MNI: PBOC Drains Net CNY148 Bln Via OMO Tues; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0957 Tues; -4.95% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.0957 TUES VS 7.0938

MNI China Daily Summary: Monday, April 1

MNI BRIEF: Caixin Mar Manufacturing PMI Hits One-Year High

ITALY MAR MANUFACTURING PMI 50.4 (FCST: 48.8); FEB 48.7

March Manufacturing PMI Expansionary For Second Consecutive Month

SPAIN MAR MANUFACTURING PMI 51.4 (FCST: 51.0); FEB 51.5

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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EGB Supply For W/C July 18, 2022

EUROZONE ISSUANCE

Belgium, Germany, Spain and France will all look to sell bonds next week. We look for estimated gross nominal issuance of E25.7bln, slightly higher than this week’s E24.8bln sold.

  • Belgium will kick off issuance on Monday with E2.7-3.7bln of 5/10/30-year OLOs on offer: the 0% Oct-27 OLO (ISIN: BE0000351602), the 0.35% Jun-32 OLO (ISIN: BE0000354630) and the 1.40% Jul-53 OLO (ISIN: BE0000355645).
  • On Tuesday, Germany will come to the market to sell E4bln of the 1.30% Oct-27 Bobl (ISIN: DE0001141869).
  • Germany will return to the market on Wednesday with E1.5bln of the 0% Aug-30 Green Bund (ISIN: DE0001030708) on offer.
  • Spain will look to sell on-the-run 3/5-year Bonos and the 10-year Obli with the amount to be confirmed Monday. On offer will be the 0% May-25 Bono (ISIN: ES0000012K38), the 0% Jan-27 Bono (ISIN: ES0000012J15) and the 2.55% Oct-32 Obli (ISIN: ES0000012K61).
  • Also Thursday, France will look to sell E9.5-10.5bln of MT OATs. On offer will be the 0% Feb-25 OAT (ISIN: FR0014007TY9), the 0.75% Feb-28 OAT (ISIN: FR001400AIN5) and the 0.75% May-28 OAT (ISIN: FR0013286192).
  • Concluding the week’s issuance France will return to the market later on Thursday to sell E1.0-1.5bln of inflation-linked OATs On offer will be the 0.10% Mar-28 OATi (ISIN: FR0013238268), the 0.10% Jul-31 OATei (ISIN: FR0014001N38) and the 0.10% Jul-53 OATei (ISIN: FR0014008181)

NET NOMINAL FLOWS: The week ahead sees no redemptions and coupon payments of just E0.4bln. Together with estimated gross issuance of E25.7bln, MNI estimates net nominal issuance of positive E25.3bln next week, versus this week’s negative E6.6bln.

For a calendar of all announced EGB/EU/ESM/EFSF auctions see the MNI EZ/UK Bond Supply Calendar here.

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