MNI China Daily Summary: Monday, November 25

MNI: China CFETS Yuan Index Up 0.01% In Week of Nov 22

MNI: PBOC Net Injects CNY76.7 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Lower At 7.1918 Mon; -1.35% Y/Y

CHINA PRESS: Yuan To Reach 17% Of Global Payments By 2035

MNI: GERMANY NOV IFO BUSINESS CLIMATE INDEX 85.7

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK Bond Supply Calendar: Gilt Syndi; IT, EU Due Monday

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

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CREDIT UPDATE: Asia IG Spread Edge Slightly Higher, Aus Primary Ticks Along

CREDIT UPDATE
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  • Asian equities are mostly higher today, tracking gains made overnight in the US following renewed optimism about Nvidia’s growth prospects, while crypto continues to tick higher with bitcoin now eyeing $100,000. China & Hong Kong equities have struggled following poor results from Baidu, which has weighed on the tech sector, while Property also struggle.
  • Focus all week in Australia has been on the primary market, today Woolworths printed a A$800m 10yr snr unsecured rated BBB at +148bps, initial priced guidance was +160bps this morning, which was 10bps inside guidance announced on Thursday, showing that there is strong demand for high beta corporates. Bendigo & Adelaide also printed a 5yr Fixed & floating covered bond rated AAA at +83bps. Goodman group have announced plans for a A$ 5yr bond rated BBB, while Pacific National announced they plan on doing a 30NC5.25 sub note over the next week or two, expect it to draw very strong demand. In secondary high beta corps have seen decent demand, and trade -1bp, while Snr/T2 fins are trading little changed today.
  • Adani Group's dollar bonds extended losses Friday, with eight bonds dropping over 1pt, which follows a 5-10pt drop on Thursday triggered by US charges against founder Gautam Adani. Adani Green Energy bonds are trading at roughly 85, although liquidity is thin. Asia IG spreads continue to edge higher after hitting multi-year lows last week, they were last +1bps at +72bps, vs +69bps last week, while in HY is now +439bps vs +422bps last week.
  • Aus iTraxx CDS is unch at 66bps & Asia Ex-JP iTraxx is unch at 74bps
  • Headlines: S&P Assigns Negative Outlook to Multiple Adani Entities, Global Fund Selling of Korean Bonds Hits 3-Month High - BBG
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  • Asian equities are mostly higher today, tracking gains made overnight in the US following renewed optimism about Nvidia’s growth prospects, while crypto continues to tick higher with bitcoin now eyeing $100,000. China & Hong Kong equities have struggled following poor results from Baidu, which has weighed on the tech sector, while Property also struggle.
  • Focus all week in Australia has been on the primary market, today Woolworths printed a A$800m 10yr snr unsecured rated BBB at +148bps, initial priced guidance was +160bps this morning, which was 10bps inside guidance announced on Thursday, showing that there is strong demand for high beta corporates. Bendigo & Adelaide also printed a 5yr Fixed & floating covered bond rated AAA at +83bps. Goodman group have announced plans for a A$ 5yr bond rated BBB, while Pacific National announced they plan on doing a 30NC5.25 sub note over the next week or two, expect it to draw very strong demand. In secondary high beta corps have seen decent demand, and trade -1bp, while Snr/T2 fins are trading little changed today.
  • Adani Group's dollar bonds extended losses Friday, with eight bonds dropping over 1pt, which follows a 5-10pt drop on Thursday triggered by US charges against founder Gautam Adani. Adani Green Energy bonds are trading at roughly 85, although liquidity is thin. Asia IG spreads continue to edge higher after hitting multi-year lows last week, they were last +1bps at +72bps, vs +69bps last week, while in HY is now +439bps vs +422bps last week.
  • Aus iTraxx CDS is unch at 66bps & Asia Ex-JP iTraxx is unch at 74bps
  • Headlines: S&P Assigns Negative Outlook to Multiple Adani Entities, Global Fund Selling of Korean Bonds Hits 3-Month High - BBG