CANADA FLASH MAY GDP +0.1% ON FACTORIES AND REAL ESTATE

MNI China Daily Summary: Friday, June 28

MNI BRIEF: PBOC Pledges to Curb Any Overshoot Of The Yuan: MPC

MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

CHINA PBOC CONDUCTS CNY50 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1268 Fri; -0.32% Y/Y

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

EZ/UK Bond Supply Calendar: BoE APF on Monday

Labour Market Data Continues To Signal Ongoing Softening

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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FQ3 Supply: Highlights

GILTS

Green syndication:

  • The DMO has confirmed the second green gilt will have a 20-30 year maturity. We would favour a 2043 or 2052/53 maturity.
  • We look for the syndication to be the week before the half term school holiday and hence pencil in a date of 19 October.
  • The date has still to be confirmed other than "mid-late October".
New gilt via auction:
  • The only new gilt to launch via auction will be a 10-year launched on 17 November with a maturity of 31 January 2032.
Number of medium/long auctions confirmed
  • In line with MNI's expectation, there will be 5 medium auctions (4-5 proposed) and 7 long auctions (7-8 proposed).
Linker syndication:
  • The DMO has confirmed the date of the W/C 22 November.
  • The DMO has also stated the syndication will be for a linker with a maturity of 40-years or longer (but not confirmed if it will be a new or existing gilt).
  • The Nov-65 linker could potentially be reopened, or the curve could be extended with a 2071-2074 maturity linker.
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