Market Overview - The bond market returned to a weak state on June 30, with all major government bond futures closing lower and interbank bond yields generally rising by 1-2 basis points [1][2] - The central bank conducted a net injection of 111 billion yuan in the open market, while short-term cross-quarter funding rates continued to rise [1][5] Bond Futures and Yields - The closing prices for government bond futures showed declines: 30-year futures down 0.43% to 120.420, 10-year down 0.16% to 108.895, 5-year down 0.10% to 106.160, and 2-year down 0.05% to 102.498 [2] - Major interbank bond yields increased, with the 30-year government bond yield rising by 1.05 basis points to 1.8635%, and the 10-year government bond yield increasing by 0.6 basis points to 1.728% [2] International Bond Market - In North America, U.S. Treasury yields rose across the board, with the 2-year yield increasing by 3.47 basis points to 3.746% and the 10-year yield rising by 3.13 basis points to 4.271% [3] - In Asia, Japanese bond yields showed mixed results, with the 10-year yield down 0.2 basis points to 1.428% [3] - In the Eurozone, 10-year bond yields for France, Germany, Italy, and Spain all increased, with the German yield rising by 2.1 basis points to 2.587% [3] Primary Market - Agricultural Development Bank's three issues of financial bonds had bidding yields lower than the China Bond valuation, with yields for 91-day, 3-year, and 5-year bonds at 1.3068%, 1.5473%, and 1.6197% respectively [4] Funding Conditions - The central bank announced a 7-day reverse repurchase operation of 331.5 billion yuan at a fixed rate of 1.40%, with a net injection of 111 billion yuan for the day [5] - Short-term Shibor rates rose across the board, with the overnight rate up 5.1 basis points to 1.422% and the 7-day rate up 9.5 basis points to 1.763% [5] Economic Indicators - The official non-manufacturing PMI for June was 50.5, up 0.2 percentage points from the previous month, indicating continued expansion in the non-manufacturing sector [6][7] - The official manufacturing PMI for June was 49.7, showing an improvement from the previous value of 49.5, indicating a slight recovery in manufacturing activity [6][7] Institutional Insights - Huatai Fixed Income noted that the bond market is currently crowded, with high leverage and low credit spreads, suggesting potential volatility risks ahead [8] - CITIC Fixed Income indicated that the central bank's net injection model may continue into July, with expectations of a better liquidity environment compared to June [8]
债市日报：6月30日
Xin Hua Cai Jing·2025-06-30 07:43