债市日报：8月13日

Core Viewpoint - The bond market showed slight recovery on August 13, with government bond futures rising across the board, while interbank bond yields fell by approximately 1 basis point. The market is supported by stable fundamentals, although short-term performance is influenced by risk appetite and stock market trends [1][2]. Market Performance - Government bond futures closed higher, with the 30-year main contract up 0.10% at 118.270, the 10-year main contract up 0.02% at 108.435, the 5-year main contract up 0.05% at 105.745, and the 2-year main contract up 0.03% at 102.368 [2]. - The yields on major interbank bonds mostly declined slightly, with the 30-year government bond yield down 1.25 basis points to 1.961%, the 10-year policy bank bond yield down 0.75 basis points to 1.829%, and the 10-year government bond yield down 0.9 basis points to 1.7185% [2]. International Market Trends - In North America, U.S. Treasury yields were mixed, with the 2-year yield down 2.93 basis points to 3.727% and the 10-year yield up 0.97 basis points to 4.291% [3]. - In Asia, Japanese bond yields rose, with the 10-year yield increasing by 1.2 basis points to 1.511% [4]. - In the Eurozone, yields on 10-year bonds increased, with French yields up 5.3 basis points to 3.407% and German yields up 4.7 basis points to 2.742% [4]. Primary Market Activity - Agricultural Development Bank's financial bonds had successful bids with yields of 1.3575% for 1.074 years, 1.7089% for 3 years, and 1.8490% for 10 years, with bid-to-cover ratios of 2.36, 3.48, and 2.57 respectively [5]. Funding Conditions - The central bank conducted a 7-day reverse repurchase operation of 118.5 billion yuan at a rate of 1.40%, resulting in a net withdrawal of 20 billion yuan for the day [6]. - Short-term Shibor rates mostly increased, with the overnight rate unchanged at 1.315% and the 7-day rate rising by 0.1 basis points to 1.434% [6]. Institutional Insights - Institutions noted that while the stock market's strength may pressure bond market sentiment, the domestic economy still faces downward pressure, and no significant turning point in fundamentals has been observed [7]. - The current economic data release window suggests that economic performance is likely to meet expectations, leading to narrow fluctuations in the bond market [7][8].