罗马尼亚10年期债券收益率升至2022年末以来的最高水平。 ...

Report Title - "The Divergence of Long - Short Term Spreads - Credit Spread Weekly Report (5/4)" [1][6] Report Industry Investment Rating - Not provided in the given content Core Viewpoints - From April 27th to April 30th, most bond yields declined. For 0.5 - 1Y industrial bonds, commercial bank second - tier capital bonds, securities company subordinated bonds, and securities company perpetual bonds, most yields dropped by over 2bp; for 0.5 - 1Y urban investment bonds and commercial financial bonds, most yields decreased by over 1bp; for 2Y industrial bonds and commercial financial bonds, most yields declined by over 1bp; the 2Y securities company subordinated bond yield rose by over 2bp; and the 3 - 5Y commercial financial bond yield dropped by over 2bp. Regarding credit spreads, the 0.5Y industrial bonds and commercial bank second - tier capital bond credit spreads mostly narrowed by over 5bp; the 1Y commercial bank second - tier capital bond credit spread narrowed by over 3bp; the 2Y securities company subordinated bonds and securities company perpetual bond credit spreads widened by over 3bp; and the 5Y urban investment bonds and industrial bond credit spreads mostly widened by over 2bp [2][6] Summary by Relevant Catalogs Yield and Spread Overview Yield and Spread of Each Maturity - Treasury bond yields at 0.5Y, 1Y, 2Y, 3Y, and 5Y were 1.47%, 1.46%, 1.45%, 1.48%, and 1.52% respectively, with weekly changes of - 3.5bp, 0.9bp, - 2.2bp, - 2.5bp, and - 2.2bp. Their historical quantiles were 11.9%, 13.2%, 8.7%, 6.2%, and 3.9% respectively. Similar data for other bond types such as national development bonds, local government bonds, etc., are also presented in detail [14] Credit Spread and Its Changes for Each Maturity - The 0.5Y, 1Y, 2Y, 3Y, and 5Y credit spreads of local government bonds were -, 12.01bp, 13.93bp, 14.34bp, and 14.37bp respectively, with weekly changes of -, 0.1bp, 0.2bp, - 1.5bp, and - 2.8bp. Their historical quantiles were -, 44.9%, 43.7%, 45.1%, and 38.6% respectively. Similar data for other bond types are also provided [16] Credit Bond Yields and Spreads by Category (Hermite Algorithm) Urban Investment Bonds by Region - In terms of yields, from April 27th to April 30th, most provincial urban investment bond yields declined. For example, the 5Y Guizhou urban investment bond yield dropped by about 35bp. In terms of credit spreads, the 0.5 - 1Y urban investment bond credit spreads mostly narrowed; the 2Y urban investment bond credit spreads mostly widened; the 3 - 5Y urban investment bond credit spreads showed differentiation, with the 3 - 5Y Guizhou urban investment bond credit spreads narrowing significantly [7] Industrial Bonds by Industry - From April 27th to April 30th, industrial bond yields generally declined. The 0.5 - 1Y industrial bond credit spreads generally narrowed, the 2 - 3Y industrial bond credit spreads showed differentiation, and the 5Y industrial bond credit spreads generally widened [7] Financial Bonds by Subject - From April 27th to April 30th, financial bond yields generally declined, with the 5Y city commercial bank second - tier capital bond yield dropping by about 55bp. The 0.5 - 1Y financial bond credit spreads generally narrowed, and the 2 - 5Y financial bond credit spreads showed differentiation [7] Credit Bond Yields and Spreads by Category (Balance Average Algorithm) Urban Investment Bonds by Region - Based on the balance average algorithm, from April 27th to April 30th, the 5Y Yunnan urban investment bond could target a return of over 3.2%, and the 5Y Qinghai urban investment bond could target a return of 3.0% or more. The 5Y Yunnan urban investment bond credit spread was significantly higher than that of medium - and short - term bonds, with high riding returns [8] Real Estate Private Enterprise Bonds - From April 27th to April 30th, the yields of real estate private enterprise bonds at all maturities were higher than those of other bond types, and the 0.5 - 1Y real estate private enterprise bond yields dropped by over 17bp [8] Financial Bonds - From April 27th to April 30th, the financial bond credit spreads generally narrowed, and the 3 - 5Y private securities company subordinated bonds could target a return of 4.7% or more [8]

