MNI BRIEF: New Powers For UK Fiscal Body As Spending Overshot

MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

EZ/UK T-Bill Calendar: Belgium Nov 7, 2024 Short TC Due Tuesday

EZ/UK Bond Supply Calendar: Italy, UK Auction on Tuesday

BoE Data Watch

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

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

CIBC On Budget Issuance Implications

CANADA
  • Total issuance is projected to be down -17% at C$212B (C$207B excl Green bond) with gross supply lower in every sector except for 2yrs.
  • In favour of steeper ASW/spread curve: Net-supply should rise given our expectation that the BoC will announce it is entering QT next week, which we now believe also means a total cessation of primary purchases. But not all sectors will experience the same shift – the 5yr sector will see the largest increase in net-supply (+50%) while the 30yr sector will see an outright decline (-7%)
  • Calculate that in FY 21/22, the private sector only had to take up an additional C$63.5B in GOC bonds over what had matured in their holdings and that this will rise to C$116B this year.
  • Benchmark premia should slow in the 2s and speed up in the 10s.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

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.