (+1.5) at Z+88
  • Coty 28s (+37) at OAS+118 (eff. duration 1.8Y)
  • Finnair 29s (+26) at Z+230
  • Elo/Auchan new April 28s (+40) at Z+319
  • PVH 29s (-8) at Z+129
  • Bary Callebaut 29s (-17) at Z+103
5y+
  • PostNL 31s (-10), at Z+178
  • Tesco 31s (-7), at Z+101
  • BAT 32s (-6), at Z+154
  • Tesco (£) 34s (+5) at UKT+133