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MNI: PBOC Sets Yuan Parity Lower At 7.1305 Thurs; -0.79% Y/Y

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

CHINA SETS YUAN CENTRAL PARITY AT 7.1305 THURS VS 7.1312

MNI NBP WATCH: Rates Held As 2024 Outlook Remains Hawkish

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MNI: SWISS JUN UNEMPLOYMENT -0.9% M/M, +22.8% Y/Y

Australia May Exports +2.8%; Imports +3.9%

MNI:AUSTRALIA MAY TRADE BALANCE A$+5773

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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Corporate Issuance Weighing on Tsys, Comcast 4Pt Joins List

PIPELINE

Rate lock hedging is indeed weighing on Treasury futures given how thin and illiquid markets are this morning. Tsy futures have extended session lows over the last few minutes, while 2Y yield hit 4.1076% high, 10Y yield hit 3.5014% high.

  • Date $MM Issuer (Priced *, Launch #)
  • 05/01 $Benchmark Meta Platforms* 5Y +105a, 7Y +130a, 10Y +145a, 30Y +190a, 40Y +205a.
  • 05/01 $Benchmark Comcast 4Pt deal, 5Y +105a, 10Y +135a, 30Y +170a, 41Y +185a (for context, Comcast has averaged between $750M-1B per tranche over the past couple debt deals).
  • 05/01 $500M Tractor Supply 10Y +205a
  • *For context: the last time Meta issued was on August 4, 2022: a total of $10B over 4-tranches: $2.75B 5Y +75, $3B 10Y +115, $2.75B 30Y +145, $1.5B 40Y +165.
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