债市日报：10月14日

Core Viewpoint - The bond market experienced significant fluctuations on October 14, with a net injection of 91 billion yuan in the open market, indicating a supportive funding environment despite ongoing trade tensions and cautious market sentiment [1][5]. Market Performance - Government bond futures opened lower but closed higher across the board, with the 30-year main contract rising by 0.34% and the 10-year main contract increasing by 0.11% [2]. - The yield curve for major interbank bonds shifted downward in the afternoon, with the 10-year government bond yield decreasing by 1 basis point to 1.752% [2]. Overseas Market Trends - In North America, U.S. Treasury yields fell across the board, with the 10-year yield dropping by 6.37 basis points to 4.053% [3]. - In the Eurozone, the 10-year French bond yield decreased by 1 basis point to 3.467%, while the German bond yield fell by 0.8 basis points to 2.635% [3]. Primary Market Activity - The Ministry of Finance's 1-year fixed-rate bond had a weighted average yield of 1.38%, with a bid-to-cover ratio of 2.22 [4]. - The China Development Bank's 2-year, 5-year, and 10-year financial bonds had respective yields of 1.6085%, 1.7564%, and 2.0008%, with bid-to-cover ratios of 2.96, 4.03, and 4.94 [4]. Funding Conditions - The central bank conducted a 910 billion yuan reverse repo operation at a rate of 1.40%, resulting in a net injection of 910 billion yuan for the day [5]. - Shibor rates showed mixed performance, with the overnight rate rising slightly while the 7-day and 14-day rates fell, indicating a divergence in short-term funding conditions [5]. Institutional Insights - Institutions expect a neutral to slightly bullish bond market in October, with potential for a smoother decline post-December [6]. - Credit spreads are anticipated to remain volatile, with a focus on short to medium-term credit bonds as the market adjusts to ongoing economic conditions [7].