债市日报：12月23日

Core Viewpoint - The bond market showed slight recovery on December 23, with short-term bonds performing better, as the main government bond futures all closed higher and interbank bond yields fell by 1-2 basis points [1] Market Performance - Government bond futures closed higher across the board, with the 30-year main contract rising by 0.89% to 112.83, the 10-year main contract up by 0.26% to 108.22, the 5-year main contract increasing by 0.17% to 106.025, and the 2-year main contract rising by 0.07% to 102.526 [2] - Interbank major interest rate bond yields generally declined, with the 30-year government bond yield down by 1.3 basis points to 2.2245%, the 10-year policy bank bond yield down by 1.15 basis points to 1.895%, and the 7-year government bond yield down by 2.2 basis points to 1.7% [2] International Market Trends - In North America, U.S. Treasury yields collectively rose on December 22, with the 2-year yield increasing by 2.32 basis points to 3.509%, and the 10-year yield rising by 2.35 basis points to 4.161% [3] - In Asia, Japanese bond yields fell across the board, with the 10-year yield down by 4.3 basis points to 2.04% [4] - In the Eurozone, the 10-year French bond yield remained flat at 3.610%, while the 10-year German bond yield rose by 0.2 basis points to 2.896% [4] Funding Conditions - The central bank conducted a 7-day reverse repurchase operation of 593 billion yuan at a fixed rate of 1.40%, with a net withdrawal of 760 billion yuan for the day [6] - The Shibor short-term rates mostly declined, with the overnight rate unchanged at 1.272%, and the 7-day rate down by 1.8 basis points to 1.399%, marking a new low since January 2023 [6] Institutional Insights - Huaxi Securities noted that recent funding disturbances are mainly due to tax periods, with manageable pressure expected as December is not a traditional tax month [7] - CITIC Securities expressed concerns over excessive worries regarding banks' capacity to hold long-term bonds, suggesting that the compression of long-term yield spreads may be challenging [8]