【立方债市通】交易商协会规范债券发行/鹤壁国资集团发债8亿元/两家债券发行人被监管警示

Group 1 - The China Interbank Market Dealers Association has issued a notice to strengthen the issuance and underwriting norms in the interbank bond market, emphasizing market-oriented principles and fair treatment of all investors [1] - The notice prohibits pre-agreed bond issuance rates and practices that distort market prices, such as "rebates" and improper benefits through holding arrangements [1] - Underwriting practices must not occupy the subscription scale of effective investors, and the balance underwriting rate must not be lower than the upper limit of effective subscription rates [1] Group 2 - The National Bureau of Statistics reported that the real estate market is generally stable, with a continued narrowing of the year-on-year decline in housing prices across 70 major cities and a decrease in inventory [3] - The government aims to adapt to significant changes in supply and demand in the real estate market by promoting urban renewal and the renovation of dilapidated housing [3] - There is an emphasis on increasing the supply of quality housing to stimulate both rigid and improved housing demand, fostering a new model for real estate development [3] Group 3 - The Ministry of Finance announced support operations for government bond market making to enhance liquidity in the secondary market and improve the yield curve reflecting market supply and demand [4] - The operations will involve 2.8 billion yuan for two types of government bonds, with competitive bidding scheduled for June 17 [4] Group 4 - The People's Bank of China conducted a 2,420 billion yuan reverse repurchase operation with a net injection of 682 billion yuan, indicating active liquidity management [5][6] - The operation had a bidding amount of 2,420 billion yuan at an interest rate of 1.40%, with a significant amount of reverse repos maturing on the same day [6] Group 5 - Anhui Province plans to issue 30 billion yuan in refinancing special bonds to replace existing hidden debts, with issuance scheduled for June 23 [8] - Yunnan Province has allocated 35.6 billion yuan in special debt to address local government arrears to enterprises, supporting debt resolution and project construction [8] Group 6 - Hebi State-owned Capital Operation Group successfully issued 800 million yuan in corporate bonds with an interest rate of 2.85%, set to be listed on the Shanghai Stock Exchange [9] - Luoyang Urban Development Investment Group completed the issuance of 700 million yuan in corporate bonds at a rate of 2.83%, with funds aimed at repaying maturing bonds [10] Group 7 - The market for credit bonds, including financial bonds, reached a total outstanding scale of 43.42 trillion yuan, with 77% of bonds yielding below 2.1% [21] - Among credit bonds yielding above 2.1%, municipal investment bonds accounted for 55%, indicating a higher yield environment for this category [21] - The majority of municipal investment bonds with yields above 2.1% are concentrated in provinces like Shandong, Jiangsu, and Zhejiang, with significant amounts exceeding 300 billion yuan [21]