MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

US NFIB NOV SMALL BUSINESS INDEX 101.7

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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TRANSPORTATION: CMA CGM (CMACG; Ba1/BB+) PRICE TALK

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€100m tap of the new €400m 4.75NC1.75; Price Talk at 101.25-101.5 (5.1-5.2%)

  • 10-20bps in from IPT, closed yesterday at 102.7/4.7% so coming 40-50bps wide
  • books close at 2pm London
  • Hasn't traded that low since issuance - priced wide for ratings in primary but we did (& still do not) have a firm view.

It's moving fast here but might be worth looking at this deal. It targets BB corridor so not a rising star (and implies headroom for ratings to move to BB-), but it trades nearly 2% wide to IG peers. Some of that may be the shadow cast by its history; the now pulled 26s were issued at 8%/MS+882 on Caa1/B- ratings in late 2020. Returns were still stellar for those who caught the falling knife - it was pulled ~2yrs later, nearly 6pts above issuance (!). It is a private co and family owned by the Saade's - onto its 2nd generation now.

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€100m tap of the new €400m 4.75NC1.75; Price Talk at 101.25-101.5 (5.1-5.2%)

  • 10-20bps in from IPT, closed yesterday at 102.7/4.7% so coming 40-50bps wide
  • books close at 2pm London
  • Hasn't traded that low since issuance - priced wide for ratings in primary but we did (& still do not) have a firm view.

It's moving fast here but might be worth looking at this deal. It targets BB corridor so not a rising star (and implies headroom for ratings to move to BB-), but it trades nearly 2% wide to IG peers. Some of that may be the shadow cast by its history; the now pulled 26s were issued at 8%/MS+882 on Caa1/B- ratings in late 2020. Returns were still stellar for those who caught the falling knife - it was pulled ~2yrs later, nearly 6pts above issuance (!). It is a private co and family owned by the Saade's - onto its 2nd generation now.

Keep reading...Show less