CANADA JULY CPI +2.5% YOY, SLOWEST SINCE MARCH 2021

MNI China Daily Summary: Tuesday, Aug 20

China Repo Rates Rise On Tuesday

MNI: PBOC Net Drains CNY236.6 Bln via OMO Tuesday

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Brightmine: Median Pay Deals Fall Back to Lowest Level Seen This Year

EZ/UK Bond Supply Calendar: UK, Germany Auction on Wednesday

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

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France 2024 Funding Plan

EUROZONE ISSUANCE
  • E285bln of MT/LT OAT issuance net of buybacks (in line with the provisional September plan; target for 2023 was E270bln - up from E260bln in 2021/22).
  • The total financing requirement will stand at E295.8bln (E299.7bln in the provisional plan, down from E310.3bln in 2023): E144.4bln to cover the deficit (E144.5bln in the provisional plan; down E27.7bln vs 2023) and E156.4bln of MT/LT debt redemptions (E160.2bln in provisional plan).
  • There will be a planned net increase of E3.8bln BTFs (E7.7bln in the provisional plan)
  • Auctions to be held in line with 2023 (OATs above 8.5 years maturity on first Thursday of month, OATs with 2-8.5 year maturities and linkers on third Thursday of month). December will see one single auction with nominal and/or linkers on first Thursday of month.
  • Green bonds to be continued to be tapped.
  • New issues:
    • One new 3-year OAT benchmark
    • One new 5/6-year OAT benchmark
    • One new 10-year OAT benchmark
    • "Prospect of" new long term green bond via syndication "depending on market conditions"
    • "Prospect of" new 30-year OAT via syndication "depending on market conditions."
    • "Consider" new 20-year OATei via syndication.
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