MNI China Daily Summary: Tuesday, April 2

MNI BRIEF: China to Incentivise Equipment Upgrades, Trade-Ins

MNI: PBOC Drains Net CNY148 Bln Via OMO Tues; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0957 Tues; -4.95% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.0957 TUES VS 7.0938

MNI: US REDBOOK: MAR STORE SALES +3.9% V YR AGO MO

Services CPI Accelerates To 3.7% Y/Y In Line With MNI's Tracking

MNI: GERMANY MAR CPI +2.2% Y/Y

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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Pemex Sells $2 Billion In New Bonds, 4.5x Demand Seen

MEXICO
  • On Tuesday, state oil company Pemex priced a $2 billion 10-year bond sale at a discounted 97.7 cents with a yield of 10.375%, according to people familiar with the matter. Investors put in orders for more than $9 billion for the new bond, according to people familiar with the issuance.
    • Pemex has $105 billion of outstanding debt, with a heavy amortization schedule in the coming months. That’s prompted investors to speculate on how the company will keep up on obligations.
    • The company on Monday told bondholders that Mexico’s finance ministry may be open to providing financial support over the next two years.
  • The central bank will publish the total remittances the country received in December, with economists forecasting $5 billion, up from $4.8 billion in November.
    • Additionally, Banxico will release their latest economist survey before next week’s central bank decision.
  • Tesla Inc. is considering a range of options for manufacturing in Mexico that could include building on land near the new airport that serves the nation’s capital, according to a spokesperson for the president’s office. {NSN RPD7NVT0AFB4 <GO>}
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