MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI: US MBA: MARKET COMPOSITE +5.4% SA THRU DEC 06 WK

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

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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Italy 2024 funding update and Q3 issuance plans

EGB FUNDING UPDATE
  • Funding target for July to December E135-155bln. The MEF notes that E186bln was been sold Jan-May with E27bln in June. By our calculations, this indicates a funding target of E348-368bln. This would be an increase relative to Q2 (we estimated E324.7-346.5bln) and relative to the beginning of the year's E340-360bln target.
  • New bonds to be issued in Q3:
    • BTP Short Term maturing 28 August 2026 (minimum outstanding E9bln, MNI expects July launch)
    • 5-year BTP maturing 1 October 2029 (minimum outstanding E10bln, MNI expects July launch)
    • 10-year BTP maturing 1 February 2035 (minimum outstanding E10bln, MNI expects July launch)
  • Bonds to be reopened in Q2:
    • 3-year 3.45% Jul-27 BTP (minimum outstanding E9bln).
    • 5-year 3.35% Jul-29 BTP (minimum outstanding E10bln already exceeded).
    • 7-year 3.45% Jul-31 BTP (minimum outstanding E10bln).
    • 10-year 3.85% Jul-34 BTP (minimum outstanding E10bln already exceeded).
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