每日债市速递 | 地方政府发债首次突破10万亿

Open Market Operations - The central bank conducted a 7-day reverse repurchase operation on December 2, with a fixed rate and a total amount of 156.3 billion yuan, at an interest rate of 1.40% [1] - On the same day, 302.1 billion yuan of reverse repos matured, resulting in a net withdrawal of 145.8 billion yuan [1] Funding Conditions - Despite the central bank's continuous net withdrawal in the open market, the interbank funding market remains stable but slightly loose, with the weighted average interest rate of D R001 dropping nearly 1 basis point to below 1.3% [2] - Overnight quotes in the anonymous system remain at 1.28%, indicating ample supply, while non-bank institutions are borrowing overnight funds with credit bonds as collateral, with quotes slightly decreasing to the range of 1.43%-1.46% [2] - The latest overnight financing rate in the U.S. is reported at 4.12% [2] Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is around 1.65%, which is an increase of nearly 1 basis point from the previous day [7] Government Bonds and Futures - The closing prices for government bond futures show a decline: 30-year main contract down 0.51%, 10-year down 0.07%, 5-year down 0.06%, and 2-year down 0.02% [11] Local Government Bonds - As of December 2, the issuance scale of local government bonds has reached approximately 10.1 trillion yuan, marking a milestone as it is the first time the issuance has exceeded 10 trillion yuan [13] - The total local government debt has surpassed 50 trillion yuan, but it remains within the control limits, indicating manageable overall debt risk [13] Global Macro Insights - Japan's Finance Minister announced the first meeting to review tax and subsidy policies, indicating a focus on sustainable monetary policy to achieve price stability [15] - The Bank of England's financial stability report highlights risks in the sovereign debt market and overvaluation of many risk assets, particularly in AI-focused tech companies, which could exacerbate market volatility [15]