MNI China Daily Summary: Friday, January 10

MNI BRIEF: China To Adopt Very Proactive Fiscal Policy-Offical

CANADA LIBERAL LEADERHIP VOTE TO REPLACE TRUDEAU SET FOR MAR 9

MNI BRIEF: PBOC Suspends Bonds Trades As Yields Drop

MNI: PBOC Net Drains CNY14.8 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1891 Fri; -2.36% Y/Y

USDA: CORN STOCKS 12,074M BSL ON JAN 1

MNI: USDA: 2024/2025 CORN PRODUCTION EST 14.87B BSL

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

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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EGB FUNDING UPDATE: Italy 2025 Funding Plan

EGB FUNDING UPDATE
EurozoneBulletMarketsFixed Income Bullets
  • The MEF notes the projected deficit is E135bln, redemptions (ex BOTs) are E234bln and there will be some NGEU loans.
  • E330-350bln of bonds planned to be issued in 2025, down from E361bln in 2024.
  • New Bonds in Q1-25
    • BTP Short Term maturing 25 February 2027 (minimum outstanding to be E9bln). We look for a January launch.
    • 5-year BTP maturing 1 July 2030 (minimum outstanding to be E10bln). We look for a February / March launch.
    • 10-year BTP maturing 1 August 2035 (minimum outstanding to be E10bln). We look for a January launch (possibly via syndication).
  • Reopenings in Q1-25:
    • 3-year 2.70% Oct-27 BTP (minimum outstanding E9bln)
    • 5-year 3.00% Oct-29 BTP (minimum outstanding E10bln already exceeded)
    • 7-year 3.15% Nov-31 BTP (minimum outstanding E10bln already exceeded)
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  • The MEF notes the projected deficit is E135bln, redemptions (ex BOTs) are E234bln and there will be some NGEU loans.
  • E330-350bln of bonds planned to be issued in 2025, down from E361bln in 2024.
  • New Bonds in Q1-25
    • BTP Short Term maturing 25 February 2027 (minimum outstanding to be E9bln). We look for a January launch.
    • 5-year BTP maturing 1 July 2030 (minimum outstanding to be E10bln). We look for a February / March launch.
    • 10-year BTP maturing 1 August 2035 (minimum outstanding to be E10bln). We look for a January launch (possibly via syndication).
  • Reopenings in Q1-25:
    • 3-year 2.70% Oct-27 BTP (minimum outstanding E9bln)
    • 5-year 3.00% Oct-29 BTP (minimum outstanding E10bln already exceeded)
    • 7-year 3.15% Nov-31 BTP (minimum outstanding E10bln already exceeded)