中资离岸债每日总结(10.22) | 三峡集团发行

Group 1 - The cost of protection against significant declines in bond yields is rapidly increasing in the options market, driven by concerns over a potential U.S. government shutdown and escalating global trade tensions [2] - The recent surge in demand for high-quality safe-haven assets has led to a downward shift in the yield curve, with a notable increase in the cost of bullish options relative to bearish options for U.S. Treasury bonds [2] - A significant number of traders are now increasing their hedging efforts, which may lead to more buying of U.S. Treasuries, particularly targeting a drop in the 10-year Treasury yield below 4% [2] Group 2 - As of October 21, the yield on China's two-year government bonds is 1.50%, while the yield on ten-year government bonds is 1.84%. In the U.S., the two-year Treasury yield has decreased by 1 basis point to 3.45%, and the ten-year yield has decreased by 2 basis points to 3.98% [7] - The market has seen a slight increase in short positions and a decrease in long positions, making the bond market susceptible to upward movements due to short covering [2] Group 3 - In the primary market, one company issued bonds today, and in the ratings summary, one company had its rating updated by an institution [3][5] - China’s foreign exchange management data shows that in September 2025, banks settled 1.88 trillion yuan and sold 1.52 trillion yuan, with cumulative settlements from January to September reaching 13.27 trillion yuan [12]