MNI China Daily Summary: Monday, July 29

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MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

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EGB Supply

EUROZONE ISSUANCE

The EU, Italy, Austria, Germany, Portugal and Ireland all look to issue this week. We pencil in gross nominal issuance of E16.3bln for the week (excluding retail funds from the BTP Italia), down from last week’s E33.1bln.

  • This morning, Germany will return to the market to sell E4bln of the 2.10% Nov-29 Bund (ISIN: DE0001102622).
  • Also today, Portugal will look to sell a combined E0.75-1.00bln of the on-the-run 10-year 1.65% Jul-32 OT (ISIN: PTOTEYOE0031) and the off-the-run 0.90% Oct-35 OT (ISIN: PTOTENOE0034).
  • Ireland will look to round off Eurozone issuance for the week tomorrow with its first auction of 2023. It looks to sell a combined E1.00-1.25bln of the 10-year the 0.35% Oct-32 IGB (ISIN: IE00BMD03L28) and the 15-year 1.70% May-37 IGB (ISIN: IE00BV8C9B83).
  • Italy is issuing a new 5-year Mar-28 BTP Italia this week. The guaranteed minimum annual real coupon has been set at 2.00% with retail investors who hold to maturity to also receive a bonus of 0.8%. The first phase of the placement will take place Mon-Wed for retail investors with an ISIN IT0005532715. The first two days have seen takeup of E6.57bln from retail investors (day 1 E3.637bln and day 2 E2.243bln). The second phase for institutional investors will be open from 10:00CET to 12:00CET on Thursday, with a separate ISIN.
For more on this week's issuance see the PDF here:

EZ230308.pdf

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