MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI: US MBA: MARKET COMPOSITE +5.4% SA THRU DEC 06 WK

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

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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EUR MARKET WRAP

CREDIT PRE-MARKET


  • EGB opened wider and traded sideways yesterday post-BOJ amidst sparse headline flow before selling-off from 2pm onwards after weaker-than-expected EZ consumer confidence did little to reduce pressure. 2y/10y bunds ended +2.5bp/+6bp.
  • All of yesterday’s deals came from FIGs with four bank deals (€1.1bn SP, €0.5BN T2), a €0.65bn Insurance deal, €100mn from Other Financial and €3.25bn in Covereds. Deals performed well, particularly the Ibercaja Sr Pref tightening 45bps with cover of ~10x.
  • Main/XO moved +1.3/6.1bp with MoM moves now +1.3bp/13bp. €IG/€HY ended -0.6/-6.6bp with Fins broadly in line with Corps despite the supply tilt. AAA bonds were the only bucket to widen while B bonds are now 1.5% tighter over the past 3m. Insurance (Sr) was the only IG sector ending wider, at +0.7bp.
  • SXXP ended -0.3% with defensives underperforming at -1% while the IBEX declined -1.1%. Real Estate and Basic Resources were the biggest movers at -1.3%/+1.9% though it was VW that grabbed headlines at +5.4% after an analyst call suggesting Q4 was in line and the current environment mightn’t be as bad as believed.
  • Asian equities are mixed today with Japanese equities lower after PMI’s showed a modest decline in manufacturing and an even stronger service sector. In the US, Trump won in New Hampshire, now two states for two. SXXP futures are +0.4% DoD.
  • Up today we have:

Time

C

Event

08:15

FR

HCOB France PMI

08:30

GE

HCOB Germany Flash PMIs

09:00

EC

HCOB Eurozone Flash PMIs

09:30

UK

S&P Global UK Flash PMIs

11:00

UK

CBI Business Optimism/Selling Prices/Total Orders

12:00

US

MBA Mortgage Applications

14:45

US

S&P Global US Flash PMIs

Curncy

Type

Issuer

Exp Rating

Rank

Ticker

B'mark

Amount (bn)

Spread (bp)

Δ IPT (bp)

BBG NIC (bp)

Cover (x)

EUR

Banks (Sr Pref)

IBERCAJA BANCO SA

BBB-

Sr Preferred

CAZAR 4 3/8 07/30/28

MS

0.50

165

45

N/A

9.8

EUR

Banks (Sr Pref)

OTP BANK NYRT

BBB-

Sr Preferred

OTPHB 5 01/31/29

MS

0.60

230

30

N/A

1.9

EUR

Banks (T2)

JYSKE BANK A/S

BBB

Subordinated

JYBC 5 1/8 05/01/35

MS

0.50

250

30

N/A

4.5

EUR

Insurance (Secured)

NEW YORK LIFE GLOBAL FDG

AAA

Secured

NYLIFE 3.45 01/30/31

MS

0.65

80

28

10

1.8

EUR

Banks (Sr Unsec)

B2 IMPACT ASA

BB-

Sr Unsecured

BTWO Float 01/30/28

FRN

0.10

500

63

N/A

4.0

EUR

Covered (Banking)

COOPERATIEVE RABOBANK UA

AAA

Secured

RABOBK 3.064 02/01/34

MS

1.50

37

6

-2.6

2.0

EUR

Covered (Banking)

HAMBURG COMMERCIAL BANK

AA-

Secured

HCOB 3 5/8 01/30/26

MS

0.50

73

10

N/A

8.0

EUR

Covered (Banking)

SOCIETE GENERALE SFH

AAA

Secured

SOCSFH 3 02/01/27

MS

1.25

20

7

-6.4

2.0

Total

5.60

169

27

0.3

4.3

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