Core Viewpoint - General Motors has priced $2 billion in senior notes with varying yields based on maturity dates [1] Summary by Relevant Categories Debt Issuance - The company has issued senior notes totaling $2 billion [1] - The yield for the bonds maturing in 2028 is set at 5.350% [1] - The yield for the bonds maturing in 2030 is set at 5.625% [1] - The yield for the bonds maturing in 2035 is set at 6.250% [1]

2/10年期德债收益率利差涨1.381个基点，报+76.854个基点，涨2.161个基点。 周五（5月2日）欧市尾盘，德国10年期国债收益率上涨8.9个基点，刷新日高至2.533%，全天处于上涨 状态，北京时间20:30发布美国非农就业报告之后维持区间震荡状态、22:00之前开始扩大涨幅，本周 （四个交易日）累计上涨6.4个基点。 两年期德债收益率上涨7.6个基点，刷新日高至1.762%，全天高位震荡，也在22:00之前开始扩大涨幅， 本周累涨4.3个基点；30年期德债收益率涨8.8个基点，报2.971%，本周累涨8.1个基点。 ...

Group 1 - Eurozone government bond yields increased following the release of U.S. data [1] - The yield on Germany's 10-year government bonds narrowed its decline to 2 basis points, reporting at 2.47% [1]

Economic Overview - In the first quarter, China's economy achieved a stable start and good performance under more proactive macro policies [1] - The average daily transaction volume in the interbank market decreased, with a total transaction volume of 452 trillion yuan, down 24% quarter-on-quarter and 19% year-on-year [1] Monetary Policy and Market Operations - The People's Bank of China (PBOC) is implementing more proactive macro policies, with potential adjustments to reserve requirement ratios and interest rates to maintain liquidity [1][2] - The net liquidity injection from monetary policy operations in the first quarter was 22,618 billion yuan, with significant reverse repo operations [2] Repo Rates and Market Dynamics - Major repo rates initially increased and then decreased, with the overnight repo rate (DR001) and the overnight pledged repo rate (R001) rising by 34 and 37 basis points respectively to 1.77% and 1.95% [3] - The first quarter saw fluctuations in funding rates due to seasonal factors and liquidity conditions, with DR007 reaching a high of 2.34% [3] Government Bond Issuance and Market Activity - A total of 12.3 trillion yuan in bonds were issued in the first quarter, a 3.5% increase quarter-on-quarter and a 24% increase year-on-year [4] - The issuance of ordinary government bonds was notably high, with the issuance pace reaching about 30% of the annual target, the highest level for the same period in recent years [4][5] Bond Market Performance - Bond yields increased across various maturities, with the 1-year and 10-year government bond yields rising by 45 and 11 basis points respectively [5] - The yield curve for 10-year government bonds showed a fluctuation range of approximately 30 basis points [5] RMB Derivatives Market - The RMB derivatives market saw significant growth, with daily trading volume of interest rate swaps increasing by 33.4% in the first quarter [6] - The average nominal principal amount for RMB interest rate swaps reached 11.1 trillion yuan, with a daily average of 1,876.1 billion yuan, reflecting a 23.2% increase [6]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - From April 21 to April 25, most bond yields increased, and most credit spreads widened. Specifically, the yields of 0.5 - 1Y securities company subordinated bonds rose by more than 3bp, and those of 1Y industrial bonds rose by more than 1bp. The yields of 2 - 3Y urban investment bonds, industrial bonds, commercial bank secondary capital bonds, and securities company ordinary bonds mostly rose by more than 3bp, and those of 2 - 3Y commercial bank perpetual bonds rose by more than 1bp. The yields of 5Y industrial bonds, commercial bank secondary capital bonds, securities company subordinated bonds, and securities company perpetual bonds rose by more than 3bp, and those of 2 - 5Y urban investment bonds mostly rose by more than 4bp. In terms of credit spreads, the credit spreads of 1 - 2Y urban investment bonds and industrial bonds mostly widened by more than 1bp, those of 3Y urban investment bonds, industrial bonds, and commercial bank secondary capital bonds mostly widened by more than 2bp, and the credit spreads of 5Y commercial financial bonds narrowed by more than 2bp [2][6]. Summary by Relevant Catalogs Yield and Spread Overview - **Yields and Changes by Term**: Various bond yields showed different degrees of increase. For example, the yields of government bonds, national development bonds, local government bonds, and various types of corporate bonds all had corresponding upward trends, with different magnitudes of change in different terms. For instance, the 5Y urban commercial bank secondary capital bond yield increased significantly by about 37bp, while the 2 - 3Y state - owned commercial bank financial bond yield decreased significantly [7][12]. - **Spreads and Changes by Term**: Credit spreads also showed different trends. The credit spreads of most bonds widened, but there were also some exceptions, such as the 5Y commercial financial bond credit spread which narrowed by more than 2bp. Different types of bonds and different terms had different degrees of spread change [2][6][14]. Credit Bond Yields and Spreads by Category (Hermite Algorithm) - **Urban Investment Bonds by Region**: The yields of urban investment bonds in most provinces increased, but the 5Y Shanghai urban investment bond yield decreased by about 11bp. The credit spreads of urban investment bonds generally widened, and the 5Y Guizhou urban investment bond credit spread was significantly higher than that of medium - and short - term bonds, with high riding returns. The performance of AA - rated bonds continued to be differentiated, with high - yield provinces often accompanied by larger credit spreads [7]. - **Industrial Bonds by Industry**: From April 21 to April 25, the yields of industrial bonds generally increased, and the credit spreads generally widened [7]. - **Financial Bonds by Issuer**: The yields of financial bonds generally increased, but the 2 - 3Y state - owned commercial bank financial bond yield decreased significantly, and the credit spread narrowed accordingly. The 5Y urban commercial bank secondary capital bond yield increased significantly by about 37bp, and the credit spread of financial bonds generally widened [7]. Credit Bond Yields and Spreads by Category (Balance Average Algorithm) - **Yields and Spread Differentiation**: From April 21 to April 25, most bond yields increased, and credit spreads were differentiated. The 5Y Guizhou bonds could achieve yields of more than 2.9%, and the 5Y Qinghai/Yunnan bonds could achieve yields of 3.1% and above, with the 5Y Guizhou bond spread significantly higher than that of medium - and short - term bonds, with high riding returns. Except for the obvious differentiation of AA - rated bond yields, there was no significant difference in the yields of the optimal individual bonds of urban investment bonds in provinces with medium - and high implicit ratings. In terms of administrative levels, Guizhou district - level bonds could achieve yields of more than 4.3%, and Yunnan district - level bonds could achieve yields of more than 3.9%. The yields of real - estate private enterprise bonds at all terms were higher than those of other bond types, and the 0.5 - 1Y basic chemical industry yields decreased by more than 12bp. The credit spreads of financial bonds were differentiated, and the yields of 0 - 0.5Y/3 - 5Y private securities company subordinated bonds could achieve 4.0% and above [8].

