每日债市速递 | 11月LPR报价持稳

Group 1: Open Market Operations - The central bank announced a 300 billion yuan 7-day reverse repurchase operation on November 20, with a fixed interest rate of 1.40% and a total bid amount of 300 billion yuan, resulting in a net injection of 110 billion yuan for the day after accounting for 190 billion yuan in reverse repos maturing [1] Group 2: Funding Conditions - The interbank market saw a loosening of funding conditions, with major term repurchase rates declining. The overnight repurchase rate for deposit-taking institutions fell over 5 basis points to around 1.36%, while the overnight quotes on the anonymous X-repo system dropped significantly to 1.35% [3] - There is abundant overnight funding supply, with non-bank institutions borrowing overnight funds at around 1.50%. The end of tax period impacts has led to a recovery in funding conditions, with expectations for further declines in short-term rates [3] Group 3: Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit among major banks is at 1.64%, showing a slight increase from the previous day [7] Group 4: Government Bond Futures - The closing prices for government bond futures showed a decline in the 30-year main contract by 0.21%, while the 10-year and 5-year main contracts increased by 0.06% each, and the 2-year contract remained unchanged [11] Group 5: LPR and Regulatory Developments - The November LPR remained stable at 3% for the one-year rate and 3.5% for the five-year and above categories. The China Securities Regulatory Commission emphasized the need for stronger institutional frameworks and risk prevention measures during a recent meeting [12] Group 6: Global Macro Developments - Japan plans to introduce a new spending plan amounting to 17.7 trillion yen, necessitating the issuance of more bonds to raise funds. The Japanese Finance Minister highlighted the challenges of balancing inflation, bond yields, and a weak yen [14] Group 7: Bond Market Events - The Export-Import Bank plans to auction up to 2 billion yuan of 3-year floating rate bonds on November 21. The bond market's "technology board" remains active, with a cumulative issuance scale of nearly 1.5 trillion yuan this year [16]