债市日报：5月13日

Market Overview - The bond market showed slight recovery on May 13, with most government bond futures closing higher and interbank bond yields falling by 1-2 basis points [1][2] - The central bank conducted a net withdrawal of 225 billion yuan in the open market, with short-term funding rates continuing to decline [1][5] - Market sentiment improved slightly due to better-than-expected results from important talks, leading to a stable yield outlook with limited downward potential [1][6] Bond Futures and Yields - Government bond futures closed mostly higher, with the 30-year main contract up 0.13% at 119.300, and the 10-year main contract up 0.03% at 108.715 [2] - Major interbank bond yields generally declined, with the 10-year government bond yield falling by 1.25 basis points to 1.665% [2] International Bond Market - In North America, U.S. Treasury yields rose across the board, with the 2-year yield increasing by 11.93 basis points to 4.0082% [3] - In the Eurozone, 10-year bond yields also increased, with French bonds rising by 6.1 basis points to 3.324% [3] Primary Market Activity - The China Development Bank's two issues of financial bonds had bidding yields below the China Bond valuation, with 1-year and 10-year yields at 1.3400% and 1.6635%, respectively [4] Funding Conditions - The central bank announced a 180 billion yuan reverse repurchase operation at a fixed rate of 1.40%, with a total bid amount of 180 billion yuan [5] - Short-term Shibor rates fell across the board, with the overnight rate dropping to 1.406%, the lowest since December 2024 [5] Institutional Insights - Huatai Fixed Income noted that while the bond market may face short-term pressure, the likelihood of new lows in bond rates is reduced due to policy rate cuts and a return to a more stable funding environment [6] - CICC highlighted that the better-than-expected results from talks have improved market risk appetite, indicating a potential easing of supply shocks in the U.S. and reduced demand shocks in China [6][7]