债市日报：9月25日

Core Viewpoint - The bond market continues to show weakness, with interbank bond yields rising and government bond futures mostly declining, indicating a challenging liquidity environment ahead of the upcoming holiday [1][5]. Market Performance - Government bond futures closed mostly lower, with the 30-year main contract up 0.11% at 114.110, while the 10-year and 5-year contracts both fell by 0.01% [2]. - The interbank yield on the 10-year policy bank bond rose by 0.3 basis points to 1.9570%, while the 10-year government bond yield decreased by 0.8 basis points to 1.807% [2]. Primary Market - The China Development Bank's 3-year and 7-year financial bonds had winning yields of 1.8033% and 2.0022%, respectively, with bid-to-cover ratios of 2.57 and 3.77 [3]. - The winning yield for the Export-Import Bank's 1-year fixed-rate bond was 1.5524%, with a bid-to-cover ratio of 1.17 [4]. Liquidity Conditions - The central bank conducted a 7-day reverse repo operation of 483.5 billion yuan at a rate of 1.40%, resulting in a net withdrawal of 3.5 billion yuan for the day [5]. - The central bank has continued to increase the Medium-term Lending Facility (MLF) for seven consecutive months, with a net injection of 300 billion yuan in September [5]. Institutional Perspectives - According to Shenwan Hongyuan, the bond market has seen significant adjustments since the beginning of the year, with increasing market divergence and potential for a rebalancing of asset allocation strategies [9]. - China International Capital Corporation (CICC) noted that the short-end of credit bonds performed relatively well, suggesting opportunities for tactical operations in the medium to long-end bonds [9].