债市日报：9月23日

Market Overview - The bond market experienced fluctuations with long-term bonds leading the decline, as the main government bond futures closed lower across the board [1][2] - The interbank bond yield rose by 1-2 basis points, with the 10-year government bond yield increasing by 1.35 basis points to 1.801% [2] Monetary Policy and Liquidity - The central bank conducted a net withdrawal of 10.9 billion yuan in the open market, indicating a gradual increase in liquidity after the mid-month tax period [1][5] - The short-term Shibor rates mostly declined, with the overnight rate falling by 1.4 basis points to 1.413% [5] Institutional Insights - Citic Securities noted that the urgency for the central bank to initiate government bond trading is not strong in the short term, but the increased bond purchases by state-owned banks reflect a relatively loose liquidity environment [6] - China International Capital Corporation (CICC) observed increased volatility in the bond market due to funding disturbances and expectations of wider credit, with credit bonds performing relatively well [7] International Bond Market Trends - In North America, U.S. Treasury yields rose across the board, with the 10-year yield increasing by 2.12 basis points to 4.147% [3] - In Asia, Japanese bond yields also increased, with the 10-year yield rising by 1.2 basis points to 1.651% [3] - In the Eurozone, yields on 10-year bonds in France, Germany, Italy, and Spain all saw slight increases [3] Primary Market Activity - The China Development Bank's financial bonds had a competitive bidding yield of 1.6011% for 2-year bonds, 1.7430% for 5-year bonds, and 1.9881% for 10-year bonds, with strong bid-to-cover ratios [4]