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 Details (2/3)

EGB FUNDING UPDATE
EurozoneBulletMarketsFixed Income Bullets
  • 7-year BTP: Slightly lower issuance than in 2024 (E56.5bln was issued including 2 syndicated launches) with positive net issuance (E33.763bln of redemptions due). At least 2 new lines to be opened. There is no planned new 7-year to be launched via auction in Q1, but we note the possibility of a syndicated launch, likely as part of a dual-tranche transaction, in either February or March would be possible.
  • 10-year BTP: Volume of issuance "in line with or only slightly different" from 2024 when E44.8bln was issued and positive net issuance (E38.383bln maturing). 3 new lines expected to be launched - MNI expects the first of these to be in January via auction.
  • 15-50 year BTPs: Gross issuance could be less than 2024 (E43.2bln) but to be net positive (E23.404bln formerly 15-year BTP is the only redemption). The MEF notes that "particular attention will be paid" to assessing the 20-year area, noting that gross issuance is likely to be higher than 2024 in the 20/50-year areas but lower in the 15/30-year areas.
  • Green BTPs: MEF to evaluate the possibility of a new Green BTP via syndication. Similar volumes of Green BTPs to be sold overall to the E11.4bln sold in 2024.
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  • 7-year BTP: Slightly lower issuance than in 2024 (E56.5bln was issued including 2 syndicated launches) with positive net issuance (E33.763bln of redemptions due). At least 2 new lines to be opened. There is no planned new 7-year to be launched via auction in Q1, but we note the possibility of a syndicated launch, likely as part of a dual-tranche transaction, in either February or March would be possible.
  • 10-year BTP: Volume of issuance "in line with or only slightly different" from 2024 when E44.8bln was issued and positive net issuance (E38.383bln maturing). 3 new lines expected to be launched - MNI expects the first of these to be in January via auction.
  • 15-50 year BTPs: Gross issuance could be less than 2024 (E43.2bln) but to be net positive (E23.404bln formerly 15-year BTP is the only redemption). The MEF notes that "particular attention will be paid" to assessing the 20-year area, noting that gross issuance is likely to be higher than 2024 in the 20/50-year areas but lower in the 15/30-year areas.
  • Green BTPs: MEF to evaluate the possibility of a new Green BTP via syndication. Similar volumes of Green BTPs to be sold overall to the E11.4bln sold in 2024.