MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

MNI China Daily Summary: Friday, December 13

MNI BRIEF: PBOC To Curb Any Yuan Overshot : PBOC Zou

CHINA YTD NEW LOANS CNY17.1 TRLN VS MEDIAN CNY17.5 TRLN: PBOC

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI: EUROZONE OCT IP +0% M/M, -1.2% Y/Y

MNI: SPAIN NOV HICP +0% M/M, +2.4% Y/Y

MNI: FRANCE NOV HICP -0.1% M/M, +1.7% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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CREDIT SUPPLY: FIG Primary Monitor - Another Busy Issuance Day

CREDIT SUPPLY
  • Banca Sella (BNSELL: Ba3/BBB) selling a its inaugural covered bond today, we see fair value around MS+58-60bp area. Books are above EUR400m.
  • NatWest (NWG: A3/BBB+/A) is issuing a housing social bond today, we see fair value around MS+125bp area
  • Aareal Bank (AARB: Baa3/BBB) is issuing Tier 2 debt today, we see fair value at MS+310-330bp area, with a wide confidence interval reflective of the CRE risk in the issuer alongside its trading wide of much-lower rated peers in, for example, SNP ranks.
  • Intesa (ISPIM: Baa3/BBB-/BBB-) is issuing senior non-preferred today, books are above EUR2bn (for benchmark), we see fair value around MS+140bp area.
  • ELM BV for Julius Baer (BAERVX: Baa1) is issuing senior unsecured with IPT at MS+150bp area, we have fair value around MS+115-120bp area.
  • PKO (PKOBP: A3/A-) with EUR benchmark green senior non-preferred with IPT at MS+180bp area.
  • Triodos Bank (TRIOD: BBB neg) is issuing EUR300m (expected) 5NC4 green senior preferred with IPT at MS+260bp area.

Other currencies:

  • ING (INTNED: Baa1 pos/A-/A+) issuing USD benchmark PerpNC10 AT1 subdebt with IPT at 7.875% area – books are above USD3bn already.
  • Nordea (NDAFH: A3 pos/A/AA-) selling 5Y GBP benchmark senior pref with IPT at UKT+105-110bp.
  • Aviva (AVLN: A2/A) selling GBP benchmark 30NC10 Tier 2 sub debt with IPT at UKT+255bp area.
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