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?

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

DePfa: AT1 Up 11pts On Coupon Commitment

FINANCIALS

DePfa (PBB GY) seeing (unsurprisingly) large tightening across its curve this morning, including the AT1 referenced in the earnings (PBBGR 8.474 PERP). Indications are for further underlying operating weakness in FY24 but less than the deterioration seen in FY23.


  • The equity is marginally better this morning but the AT1 is streaming up over 11points (but still at c.34) with the company being clear in its statements that it is “currently comfortably meets the conditions to pay the AT1-coupon in April”. This is clearly not categoric as things may change between now and then but it’s likely this will be paid.
  • Conf call is indicating further stress in US office space and, less so, European office space. We note that CLS Holdings (CLI LN) published FY23 results yesterday (6-Mar) and this is a specialist European office REIT and its equity was up on the day as indications from its mgmt team were that we are nearing the bottom of this cycle.
Credit BulletsBulletHomepagemarkets-real-timeCredit
Credit BulletsBulletHomepagemarkets-real-timeCredit

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.