MNI China Daily Summary: Thursday, December 12

RPT-MNI BOC WATCH: More Gradual Approach Seen After 50BP Cut

MNI BRIEF: Beijing To Protect Firms From U.S. Bill - MOFCOM

MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

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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FQ3 Operations calendar: Longs

UK DMO UPDATE

Longs: 1 syndication, 4 auctions

  • Syndication: The DMO has kept its options open and not committed to any specific gilt on offer. It has, however, increased the size of the long syndication programme by GBP2.0bln to GBP15.5bln (of which GBP6.3bln has been sold - so this is not unexpected). The size of the unallocated portion has been reduced from GBP11bln to GBP9bln.
  • GEMMs were divided between a new 25-year (2048/2050) gilt and a tap of either a 4.375% Jul-54 gilt / 4.00% Oct-63 gilt with isolated calls for a new 15-year gilt. Investors "generally recommended" a new 25-year gilt (and preferred a 2048 maturity).
  • 4.75% Oct-43: 2 auctions: 16 July, 6 August (we had expected 1-2).
  • 1.50% Jul-53 green gilt: No auction (as expected).
  • 4.375% Jul-54 gilt: 2 auctions: 24 July, 17 September (we had expected 1-2).
  • 4.00% Oct-63 gilt: Not being reopened (may be sold via syndication). We expected up to 1 auction (if not chosen for syndication).
  • 1.125% Oct-73 gilt: No auctions as expected. We don’t expect a formal auction of this gilt. There is potential for a tender of this gilt in the upcoming quarters.
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