MNI China Daily Summary: Friday, December 13

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

MNI: GERMANY OCT EXPORTS -2.8% M/M (VS FCST -2.6%)

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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EGB Supply

EUROZONE ISSUANCE

Italy, Finland, Spain and France all still look to issue bonds today while Greece, Germany and the EU have already sold bonds. We look for estimated gross nominal issuance of E31.0bln excluding the retail BTP Italia takeup, up from last week’s E22.8bln.

  • This morning will see the institutional book for the new 6-year Nov-28 BTP Italia open between 9:00-11:00GMT (10:00-12:00CET). The institutional ISIN will be IT0005517195. The retail book that was open Monday to Wednesday saw E7.281bln sold with a guaranteed minimum coupon of 1.60%. This was broadly in line with the E7.261bln sold in the retail phase of the 8-year BTP Italia sale in June (which saw E2.179bln taken up by institutional investors).
  • Spain will come to the market with a combined E3-4bln of the on-the-run 3-year 0% May-25 Bono (ISIN: ES0000012K38), the off-the-run 10-year 0.70% Apr-32 Obli (ISIN: ES0000012K20) and the off-the-run 22-year 5.15% Oct-44 Obli (ISIN: ES00000124H4) on offer.
  • France will then look to sell E7-8bln of MT OATs. On offer will be the 0.75% Feb-28 OAT (ISIN: FR001400AIN5), the 0.75% Nov-28 OAT (ISIN: FR0013341682) and the 0.50% May-29 OAT (ISIN: FR0013407236).
  • France will also look to sell E1.0-1.5bln of OATeis on Thursday: the 0.10% Jul-31 OATei (ISIN: FR0014001N38), the 3.15% Jul-32 OATei (ISIN: FR0000188799) and the 0.10% Jul-47 OATei (ISIN: FR0013209871).
For more on this week's issuance, see the PDF here:

EZ221117.pdf

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