MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

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

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

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

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EGB Supply For W/C June 6, 2022

EUROZONE ISSUANCE

Germany and Portugal are both still due to sell bonds this week for a further E4.75bln while Spain, Austria and Germany sold bonds yesterday for a combined E10.1bln. We look for estimated gross nominal issuance of E14.9bln (excluding the Italian buyback), down from the E31.8bln sold last week.

  • Spain held a syndication on Tuesday to launch a new 10-year 2.55% Oct-32 Obli with books in excess of E40bln.
  • Austria kicked off auctions for the week selling E1.38bln (E1.20bln allotted) of 5/10-year RAGBs, E690mln (E600mln) of each of the 0.50% Apr-27 RAGB (ISIN: AT0000A1VGK0) and the 0.90% Feb-32 RAGB (ISIN: AT0000A2WSC8).
  • Germany then sold E700mln (E586mln allotted) of ILBs: E500mln (E419mln allotted) of the 0.10% Apr-26 ILB (ISIN: DE0001030567) and E200mln (E167mln allotted) of the 0.10% Apr-46 ILB (ISIN: DE0001030575).
  • Yesterday, Italy held a Specialist buyback operation, buying E3.0bln of BTP Italia: E536mln of the 0.25% Nov-23 BTP Italia (ISIN: IT0005312142), E511mln of the 0.40% Apr-24 BTP Italia (ISIN: IT0005174906) and E1.953bln of the 1.40% May-25 BTP Italia (ISIN: IT0005410912).
  • Germany returned to the market yesterday selling E4bln of the 0% Feb-32 Bund on offer (ISIN: DE0001102580) with E3.2662bln allotted.
  • Also yesterday, Portugal sold E750mln (the top of the target range) of the 0.30% Oct-31 OT (ISIN: PTOTEOOE0033), concluding Eurozone issuance for the week.

NET NOMINAL FLOWS: A E15.0bln German Schatz is the only redemption due this week and there are no coupon payments due. Including the Italian buyback, this leaves estimated net flows for the week at negative E3.1bln (down from the positive 12.4bln last week).

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