MNI China Daily Summary: Friday, January 10

MNI BRIEF: China To Adopt Very Proactive Fiscal Policy-Offical

CANADA LIBERAL LEADERHIP VOTE TO REPLACE TRUDEAU SET FOR MAR 9

MNI BRIEF: PBOC Suspends Bonds Trades As Yields Drop

MNI: PBOC Net Drains CNY14.8 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1891 Fri; -2.36% Y/Y

USDA: CORN STOCKS 12,074M BSL ON JAN 1

MNI: USDA: 2024/2025 CORN PRODUCTION EST 14.87B BSL

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

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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FINANCIALS: Abanca - New Issue -  12NC7 Tier 2 - IPT MS+275

FINANCIALS
Credit BulletsCEEMEAEurozoneSpainBullet
  • We see FV at MS+250. Likely the syndicate will be aiming for +245 here.
  • BAMIIM 4.5% 2036 is the closes rated comp at this maturity. It was trading at c.MS+220 before the UCGIM rumours caused it to rally.      Looking at the difference between the ABANCA 8.375% 2033 and the BAMIIM 5% 2034 , ABANCA has done well this year, narrowing the spread gap to just 30bps, before the UCGIM announcement. Our FV puts the new ABANCA 25bps wide of the 7y BAMIIM, adjusting for the curve.
  • +250 put the gap between the recently issued ISPIM 4.271% 2036 and the new ABANCA slightly wider than the gap between the ABANCA 8.375% 2033 and the ISPIM 6.184% 2034 with the higher rated issuers curve expected to be flatter
  • Expected ratings Ba1/NR/BB

 

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  • We see FV at MS+250. Likely the syndicate will be aiming for +245 here.
  • BAMIIM 4.5% 2036 is the closes rated comp at this maturity. It was trading at c.MS+220 before the UCGIM rumours caused it to rally.      Looking at the difference between the ABANCA 8.375% 2033 and the BAMIIM 5% 2034 , ABANCA has done well this year, narrowing the spread gap to just 30bps, before the UCGIM announcement. Our FV puts the new ABANCA 25bps wide of the 7y BAMIIM, adjusting for the curve.
  • +250 put the gap between the recently issued ISPIM 4.271% 2036 and the new ABANCA slightly wider than the gap between the ABANCA 8.375% 2033 and the ISPIM 6.184% 2034 with the higher rated issuers curve expected to be flatter
  • Expected ratings Ba1/NR/BB