Market Overview - The bond market continued to show weakness, with most government bond futures closing lower and interbank bond yields generally rising by around 1 basis point in the afternoon [1][2] - The central bank's net MLF (Medium-term Lending Facility) injection reached 118 billion yuan in June, indicating a continued effort to stabilize market expectations and support credit issuance [1][5] Bond Market Performance - The 30-year government bond futures fell by 0.22% to 120.670, while the 10-year futures decreased by 0.04% to 108.995 [2] - The yield on the 30-year government bond rose by 1.25 basis points to 1.862%, and the 10-year government bond yield increased by 1 basis point to 1.7235% [2] International Bond Market Trends - In North America, U.S. Treasury yields collectively declined, with the 2-year yield falling by 3.6 basis points to 3.819% [3] - In Asia, Japanese bond yields also fell, with the 10-year yield decreasing by 2.6 basis points [3] - European bond yields generally decreased, with the 10-year UK bond yield dropping by 4.6 basis points to 4.490% [3] Primary Market Activity - Agricultural Development Bank's financial bonds had a successful auction with yields of 1.4076%, 1.6739%, and 1.7537% for 1-year, 3-year, and 10-year bonds respectively, indicating strong demand [4] Liquidity Conditions - The People's Bank of China conducted a 300 billion yuan MLF operation to maintain liquidity, resulting in a net injection of 118 billion yuan for June [5] - Short-term Shibor rates rose across the board, with the overnight rate increasing by 0.1 basis points to 1.371% [5] Institutional Insights - Citic Securities noted that the acceleration of government bond issuance in Q3 may increase liquidity support needs from financial institutions, suggesting potential for further monetary easing measures [7] - Huatai Fixed Income highlighted that current consumption is driven by policy but faces challenges from low endogenous momentum, indicating a need for more demand-side policies to stimulate consumption [7]
债市日报：6月25日
Xin Hua Cai Jing·2025-06-25 08:46