周一(4月28日)欧市尾盘，英国10年期国债收益率涨2.9个基点，报4.508%，北京时间22:27曾涨至4.529% 刷新日高。两年期英债收益率涨0.8个基点，报3.865%，22:27也曾涨至3.885%刷新日高。30年期英债收 益率涨5.1个基点，50年期英债收益率涨6.3个基点。2/10年期英债收益率利差涨2.12个基点，报+64.07个 基点。 ...

新华社北京4月23日电 经济知识问答｜为什么市场抛售会推高美债收益率 新华社记者宿亮 曹筱凡 2024财年，美国政府的利息支出已超过1万亿美元，占GDP约4%，占全年财政收入比例超过22%，也就 是说政府收入近四分之一要拿去付利息。这种背景下，美国政府信用动摇导致票面利率不断提高，会继 续推高美国财政负担。 当美国政府信用动摇时，美国联邦储备委员会作为美债的"最后保险人"会出资增持美债，相当于向市场 增发美元，这实际上就是"财政赤字货币化"。 债券价格和收益率的关系涉及几个概念：发行价、到期价、市场价、票面利率。 根据圣路易斯联储银行的数据，截至2024年第四季度，美联储持有的美国政府债务总额为4.6万亿美 元。这笔钱是美联储和美国联邦政府通过左手倒右手"制造"出来的现金。从2019年开始，美联储持有的 美债规模显著增长，显示近年来美联储不得不增发更多货币才能稳定美债收益率，由此不断削弱美元信 用。（完） 举例来说，一张债券发行价为100美元，到期价为105美元，那么票面利率就是5%。不过，这个5%的票 面利率并不等于收益率，因为债券可以上市交易，在到期前根据供求关系涨价、降价。交易过程中，如 果购买者以10 ...