Interest-rate Bond Market - Main interbank cash bond yields trended down, with the 10Y CDB 250215 yield falling by 3.2bps to 1.9%, the 5Y CDB 250208 yield down by 2.25bps to 1.74%, and the 3Y CDB 230208 yield down by 2bps to 1.64% [14] - The 10Y CGB 250016 yield decreased by 1.75bps to 1.835%, the 5Y CGB 250003 yield fell by 1.5bps to 1.5475%, while the 3Y CGB 2500010 closed at 1.40% [14] - CGB futures traded up, with the 30Y main contract up 0.63%, the 10Y up 0.1%, the 5Y up 0.06%, and the 2Y up 0.01% [14] Credit Bond Market - Credit bond yields fell across most tenors by 0.3-2bps, except for the 5Y tenor, where yields mostly rose by around 0.2–1.5bps [15] - Compared with CDB bonds, 5Y credit spreads across all ratings widened by about 1.1-3.1bps, while 10Y spreads widened by around 2.2-2.6bps [15] - In exchange-traded markets, real estate bonds edged up on low trading volume, with "22 Vanke 04" (1.47 years to maturity) rising 1.03% to a clean price of 23.114 yuan, and "21 Financial Street Holdings 07" (364 days to maturity) rising 0.51% to a clean price of 101.618 yuan [15][16] ABS and REITs Market - The secondary ABS market was active, with the trading amount of the whole market rising 24% to RMB 8.9 billion compared with the previous day [19] - The trading amount of the Shanghai Stock Exchange was flat compared with yesterday at RMB 4.2 billion [19] - In the C-REITs market, trading activity rose, with the average trading amount of RMB 5.45 million, and China Communications Construction, China Resources Commercial REIT, and ProLogis ranked as the top 3 among all REITs [21]
FICC-Secondary Market Daily Recap｜20251217
Xin Lang Cai Jing·2025-12-17 14:20