每日债市速递 | 央行连续七个月加量续做MLF

Open Market Operations - The central bank announced a reverse repurchase operation of 483.5 billion yuan for 7 days at a fixed rate of 1.40% on September 25, with a total bid amount of 483.5 billion yuan and a successful bid amount of 483.5 billion yuan. On the same day, 487 billion yuan of reverse repos matured, resulting in a net withdrawal of 3.5 billion yuan [1]. Funding Conditions - The central bank continued to conduct MLF operations, but liquidity improvement in the interbank market was limited. The overnight repo weighted average rate for deposit institutions rose by nearly 4 basis points to around 1.47%. The rates for 7-day and 14-day repos continued to rise as the month-end and the National Day holiday approached. The overnight quotes in the anonymous click (X-repo) system hovered around the DR001 level, with supply increasing by several hundred billion compared to the previous day [3]. Bond Market Overview - The yield on major interbank rates for bonds showed mixed movements, with the latest transaction for one-year interbank certificates of deposit at around 1.69%, a slight increase from the previous day [9]. - The closing prices for government bond futures mostly declined, with the 30-year main contract up by 0.11%, while the 10-year, 5-year, and 2-year main contracts all fell by 0.01% [14]. Recent Developments in Debt Financing - The central bank has increased MLF operations for seven consecutive months, with a net injection of 300 billion yuan in September, maintaining a stable liquidity release of 600 billion yuan through MLF and reverse repos, consistent with the previous month [15]. - The China Index Academy reported that the total bond financing in the real estate sector for August 2025 was 55.31 billion yuan, a year-on-year decrease of 4.3%. The average bond financing interest rate was 2.51%, down by 0.01 percentage points year-on-year and 0.03 percentage points month-on-month [15]. Global Macro Developments - The EU aims to establish free trade agreements with Malaysia and two other ASEAN countries by 2027, as part of its strategy to diversify trade and reduce dependence on the US [17]. - The Swiss National Bank maintained its interest rate at 0%, marking the first pause since the beginning of its rate-cutting cycle in March 2024, aligning with market expectations [17]. Bond Market Events - The Shanghai Clearing House successfully held a seminar on "Yulan Bonds" in Hong Kong. The Export-Import Bank plans to auction up to 2 billion yuan of 3-year floating rate bonds on September 26. Additionally, five new ETFs for Sci-Tech Innovation Bonds were launched, each exceeding 10 billion yuan in size [19].