MNI China Daily Summary: Tuesday, Feb 4

MNI BRIEF: EC Head Confirms Nat'l Escape Clause Activation

MNI BRIEF: China To Work With Partners As U.S. Tariffs Hit

MNI China Press Digest March 4: PBOC, U.S., FDI

MNI: PBOC Net Drains CNY280.3 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Lower At 7.1739 Tues; -1.30% Y/Y

MNI: EUROZONE JAN UNEMPLOYMENT RATE 6.2%

MNI:AUSTRALIA Q4 CURR ACCT BALANCE -12547M

MNI: AUSTRALIA JAN RETAIL SALES +0.3% M/M

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

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

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CONSUMER STAPLES: Sudzucker; 7Y FV (x3)

CONSUMER STAPLES
Credit BulletsCEEMEAEurozoneGermanyBullet

(SZUGR; Baa2 Neg/BBB Neg)

Please keep in mind in that first graph above. The retail 25s will "roll down" whereas the IG index is rebalance to stay (~5yr). I.e. the spread over IG index is useful for 2019-2021 period not for after that (look at raw 25s Z-spread line after that).
The point there is to show the (brief) pressure it faced on sugar price/earnings falls in 2019 alongside rating's moving to the edge of IG. At the time it was ~6y.

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(SZUGR; Baa2 Neg/BBB Neg)

Please keep in mind in that first graph above. The retail 25s will "roll down" whereas the IG index is rebalance to stay (~5yr). I.e. the spread over IG index is useful for 2019-2021 period not for after that (look at raw 25s Z-spread line after that).
The point there is to show the (brief) pressure it faced on sugar price/earnings falls in 2019 alongside rating's moving to the edge of IG. At the time it was ~6y.