固收动态报告：国家外汇管理局在16省市开展绿色外债业务试点，资金面缓和，债市有所回暖

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report On August 21, the liquidity situation eased, the bond market rebounded, the main indices of the convertible bond market closed higher, most convertible bond issues rose, yields of US Treasuries across maturities generally declined, and yields of 10-year government bonds of major European economies generally increased [1]. 3. Summary by Relevant Catalogs I. Bond Market News - Domestic News - The State Administration of Foreign Exchange launched a pilot program for green foreign debt business in 16 provinces and municipalities, aiming to expand the cross - border financing scale of enterprises investing in green development or low - carbon transformation projects and improve the facilitation of green foreign debt business [3]. - The Ministry of Finance answered questions on regulating the construction and operation of government - social capital cooperation (PPP) stock projects, focusing on ensuring the completion of ongoing projects [3]. - The Hong Kong Monetary Authority announced that the Ministry of Finance will issue RMB government bonds in Hong Kong, with a total value of RMB 125 billion [4]. - International News - The preliminary value of the US Markit Manufacturing PMI in August was 53.3, reaching a three - year high, while the preliminary value of the Services PMI was 55.4, a two - month low. The preliminary value of the Composite PMI was 55.4, a nine - month high. The price index reached a three - year high [5]. - The US labor market cooled significantly, with the number of initial jobless claims unexpectedly increasing by 11,000 to 235,000, the highest since June 20 [6]. - Two Fed officials suggested that there may be no interest rate cut in September [7]. - Commodities - On August 21, international crude oil futures prices rose, with WTI October crude futures up 1.29% to $63.52 per barrel and Brent October crude futures up 1.24% to $67.67 per barrel. COMEX December gold futures fell 0.2% to $3381.6 per ounce, and NYMEX natural gas prices rose 1.59% to $2.807 per ounce [8]. II. Liquidity Situation - Open Market Operations - On August 21, the central bank conducted 7 - day reverse repurchase operations worth 253 billion yuan at a fixed interest rate of 1.40%. With 128.7 billion yuan of reverse repurchases maturing on the same day, the net capital injection was 124.3 billion yuan [10]. - Funding Rates - On August 21, the liquidity situation eased, and major repurchase rates declined. DR001 fell 0.99bp to 1.464%, and DR007 fell 5.40bp to 1.514% [11]. III. Bond Market Dynamics - Interest - Bearing Bonds - Spot Bond Yield Trends - On August 21, the bond market rebounded. As of 20:00, the yield of the 10 - year Treasury bond active issue 250011 fell 1.90bp to 1.7610%, and the yield of the 10 - year China Development Bank bond active issue 250210 fell 3.45bp to 1.8530% [14]. - Bond Tendering - Various bonds were tendered on August 21, with different issuance scales, winning yields, and multiples [16]. - Credit Bonds - Secondary Market Transaction Anomalies - On August 21, the transaction prices of 6 industrial bonds deviated by more than 10%. "H1 Bidi 03" fell more than 33%, while "21 Shanghai Shimao MTN002" rose more than 17% [17]. - Credit Bond Events - Multiple companies announced events such as being listed as被执行人, failing to repay loans, and delaying the disclosure of semi - annual reports [19]. - Convertible Bonds - Equity and Convertible Bond Indices - On August 21, the A - share market fluctuated, with the Shanghai Composite Index rising 0.13%, and the Shenzhen Component Index and the ChiNext Index falling 0.06% and 0.46% respectively. The main indices of the convertible bond market closed higher, with the CSI Convertible Bond Index, Shanghai Convertible Bond Index, and Shenzhen Convertible Bond Index rising 0.42%, 0.31%, and 0.58% respectively [19]. - Convertible Bond Tracking - Some convertible bonds announced events such as approaching the conditions for downward revision of conversion prices and early redemption [25]. - Overseas Bond Markets - US Bond Market - On August 21, yields of US Treasuries across maturities generally declined. The 2 - year US Treasury yield fell 1bp to 3.74%, and the 10 - year US Treasury yield fell 1bp to 4.29% [23]. - European Bond Market - On August 21, yields of 10 - year government bonds of major European economies generally increased. The yield of the 10 - year German government bond rose 3bp to 2.75%, and yields of 10 - year government bonds of France, Italy, Spain, and the UK rose 5bp, 6bp, 4bp, and 6bp respectively [27].