MNI China Daily Summary: Thursday, December 12

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MNI: US NOV TREASURY BUDGET -$366.8B

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Finland plans one syndication and one RFGB auction in Q3

EGB FUNDING UPDATE
  • There will be one syndication held in Q3 (MNI expects this to take place in late August). The Finnish Treasury notes that a "potential maturity" is for 5-7 year, although it also notes that "If market conditions were to prove favorable for a longer maturity, e.g. 15 years, that could be considered."
  • The possibility of a 15-year RFGB was noted in the last two quarterly funding plans, so there does appear to be some eagerness from the Treasury to issue in this area if market conditions made it favourable.
  • Outside of this syndication there will only be one RFGB auction held in the quarter (17 September). There is no change to the ORI schedule - with one in the quarter on 29 August.
  • There will be two RFTB auctions in the quarter - on 13 August and 10 September.
  • There is no update to the annual funding target (which was last updated on 23 May alongside the second supplementary budget). RFGB issuance is planned at E21.0bln and EMTN E1.5bln.
  • The next quarterly review will be published 30 September 2024.
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