月初上行，票据利率升至0.80%关口！

Core Viewpoint - The recent increase in the discount rate for government bonds and bank bills has exceeded market expectations, with the rate for June 2024 government bank bills reaching 0.80% [1][11]. Market Trends - On December 4, the discount rate for June 2024 government bank bills rose by 5 basis points (BP) to 0.80%, following a significant increase in supply and demand dynamics in the market [4][15]. - The market saw a daily discount volume of 150 billion yuan, indicating a robust supply side, while demand from major banks remained limited [5][13]. - The rates for different maturities showed varied movements, with the 3-month bill rate slightly decreasing by 1 BP to 0.42%, while the 5-month and 6-month rates increased to 0.91% and 0.80%, respectively [5][13]. Historical Context - The ticket rates at the beginning of December showed a significant increase compared to the end of November, with the 5-month bill rate rising by 8 BP to 0.81% and the 6-month bill rate trading around 0.75% [4][15]. - The overall trend in December appears to mirror that of the previous year, with initial increases followed by potential fluctuations towards the end of the month, influenced by credit and supply factors [9][19]. Interest Rate Differentials - As of December 4, the interest rate differential between tickets and government bonds was -62 BP, while the differential with interbank certificates of deposit was -84 BP [7][17].