每日债市速递 | 财政部谈2025年到期续作特别国债相关问题

Open Market Operations - The central bank announced a fixed-rate reverse repurchase operation on December 10, with a total of 189.8 billion yuan for a 7-day term at an interest rate of 1.40%, with the same amount for both bidding and winning [1] - On the same day, 79.3 billion yuan in reverse repos matured, resulting in a net injection of 110.5 billion yuan [1] Funding Conditions - The interbank market saw an increase in liquidity, with the D R001 weighted average interest rate dropping by 1 basis point to below 1.29% [3] - The overnight anonymous (X-REPO) quotes decreased to 1.25%, indicating ample supply [3] - Non-bank institutions' pledged credit bond overnight funding quotes remained stable around 1.43%-1.5% [3] - The latest overnight financing rate in the U.S. was reported at 3.95% [4] Bond Market Overview - The latest one-year interbank certificates of deposit transactions among major banks were stable at 1.66% [8] - The yields on major interbank bonds showed slight variations, with the one-year government bond yield at 1.3925%, down by 0.75 basis points [10] - The 30-year government bond futures contract rose by 0.30%, while the 10-year and 5-year contracts increased by 0.06% [13] Economic Indicators - China's November CPI rose by 0.7% year-on-year, matching expectations, while the PPI fell by 2.2% [14] - The IMF projected China's economic growth at 5.0% and 4.5% for 2025 and 2026, respectively, with upward adjustments of 0.2 and 0.3 percentage points [15] Debt Issuance - The Ministry of Finance announced the issuance of 750 billion yuan in special government bonds maturing in 2025, with a focus on 10-year and 15-year maturities [14] - The sixth phase of 70 billion yuan in government bonds was successfully issued in Hong Kong, with a subscription multiple of 5.22 times [15] Global Macro - The U.S. Treasury auction for 10-year bonds saw strong demand, with a bid-to-cover ratio of 2.550, indicating robust interest from foreign buyers [17] - The European Central Bank's council member indicated that interest rates may remain unchanged at 2% in upcoming meetings [17]