MNI China Daily Summary: Wednesday, March 13

MNI BRIEF: China Macro Policy To Strengthen Investment Focus

MNI: PBOC Drains Net CNY7 Bln Via OMO Weds; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.0930 Weds; -3.82% Y/Y

CHINA PBOC INJECTS CNY3 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.0930 WEDS VS 7.0963

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

Bond Supply Calendar: EU Synd W/C 18-Mar; SK, BE, BoE APF Ops Monday

February CPIF Preview - Base Effects Seen Driving Y/Y Disinflation

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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Preview Tsy 2Y Note Auction

US TSYS/SUPPLY

Busy Tsy auction scheduling to accommodate the FOMC policy annc on Wednesday, April 28: 2s and 5s staggered with 13W and 26W bills on today, 2Y FRN leads off Tuesday followed by 7Y note.

  • Upcoming 2Y note (91282CBX8) auction size is the fourth consecutive offering at $60B, up from $58B in December. The 2Y yield is currently running around 0.167% vs. 0.152% high yield achieved at last month's 2Y auction (0.152% WI).
  • The March auction's bid-to-cover of 2.54x was very near the 2.56x 5 month average.
  • Indirects take-up receded to 50.52% from 57.00% high in February, direct bidders and primary dealers filled the extra take-up at 17.52% and 31.62% respectively.
  • The next 2Y auction is tentatively scheduled for May 24
  • Timing: The 2Y note will be auctioned alongside the 26W bill with results available shortly after the competitive auctions closes at 1130ET.
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