MNI China Daily Summary: Wednesday, November 27

MNI: GERMANY GFK DECEMBER CONSUMER CLIMATE -23.3

MNI BRIEF: BOJ’s JGB Unrealised Loss Rises To JPY13.7 Tlrn

RPT:- MNI NOV CHINA MONEY MARKET INDEX 53.5 VS OCT 38.4

MNI NOV CHINA MONEY MARKET INDEX 53.5 VS OCT 38.4

MNI BRIEF: China Profits Fall In October Y/Y

MNI: FRANCE NOV CONSUMER SENTIMENT 90

RBNZ SEES RISK OF MID-TERM INFLATION VOLATILITY

MNI: RBNZ CUTS OCR 50BP TO 4.25%

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

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CREDIT SUPPLY: GELF (GOOEUR: Baa1/BBB+) New Issue

CREDIT SUPPLY
Credit BulletsCEEMEABullet
  • IPT: Exp €300m 7yr Green ms+180a
  • We see FV +155
  • Existing GOOEUR 1.125 29 z+137 trades with 10pt discount to par.
  • If we assume a current coupon at 142 then add 8bps per year we get to ms+160 for a 7yr
  • GOOEUR trades at 25bps discount to GMGAU which - for the same rating and parent - seems a bit much in a spread compressing environment.
  • Caveat: it's a small issue which may have limited liquidity in future

    Source: MNI/Bloomberg
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  • IPT: Exp €300m 7yr Green ms+180a
  • We see FV +155
  • Existing GOOEUR 1.125 29 z+137 trades with 10pt discount to par.
  • If we assume a current coupon at 142 then add 8bps per year we get to ms+160 for a 7yr
  • GOOEUR trades at 25bps discount to GMGAU which - for the same rating and parent - seems a bit much in a spread compressing environment.
  • Caveat: it's a small issue which may have limited liquidity in future

    Source: MNI/Bloomberg