MNI China Daily Summary: Thursday, March 13

MNI BRIEF: China Has Been In Communication With U.S. On Trade

MNI BRIEF: China To Enhance Customs Clearance

MNI INTERVIEW2: Policy Lag Justifies Faster CNB Easing - Holub

MNI BRIEF: China Consumer Satisfaction Up

MNI: PBOC Net Drains CNY68.6 Bln via OMO Thursday

EZ/UK Bond Supply Calendar: SlovGB Auction Monday

US EIA:NAT GAS STORAGE -62 BCF TO 1,698 BCF MAR 07 WK

MNI: US FEB FINAL DEMAND PPI +0.0%, EX FOOD, ENERGY -0.1%

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

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EM LATAM CREDIT: Colombia Fiscal Challenge Worse, According to Fiscal Committee

EM LATAM CREDIT
ColombiaBullet

"Colombia Fiscal Committee Says Govt Missed 2024 Deficit Target" - BBG

  • Govt. Attempted tax reform but couldn't get it through the legislature, so latest plan is to defer infrastructure spending
  • Required COP40 trillion fiscal adjustment to meet the fiscal rule is a lot higher than the previously thought COP12 trillion which the govt. Was already struggling to achieve.
  • Colombia (COLOM;Baa2neg/BB+neg/BB+) spreads have stabilized the past few months around T+ 330-350bps for the 10 year benchmark, but with a yield of 8% the bonds are only trading 50 bps through ELSALV (B3/B-/B-). The Baa2 Moody's rating looks especially vulnerable.
    COLOM 7.75% 2036, $98.25, -.39

    Link to full article: NSN SQT2KTT0AFB4
     
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"Colombia Fiscal Committee Says Govt Missed 2024 Deficit Target" - BBG

  • Govt. Attempted tax reform but couldn't get it through the legislature, so latest plan is to defer infrastructure spending
  • Required COP40 trillion fiscal adjustment to meet the fiscal rule is a lot higher than the previously thought COP12 trillion which the govt. Was already struggling to achieve.
  • Colombia (COLOM;Baa2neg/BB+neg/BB+) spreads have stabilized the past few months around T+ 330-350bps for the 10 year benchmark, but with a yield of 8% the bonds are only trading 50 bps through ELSALV (B3/B-/B-). The Baa2 Moody's rating looks especially vulnerable.
    COLOM 7.75% 2036, $98.25, -.39

    Link to full article: NSN SQT2KTT0AFB4