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

The EU and Italy both released updated funding plans on Monday. Lithuania announced a mandate, with the syndication likely to take place today and Italy will return tomorrow to hold another auction. Finland held a USD syndication while the EU, Italy and Germany held conventional auctions. We pencil in an estimated gross issuance for the week at E25.0bln, down from E32.7bln last week.

  • Also on Tuesday, a mandate was announced for Lithuania to launch a new 7-year EUR benchmark. This will be the second Lithuanian syndication this year, with E1.5bln sold in February of a 10-year issue. Lithuania's gross borrowing requirement for 2024 is E5.7bln (net E2.77bln). E3.0bln is planned to be sold via EMTNs at syndication, so we look for another E1.5bln transaction. We expect the transaction to take place today.
  • Italy will return to the market on Thursday, to hold a 5/10-year BTP / CCTeu auction. On offer will be E3.0-3.5bln of the on-the-run 5-year 3.35% Jul-29 BTP (ISIN: IT0005584849), E3.0-3.5bln of the on-the-run 10-year 3.85% Jul-34 BTP (ISIN: IT0005584856) and E1.25-1.75bln of the Apr-32 CCTeu (ISIN: IT0005594467). We had thought there was a risk of a new 10-year BTP being launched at this auction, but we think that will now happen in July.
For more on this week's issuance and a look ahead to next week's issuance see the full PDF here:

EZ240626.pdf

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