债市日报：5月22日

Market Overview - The bond market showed consolidation on May 22, with government bond futures mostly stable and interbank bond yields fluctuating within a narrow range of 0.5 basis points [1][2] - The People's Bank of China conducted a net injection of 90 billion yuan in the open market, with short-term funding rates continuing to decline [1][5] Yield Movements - The 30-year government bond futures fell by 0.04% to 119.520, while the 10-year futures rose by 0.01% to 108.815 [2] - The yield on the 10-year China Development Bank bond increased by 0.25 basis points to 1.74%, while the yield on the 30-year government bond decreased by 0.5 basis points to 1.9115% [2] International Bond Markets - In North America, U.S. Treasury yields rose across the board, with the 10-year yield increasing by 11.56 basis points to 4.605% [3] - Japanese bond yields also saw an uptick, with the 10-year yield rising by 6 basis points to 1.575% [3] - Eurozone bond yields increased, with the 10-year French bond yield rising by 4.9 basis points to 3.308% [3] Primary Market Activity - The Export-Import Bank of China issued a 1-year fixed-rate bond with a winning rate of 1.2094%, achieving a bid-to-cover ratio of 4.23 [4] - The China Development Bank's 3-year and 7-year financial bonds had winning yields of 1.5274% and 1.6676%, respectively, with bid-to-cover ratios of 2.21 and 5.03 [4] Funding Conditions - The central bank conducted a 7-day reverse repurchase operation with a total amount of 154.5 billion yuan at a rate of 1.40%, resulting in a net injection of 90 billion yuan for the day [5] - Short-term Shibor rates mostly declined, with the overnight rate falling by 4.4 basis points to 1.465% [5] Institutional Insights - Huatai Securities noted that while April real estate data showed marginal weakness, the impact of interest rate cuts on bank interest margins is expected to be limited [6] - Shenwan Hongyuan projected that increased government bond supply in Q2 and Q3 will create opportunities for banks to allocate bonds, particularly in local and national bonds [7] - China International Capital Corporation highlighted that the flattening of the deposit curve could provide more room for long-term interest rate declines, potentially leading to a bull steepening of the yield curve [7]