Core Insights - The 20-year ultra-long special treasury bonds launched on May 27 have seen a higher subscription enthusiasm compared to the previous 30-year bonds, with banks like China Merchants Bank and Zheshang Bank selling out their quotas within a short time frame [1][2] Subscription Performance - The issuance quota for both the 20-year and 30-year bonds was set at 5 billion yuan, but the 20-year bonds sold out in approximately 25 minutes, while the 30-year bonds took until 3:30 PM to sell out [2] - Zheshang Bank's previous 30-year bond had a quota of 15 million yuan and sold out by 1:30 PM on the same day, indicating a significant increase in demand for the 20-year bonds [2] - Investors' purchase amounts varied widely, ranging from 30,000 yuan to over 1 million yuan, reflecting diverse investor interest [2] Market Dynamics - The 20-year bonds are expected to experience price volatility post-listing, similar to the 30-year bonds, but the overall impact on the bond market is anticipated to be limited [3][6] - The fixed interest rate for the 20-year bonds is set at 2.49%, with interest payments made semi-annually [3] - The bonds are sensitive to interest rate fluctuations, leading banks to assign higher risk ratings, with China Merchants Bank rating it R3 and Zheshang Bank R2 [3] Trading Environment - After listing, investors can trade the bonds in the interbank market or transfer them to brokerage accounts for exchange market trading [3] - The trading volume for the 30-year bonds was low, indicating potential liquidity issues in the secondary market [4] - The market is expected to adapt to increased supply of ultra-long special treasury bonds, with monthly issuance rising from 200 billion to 600 billion yuan to a range of 800 billion to 1.6 trillion yuan from May to November [7]
超长期特别国债又上银行货架 惊魂波动能否再现
Zhong Guo Zheng Quan Bao·2025-08-08 07:31