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MNI BRIEF: Investors Increasingly Eyeing Fiscal Policy -ECB VP

CANADA OCT FLASH RETAIL SALES +0.8%

MNI China Daily Summary: Friday, Nov 24

EZ/UK Bond Supply Calendar: EU-Bond Auct / BOE APF Op Monday

MNI: US NOV FLASH SERVICES PMI 50.8 (FCST 50.4); OCT 50.6

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

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

MNI BRIEF:Macklem-Fiscal Policy Turning Unhelpful On CPI Fight

MNI BRIEF: Stabilizing Prices Helps BOC Turn Neutral-Freeland

EGB Supply: W/C 20 Nov, 2023 (1/2)

EUROZONE ISSUANCE
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Slovakia, Germany, Finland and Italy are all due to issue this week. We pencil in gross nominal issuance of E10.8bln, down from E31.0bln last week.

  • Slovakia will look to kick off issuance for the week on Monday, with potentially its last auction of 2023 (the MNI Markets team thinks it is fairly unlikely that the December reserve auction will be utilised). On offer will be the 0.125% Jun-27 SlovGB (ISIN: SK4000017380), the 4.00% Oct-32 SlovGB (ISIN: SK4000021986), the 3.625% Jun-33 SlovGB (ISIN: SK4000023230) and the 3.75% Feb-35 SlovGB (ISIN: SK4000022539).
  • Tuesday will see Germany come to the market to hold its last Bobl auction of 2023 with E3.5bln of the 2.40% Oct-28 Bobl (ISIN: DE000BU25018) on offer.
  • Tuesday will also see Finland come to the market with up to E700mln of the on-the-run 3.00% Sep-33 RFGB (ISIN: FI4000550249) on offer alongside up to E300mln of the off-the-run 0.125% Apr-36 RFGB (ISIN: FI4000415153).
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Slovakia, Germany, Finland and Italy are all due to issue this week. We pencil in gross nominal issuance of E10.8bln, down from E31.0bln last week.

  • Slovakia will look to kick off issuance for the week on Monday, with potentially its last auction of 2023 (the MNI Markets team thinks it is fairly unlikely that the December reserve auction will be utilised). On offer will be the 0.125% Jun-27 SlovGB (ISIN: SK4000017380), the 4.00% Oct-32 SlovGB (ISIN: SK4000021986), the 3.625% Jun-33 SlovGB (ISIN: SK4000023230) and the 3.75% Feb-35 SlovGB (ISIN: SK4000022539).
  • Tuesday will see Germany come to the market to hold its last Bobl auction of 2023 with E3.5bln of the 2.40% Oct-28 Bobl (ISIN: DE000BU25018) on offer.
  • Tuesday will also see Finland come to the market with up to E700mln of the on-the-run 3.00% Sep-33 RFGB (ISIN: FI4000550249) on offer alongside up to E300mln of the off-the-run 0.125% Apr-36 RFGB (ISIN: FI4000415153).