每日债市速递 | 今年地方债发行规模突破10万亿

Open Market Operations - The central bank conducted a 7-day reverse repurchase operation on December 23, with a fixed rate of 1.40%, totaling 593 billion yuan, matching the bidding amount [1] - On the same day, 1,353 billion yuan in reverse repos matured, resulting in a net withdrawal of 760 billion yuan [1] Funding Conditions - The interbank market remains ample, with the D R001 weighted average interest rate slightly decreasing and operating below 1.27% [3] - The 7-day repurchase rate also showed a downward trend, while overnight quotes stabilized at 1.25%, indicating sufficient supply [3] - The latest overnight financing rate in the U.S. stands at 3.66% [5] Bond Market Overview - The latest one-year interbank certificates of deposit from major banks are trading around 1.64%, unchanged from the previous day [8] - The yields on major interbank bonds show slight declines across various maturities, with 10-year government bonds yielding 1.7020%, down 2 basis points [10] Recent Developments in Government Bonds - The Ministry of Finance plans to issue 600 billion yuan in 91-day discount treasury bonds on December 24 [18] - Local government bond issuance has exceeded 10 trillion yuan this year, with a remaining limit of 500 billion yuan for year-end [18] Global Macro Insights - Japan's new bond issuance for the fiscal year 2026 is expected to slightly exceed 28.6 trillion yen (approximately 182 billion USD) due to rising social welfare costs [16] - As of the first week of December, global tech companies have issued 428.3 billion USD in bonds for 2025, with U.S. firms accounting for 341.8 billion USD [16]