MNI China Daily Summary: Thursday, March 13

MNI BRIEF: China Has Been In Communication With U.S. On Trade

MNI BRIEF: China To Enhance Customs Clearance

MNI BRIEF: China Consumer Satisfaction Up

MNI: PBOC Net Drains CNY68.6 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1728 Thurs; -0.64% Y/Y

MNI: EUROZONE JAN IP +0.8% M/M, +0% Y/Y

MNI: SWEDEN FINAL FEB CPIF +2.9% Y/Y

MNI: US FEB TREASURY BUDGET -$307.0B

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

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UTILITIES: Naturgy (NTGYSM Baa2/BBB/BBB): Taqa Renews Interest

UTILITIES
Credit BulletsCEEMEAEurozoneSpainBullet

Despite potential positives, NTGYSM spreads didn’t really move on this story last year. We wouldn’t expect much movement here.

  • Following a takeover attempt last year that fell through after control issues couldn’t be agreed, Taqa is reportedly considering a new attempt. The Spanish government is supportive according to Bloomberg.
  • We viewed the potential deal last year as credit supportive, with removal of shareholder overhang potentially enabling Naturgy to move forward with clearer strategy. Taqa is rated Aa3/NR/AA.
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Despite potential positives, NTGYSM spreads didn’t really move on this story last year. We wouldn’t expect much movement here.

  • Following a takeover attempt last year that fell through after control issues couldn’t be agreed, Taqa is reportedly considering a new attempt. The Spanish government is supportive according to Bloomberg.
  • We viewed the potential deal last year as credit supportive, with removal of shareholder overhang potentially enabling Naturgy to move forward with clearer strategy. Taqa is rated Aa3/NR/AA.