Market Overview - The bond market showed a weak consolidation on June 24, with the long-end driving an overall pullback in the curve, leading to a decline in government bond futures across the board [1] - The interbank bond yield rose by approximately 1 basis point, with a net injection of 209.2 billion yuan in the open market, and funding rates approaching the end of the month maintained an upward trend [1] Bond Futures and Yields - Government bond futures closed lower, with the 30-year main contract down 0.27% at 120.930, the 10-year down 0.11% at 109.025, the 5-year down 0.07% at 106.185, and the 2-year down 0.02% at 102.504 [2] - Major interbank interest rate bond yields generally increased, with the 10-year government bond yield rising by 0.5 basis points to 1.645%, and the 30-year government bond yield up 1.25 basis points to 1.849% [2] International Bond Market - In North America, U.S. Treasury yields collectively fell, with the 2-year yield down 4.44 basis points to 3.855% and the 10-year yield down 2.75 basis points to 4.346% [3] - In Asia, Japanese bond yields rose, with the 10-year yield increasing by 1.5 basis points to 1.424% [3] - In the Eurozone, yields on 10-year bonds in France, Germany, Italy, and Spain all decreased, reflecting market expectations for easing policies from the European Central Bank [3] Primary Market - The Ministry of Finance reported weighted average winning yields for 91-day and 30-year government bonds at 1.2594% and 1.8477%, respectively, with bid-to-cover ratios of 2.87 and 5.37 [4] - The China Development Bank's 2-year, 5-year, and 10-year financial bonds had winning yields of 1.4541%, 1.5253%, and 1.6447%, with bid-to-cover ratios of 2.78, 3.17, and 2.43 [4] Liquidity and Funding - The central bank conducted a 7-day reverse repurchase operation of 406.5 billion yuan at a fixed rate of 1.40%, resulting in a net injection of 209.2 billion yuan for the day [5] - Short-term Shibor rates mostly rose, with the overnight rate up 0.3 basis points to 1.37% and the 7-day rate up 13.2 basis points to 1.629% [5] Institutional Insights - CITIC Securities noted that the 10-year government bond yield has recently broken below 1.65%, with long-term bonds like the 30-year and 50-year performing better, driven by institutional buying [7] - China International Capital Corporation suggested increasing allocations to 3-5 year bonds with relatively high coupons, while also considering trading opportunities in long-term bonds with good credit quality [7]
债市日报：6月24日
Xin Hua Cai Jing·2025-06-24 08:43