债市日报：8月28日

Market Overview - The bond market experienced fluctuations and a pullback on August 28, with government bond futures closing lower across the board, particularly in the long-end segment [1][2] - The interbank bond yield rose by approximately 2 basis points, indicating a shift in market sentiment [1][2] Bond Yield Movements - The 30-year government bond yield increased by 2.1 basis points to 2.015%, while the 10-year government bond yield rose by 2 basis points to 1.875% [2] - The 10-year government bond with interest saw a yield increase of 1.25 basis points to 1.7775% [2] Market Activity - The China Securities Convertible Bond Index rose by 0.19%, with a trading volume of 110.826 billion yuan [2] - Notable gainers in the convertible bond market included Chongda Convertible Bond and Weida Convertible Bond, with increases of 12.03% and 11.29% respectively [2] International Bond Market - In North America, U.S. Treasury yields fell across the board, with the 2-year yield dropping by 6.19 basis points to 3.611% [3] - In Asia, Japanese bond yields mostly declined, with the 10-year yield down by 0.9 basis points to 1.619% [3] - In the Eurozone, the 10-year French bond yield rose by 2 basis points to 3.516%, while the 10-year German bond yield fell by 2.3 basis points to 2.698% [3] Primary Market Results - The China Development Bank's 3-year and 7-year financial bonds had winning yields of 1.6355% and 1.8209%, respectively, with bid-to-cover ratios of 2.87 and 4.28 [4] - Inner Mongolia's local bonds showed strong demand, with bid-to-cover ratios exceeding 23 times for both 10-year and 15-year bonds [4] Liquidity and Funding - The People's Bank of China conducted a reverse repurchase operation of 416.1 billion yuan at a rate of 1.40%, resulting in a net injection of 163.1 billion yuan for the day [5] - Short-term Shibor rates increased, with the overnight rate rising by 0.1 basis points to 1.316% [5] Institutional Insights - CITIC Securities noted that the bond market is experiencing a bear steepening phase, driven by market sentiment rather than economic fundamentals [7] - Longjiang Fixed Income highlighted the diversification of funding sources in the convertible bond market, with banks and insurance funds playing a significant role [7] - Guosheng Fixed Income pointed out that recent market adjustments have made short-term brokerage subordinated bonds more attractive, suggesting a focus on investment value in this segment [7]