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Core Viewpoint - The bill discount rates have significantly increased, with the August maturity national bank bill discount rate rising from approximately 0.85% to 1.12% within a short period, indicating a shift in market dynamics due to unexpected supply levels [1][4][18]. Group 1: Market Trends - On February 1, 2026, the bill discount rate opened low at 0.85% for August maturity national bank bills, but subsequently increased due to higher-than-expected supply [1][4]. - By February 10, the discount rate surpassed 1.00%, and on February 12, it further increased to 1.12% [1][4][13]. - The average daily discount volume in the first week of February was close to 250 billion, with a total of 1.86 trillion in discounted bills by February 11 [18]. Group 2: Daily Market Activity - On February 12, the market saw a rise in rates, with the March maturity national bank bill increasing by 20 basis points to 0.70%, and the August maturity bill reaching 1.12% at closing [5][14]. - The trading activity showed that major banks were actively raising prices for bills, while demand from the market was relatively weak, leading to an overall increase in bill rates [5][14]. Group 3: Historical Context - The initial drop in bill rates was attributed to banks' concerns over credit issuance, prompting them to lower prices for bill purchases [18]. - The supply of bills in February was significantly higher than expected, with non-bank entities contributing 300 billion in sell orders, and the acceptance and discounting volumes at historical highs [18]. Group 4: Interest Rate Spreads - As of February 12, the spread between bills and government bonds was -18 basis points, while the spread with interbank certificates of deposit was -46 basis points, indicating a narrowing trend in spreads [7][16].