债市日报：10月21日

Core Viewpoint - The bond market is stabilizing with a slight divergence in yield trends, while overall volatility has narrowed, indicating a potential shift in market sentiment towards a more positive outlook [1] Market Performance - Government bond futures closed higher across the board, with the 30-year main contract up 0.16% to 115.590, the 10-year main contract up 0.05% to 108.145, the 5-year main contract up 0.05% to 105.715, and the 2-year main contract up 0.04% to 102.372 [2] - The interbank major interest rate bonds showed slight divergence, with the 10-year government bond yield down 0.5 basis points to 1.763% and the 30-year government bond yield up 0.15 basis points to 2.0875% [2] - The China Convertible Bond Index rose 0.99% to 479.2 points, with significant gains in several convertible bonds, including a 20.00% increase in Guanzhong Convertible Bond [2] International Bond Market - In North America, U.S. Treasury yields collectively fell, with the 10-year yield down 3.45 basis points to 3.978% [3] - In Asia, Japanese bond yields mostly declined, with the 10-year yield down 1.1 basis points to 1.659% [4] - In the Eurozone, the 10-year French bond yield rose by 0.2 basis points to 3.361%, while the 10-year German bond yield fell by 0.3 basis points to 2.576% [4] Primary Market - Sichuan issued a 10-year ordinary special local bond with a scale of 5.16629 billion yuan and an issuance rate of 2.0500%, with a marginal multiple of 1.23 times [5] Liquidity Conditions - The central bank conducted a 7-day reverse repurchase operation with a fixed rate of 1.40%, resulting in a net injection of 68.5 billion yuan for the day [6] - Short-term Shibor rates mostly increased, with the overnight rate steady at 1.317% and the 7-day rate rising by 0.8 basis points to 1.426% [6] Institutional Perspectives - Citic Securities noted that the current fundamentals, liquidity, and monetary policy stance are favorable for the bond market, suggesting that the most pessimistic sentiment may have ended [7] - Huatai Fixed Income indicated that while the bond market sentiment has slightly improved, regulatory and stock market risks remain core concerns, suggesting a cautious approach to trading [8]