MNI China Daily Summary: Friday, April 26

MNI BRIEF: China, US Should Strengthen Dialogue, Cooperation

MNI BRIEF: SNB Framework Reform 'Playing With Fire' - Steiner

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

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

MNI: PBOC Sets Yuan Parity Lower At 7.1056 Fri; -4.56% Y/Y

MNI: BAKER HUGHES US RIG COUNT 613; OIL RIGS 506; GAS RIGS 105

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL APR INDEX 77.2

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

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: W/C 1 April 2024 (1/2)

EUROZONE ISSUANCE
Homepagemarkets-real-timeBulletMarketsFixed Income Bullets

Germany, Spain, France and Finland are all due to issue in the week ahead. We pencil in estimated gross issuance for the week at E33.8bln, around double the E16.8bln of this week. In addition, we expect to receive a funding update from Ireland. We see Greece, Finland and Portugal as the most likely to hold syndications in the week. It may take a little longer past the Easter holidays for the Q2 syndication programmes to get up to speed, but given the negative cash flows seen this week, we could see some early transactions.

  • Germany will kick off Q2 issuance on Tuesday with E4.5bln of the 2.50% Mar-26 Schatz (ISIN: DE000BU22049) on offer.
  • Germany will then return to the market on Wednesday, looking to sell E4.5bln of the 10-year 2.20% Feb-34 Bund (ISIN: DE000BU2Z023).
  • On Thursday, Spain will look to hold a Bono/Olbi/ObliEi auction. On offer will be the on-the-run 5-year 3.50% May-29 Bono (ISIN: ES0000012M51), the on-the-run 10-year 3.25% Apr-34 Obli (ISIN: ES0000012M85) and the on-the-run 15-year 3.90% Jul-39 Obli (ISIN: ES0000012L60). Alongside these the 2.05% Nov-39 Obli-Ei (ISIN: ES0000012M69) will be sold. The auction size is likely to be confirmed on Monday 1 April.
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Germany, Spain, France and Finland are all due to issue in the week ahead. We pencil in estimated gross issuance for the week at E33.8bln, around double the E16.8bln of this week. In addition, we expect to receive a funding update from Ireland. We see Greece, Finland and Portugal as the most likely to hold syndications in the week. It may take a little longer past the Easter holidays for the Q2 syndication programmes to get up to speed, but given the negative cash flows seen this week, we could see some early transactions.

  • Germany will kick off Q2 issuance on Tuesday with E4.5bln of the 2.50% Mar-26 Schatz (ISIN: DE000BU22049) on offer.
  • Germany will then return to the market on Wednesday, looking to sell E4.5bln of the 10-year 2.20% Feb-34 Bund (ISIN: DE000BU2Z023).
  • On Thursday, Spain will look to hold a Bono/Olbi/ObliEi auction. On offer will be the on-the-run 5-year 3.50% May-29 Bono (ISIN: ES0000012M51), the on-the-run 10-year 3.25% Apr-34 Obli (ISIN: ES0000012M85) and the on-the-run 15-year 3.90% Jul-39 Obli (ISIN: ES0000012L60). Alongside these the 2.05% Nov-39 Obli-Ei (ISIN: ES0000012M69) will be sold. The auction size is likely to be confirmed on Monday 1 April.