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- PolicyPolicy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: - G10 MarketsG10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI Podcasts - Emerging MarketsEmerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
- CommoditiesCommodities
Real-time insight of oil & gas markets
- CreditCredit
Real time insight of credit markets
- Data
- MNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
- About Us
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Free AccessMNI BRIEF: China Likely To Grow By 5% In 2024 - Advisor
MNI: PBOC Sets Yuan Parity Lower At 7.1006 Fri; -5.61% Y/Y
MNI China Press Digest Feb 02: Yi Gang, Pork, Loans
GERMANY COMES TO MARKET TODAY FOR A TAP OF EUR4bn
Germany comes to market on Wednesday for a tap of EUR4bn. On offer is the 0% Aug-30 Bund.
- BACKGROUND: The 0% Aug-30 Bund serves as the 10-year benchmark and this will be the third auction this year. At the last tap on 15 July, E4.14bn was allotted at an average yield of -0.46%, Buba cover of 1.80x and bid-to-cover of 1.48x.
- RV/HISTORY: Despite a slew of risk positive developments in recent weeks (an agreement on an EU recovery fund, tentative signs of a pickup in economic activity across Europe and, more recently, Russia's announcement that it has registered a coronavirus vaccine), bunds have yet to decisively breakaway from the bull flattening theme that has been broadly in place since the beginning of the year. Concerns about a second wave of the coronavirus across the region, heightened economic uncertainty and expectation of continued monetary expansion from the ECB has kept the entire bund curve in negative yield territory. The 0% Aug-30 Bund currently trades at a yield of -0.4714% off a multi-month low of -0.553% on August 4 and 28bp inside the comparable EUR swap. August seasonality may be a factor of consideration for today's auction. There is little in the way of EGB supply this week with just Germany and Italy coming to market. Eurozone industrial production data for June will be published ahead of the auction, but we do not expect this to be market moving.
- TIMING: Results are due out shortly after the auction closes at 1030BST.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.