票据利率创年内新高至1.33%，击穿国债利率！

Core Viewpoint - After a brief stabilization, the bill rates have significantly increased over two consecutive working days, with the 6-month government bank bill discount rate rising to 1.33% on February 26, marking a new high for the year and surpassing government bond rates for the first time this year [1][13]. Market Performance on February 26 - On February 26, the 3-month government bank bill rate rose by 45 basis points (BP) to 1.50%, while the 7-month and 8-month rates increased by 6 BP to 1.30% and 1.33%, respectively [6][15]. - The trading range for various maturities showed significant upward movement, with the 1-month rate reaching a high of 1.50% [4][18]. Historical Trends - The bill rates experienced a notable drop at the beginning of February, with the 7-month rate falling by 28 BP to 0.83% on the first working day. However, a rebound began shortly after, with the 8-month rate rising to 1.15% by February 14 [5][19]. - By February 26, the 8-month rate had increased by 48 BP since the beginning of the month, reflecting a strong upward trend [19][22]. Supply and Demand Dynamics - The supply of bills in the primary market has been recovering, but demand from banks remains weak, leading to a situation where supply significantly exceeds demand. Many banks are not only refraining from purchasing bills but are also actively selling their inventory [12][24]. - The overall market conditions have contributed to the substantial rise in bill rates, reaching new highs for the year [12][24]. Interest Rate Comparisons - As of February 26, the spread between bill rates and government bond rates was 4 BP, while the spread with interbank certificates of deposit was -24 BP, indicating that bill rates have surpassed government bond rates for the first time this year [10][23].