MNI BRIEF: PBOC Launches Outright Reverse Repo For Liquidity

MNI: PBOC Net Injects CNY32.7 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1307 Mon; +2.71% Y/Y

CHINA PBOC CONDUCTS CNY241.6 BLN VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1307 MON VS 7.1090

MNI China Daily Summary: Friday, October 25

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

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL OCT INDEX 70.5

MNI: BELGIUM OCT BNB BUSINESS SURVEY -12.8

EUROPEAN FISCAL: DE 2025 Budget Gap Grows; Political Risk Is Rising

CANADA: Politics Week: Trudeau Facing More Internal Dissent And Departures

CANADA: Politics Week: Trudeau Faces More Pressure To Resign

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MNI Credit Weekly: Buyer Beware

AnalysisCredit AnalysisCreditStory

Executive Summary: Buyer Beware

  • Euro credit spreads tightened a further 3bp on the week. Earnings season has been mostly supportive so far; even Autos performed this week despite some bearish updates.
  • Event risk is probably more in focus now following the DoJ’s successful block of Tapestry and Capri merging. 101 event call risk inflicted pain on bondholders.
  • Rates markets diverged with dovish pricing in Europe post-ECB and the reverse action in the US where retail sales and Trump victory odds were in focus. Peripheral spreads had a firm week.
  • Primary was subdued again with blackout. Heimstaden Bostad wasted no time mandating a deal within hours of earnings. It’s been one of the best performing curves this year.

Full piece here: 24.10.25 MNI Credit Weekly.pdf

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Executive Summary: Buyer Beware

  • Euro credit spreads tightened a further 3bp on the week. Earnings season has been mostly supportive so far; even Autos performed this week despite some bearish updates.
  • Event risk is probably more in focus now following the DoJ’s successful block of Tapestry and Capri merging. 101 event call risk inflicted pain on bondholders.
  • Rates markets diverged with dovish pricing in Europe post-ECB and the reverse action in the US where retail sales and Trump victory odds were in focus. Peripheral spreads had a firm week.
  • Primary was subdued again with blackout. Heimstaden Bostad wasted no time mandating a deal within hours of earnings. It’s been one of the best performing curves this year.

Full piece here: 24.10.25 MNI Credit Weekly.pdf