债市日报：1月28日

Market Overview - The bond market showed signs of warming up with a general decline in interbank bond yields, particularly for government bonds with maturities of 5 years and above, where the 10-year government bond yield approached 1.81% [1] - The net injection in the open market was 14 billion yuan, leading to a decline in short-term funding rates across the board [1] Bond Futures - Government bond futures closed higher across the board, with the 30-year main contract rising by 0.07% to 112.09, the 10-year main contract up by 0.05% to 108.21, and the 5-year main contract increasing by 0.06% to 105.87 [2] - The China Convertible Bond Index rose by 0.50% to 531.58 points, with notable increases in several convertible bonds, including N Lianrui and Jinjiji bonds, which rose by 30.00% and 13.82% respectively [2] International Bond Market - In North America, U.S. Treasury yields showed mixed results, with the 2-year yield rising by 0.64 basis points to 3.596% and the 10-year yield increasing by 2.79 basis points to 4.243% [3] - In the Eurozone, yields on 10-year government bonds also increased, with French bonds rising by 0.1 basis points to 3.435% and German bonds up by 0.8 basis points to 2.873% [3] Primary Market - The Export-Import Bank's 2-year and 3-year financial bonds had winning yields of 1.5501% and 1.6044%, respectively, with bid-to-cover ratios of 5.34 and 4.54 [4] - The Xinjiang Uygur Autonomous Region's local bonds showed strong demand, with bid-to-cover ratios exceeding 15 times for both the 20-year and 30-year bonds [4] Funding Conditions - The central bank conducted a 7-day reverse repurchase operation with a total amount of 377.5 billion yuan at a rate of 1.40%, resulting in a net injection of 14 billion yuan for the day [5] - Short-term Shibor rates declined across the board, with the overnight rate down by 0.5 basis points to 1.366% [5] Institutional Insights - CITIC Securities noted that long-term government bonds are primarily priced by funds, which have significant holdings and trading volumes, while rural commercial banks have weaker pricing power [6] - Huaxi Fixed Income pointed out that the current interest rate decline is driven by a supply-demand mismatch, with banks increasing their allocations in the secondary market [7] - Zhejiang Commercial Bank indicated that while this week is a data vacuum period, supply pressure from government bonds will gradually emerge, and the market is sensitive to negative news [7]