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Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
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EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
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Commodities
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Credit
Credit
Real time insight of credit markets
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Data
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Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Global Macro Weekly -
About Us
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI BRIEF: RBA Details Hypothetical Monetary Policy Paths
MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday
EUR Market Wrap
- Bunds closed 4-5bps cheaper after the ECB’s op framework review pointed to slightly easier refinancing conditions vs. most expectations with no notable hawkish surprises.
- Main/XO ended -1bp/-5bp, outperforming CDX IG/HY by close to 1bp/4bp and bringing YTD underperformance to 1bp/13bp. €IG/€HY cash ended -3bp/-5bp with belly €IG spreads outperforming (3-10yr spreads -3.7bp) and Sr Banks again outperforming at -5bp (now -26bp MoM vs. -17bp for €IG).
- SXXP rose 0.2% with Retail expanding on earlier gains to end +3.3% with Zalando +19% and Inditex +8% on strong earnings. Autos ended -1.2%, led lower by VW at -4% after a disappointing Q4 and weak China guidance.
- HK equities are underperforming at -1% though the wider region trades flat with the Nikkei +0.3% supported by a slightly weaker yen. Stoxx 50 futures are flat. Up today we have:
GMT/Local | Impact | Country | Event |
0700/0800 | *** | SE | Inflation Report |
0800/0900 | *** | ES | HICP (f) |
0930/1030 | EU | ECB's Elderson at European Banking Federation meeting | |
1100/1200 | EU | ECB's Schnabel Speech at MMCG meeting | |
- | *** | CN | Money Supply |
- | *** | CN | New Loans |
- | *** | CN | Social Financing |
1230/0830 | *** | US | Jobless Claims |
1230/0830 | ** | US | WASDE Weekly Import/Export |
1230/0830 | ** | CA | Monthly Survey of Manufacturing |
1230/0830 | *** | US | PPI |
1230/0830 | *** | US | Retail Sales |
1400/1000 | * | US | Business Inventories |
1430/1030 | ** | US | Natural Gas Stocks |
1530/1130 | * | US | US Bill 08 Week Treasury Auction Result |
1530/1130 | ** | US | US Bill 04 Week Treasury Auction Result |
1800/1900 | EU | ECB's De Guindos fireside chat at Foros |
Final Type | Issuer | CompRating | Rank | Ticker | Spread Against | Spread | Tightening From IPT | BBG NIC | Amount (bn) | Total Cover |
Autos | STELLANTIS NV | BBB+ | Sr Unsecured | STLA 3 1/2 09/19/30 | MS | 90 | 42.5bp | -5.5bp | 0.75 | 4.0x |
Autos | STELLANTIS NV | BBB+ | Sr Unsecured | STLA 3 3/4 03/19/36 | MS | 123 | 49.5bp | -1.2bp | 0.5 | 12.2x |
Banks (Sr Unsec) | VIRGIN MONEY UK PLC | BBB+ | Sr Unsecured | VMUKLN 4 03/18/28 | MS | 120 | 50.0bp | 6.3bp | 0.75 | 10.0x |
Communications | DEUTSCHE TELEKOM AG | NR | Sr Unsecured | DT 3 1/4 03/20/36 | MS | 65 | 37.5bp | 11.1bp | 0.75 | 2.9x |
Covered (Banking) | VSEOBECNA UVEROVA BANKA | AA+ | Secured | VUBSK 3 1/4 03/20/31 | MS | 70 | 15.0bp | -2.4bp | 0.5 | 5.0x |
Covered (Local Authority) | DEUTSCHE KREDITBANK AG | AAA | Secured | DKRED 2 7/8 03/21/36 | MS | 36 | 6.0bp | 7.7bp | 0.5 | 2.0x |
Pharma | UCB SA | NR | Sr Unsecured | UCBBB 4 1/4 03/20/30 | MS | 170 | 40.0bp | N/A | 0.5 | 6.0x |
Services | RELX FINANCE BV | BBB+ | Sr Unsecured | RELLN 3 3/8 03/20/33 | MS | 87 | 43.0bp | 2.7bp | 0.85 | 3.9x |
Utilities | FINGRID OYJ | A+ | Sr Unsecured | FINPOW 3 1/4 03/20/34 | MS | 73 | 34.5bp | N/A | 0.5 | 4.6x |
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.