债市日报：5月6日

Core Viewpoint - The bond market is experiencing a weak consolidation, with expectations of accelerated issuance of government bonds and special bonds in May, leading to a net financing of approximately 1.5 to 1.7 trillion yuan [1] Market Performance - The majority of government bond futures closed lower, with the 30-year main contract up 0.11% at 120.970, while the 10-year main contract remained flat at 109.045 [2] - The interbank market saw most bond yields rise slightly, with the 3-year bond yield increasing by 1.25 basis points to 1.4875% [2] - The China Convertible Bond Index closed up 0.82% at 425.39 points, with a total transaction amount of 599.36 billion yuan [2] Overseas Bond Market - In North America, U.S. Treasury yields rose across the board, with the 10-year yield increasing by 3.5 basis points to 4.3433% [3] - In Asia, Japanese bond yields generally fell, except for the long end, with the 10-year yield down 1.7 basis points to 1.257% [3] - In the Eurozone, yields on 10-year bonds in France, Germany, Italy, and Spain all decreased [3] Primary Market - Agricultural Development Bank's 2-year floating rate bond had a winning rate of 1.77%, with a bid-to-cover ratio of 2.72 [4] - The 2-year fixed rate bond had a winning rate of 1.5639%, with a bid-to-cover ratio of 4.53 [4] Funding Conditions - The central bank conducted a reverse repurchase operation of 405 billion yuan, resulting in a net withdrawal of 682 billion yuan for the day [5] - Short-term Shibor rates fell across the board, with the overnight rate down 5.8 basis points to 1.702% [5] Institutional Views - Huatai Fixed Income suggests that bond market volatility may increase in May and June, with yields facing downward pressure due to economic data and monetary policy [6] - Changjiang Securities indicates that market logic is returning to fundamental verification, with key variables including policy effectiveness and credit recovery pace [7] - Huachuang Securities notes that the central bank's focus is on "stabilizing growth" without aggressive monetary easing, as government bond supply pressure increases in May [7]