Core Viewpoint - Huatai Securities recently released a research report on U.S. Treasury bonds, analyzing the characteristics and behavioral logic of U.S. Treasury investors from the demand side, and forecasting the market supply-demand pattern for the second half of 2025 [1][4]. Investor Structure and Behavior - Global investors currently hold over $26 trillion in U.S. Treasury bonds, with international and overseas investors holding $8.6 trillion, accounting for 33% of total holdings, making them the largest buyers [3]. - Broad-based mutual funds hold $5 trillion, representing nearly 20% of the total, while the Federal Reserve is projected to hold $3.8 trillion by the end of 2024, accounting for about 15% [3]. - The combined holdings of these three categories consistently exceed 60% [3]. - Other investors include individual investors, commercial banks, state and local governments, pension funds, and insurance companies, ranked by their holding sizes [3]. Motivations and Strategies - The Federal Reserve, as a policy-driven institution, primarily uses medium to long-term bonds, with its buying and selling actions directly linked to balance sheet adjustment goals [3]. - Overseas official institutions' bond purchasing decisions are influenced by factors such as exchange rates, trade balance, and financial stability, often showing a negative correlation with the U.S. dollar index [3]. - Private sector investors tend to engage in carry trades for returns, while U.S. residents exhibit a "buy high, sell low" behavior, dynamically reallocating between stocks and bonds [3]. - Hedge funds prefer basis trading strategies, while commercial banks' bond purchases are significantly affected by loan-to-deposit ratios and maturity structures [3]. Future Outlook - The report anticipates that the Federal Reserve may conclude its balance sheet reduction process by the end of the year and potentially halt its reduction of U.S. Treasury holdings [4]. - Overseas official institutions are expected to have limited motivation to reduce holdings in a weak dollar environment, although the declining attractiveness of U.S. Treasuries as a safe asset poses a significant risk [4]. - Private institutions face pressure from dollar depreciation, which could diminish the yield advantage of U.S. Treasuries if they engage in currency hedging [4]. - U.S. residents are less likely to significantly increase their allocation to U.S. Treasuries due to the relative attractiveness of U.S. equities [4]. - Demand from commercial banks is expected to improve, benefiting from steady deposit growth, a steepening yield curve, and potential loosening of supplementary leverage ratio (SLR) rules [4]. - Pension funds and mutual funds are projected to maintain stable growth in holdings, driven by asset allocation needs and market preference trends [4]. - Huatai's team believes that the U.S. Treasury market will exhibit structurally differentiated demand characteristics in the second half of 2025, with policy adjustments, exchange rate fluctuations, and asset allocation shifts being key variables [4].

Core Viewpoint - Idorsia Ltd has announced a repurchase offer for its outstanding convertible bonds as part of a broader restructuring strategy aimed at enhancing its financial position and operational efficiency [1][2]. Group 1: Repurchase Offer Details - The repurchase offer targets CHF 200 million convertible bonds maturing in 2025 and CHF 600 million convertible bonds maturing in 2028 [1]. - Approximately 87.5% of the CB 2025 and 90.1% of the CB 2028 bondholders have entered into a lockup agreement to support the restructuring and participate in the repurchase offer [3]. - The main offer period for the repurchase is set to begin on July 10, 2025, and conclude on August 7, 2025, with a minimum acceptance condition of 85% of the total issued nominal value required for the offer to proceed [4]. Group 2: Participation and Documentation - Bondholders can access the repurchase offer documentation and participate through Kroll Issuer Services Ltd, which will also facilitate a new money facility for eligible bondholders [5]. - Detailed instructions and eligibility criteria for participation in both the repurchase offer and the new money facility are available in the repurchase offer documentation [5]. Group 3: Company Overview - Idorsia Ltd aims to challenge established medical paradigms by discovering, developing, and commercializing transformative medicines, positioning itself as a leading biopharmaceutical company [7]. - The company is headquartered near Basel, Switzerland, and has a strong focus on small-molecule drugs, with a promising development pipeline and partnerships to maximize portfolio value [8].

For more on Powell's testimony and how the Middle East conflict uh factors into the Fed's thinking, let's bring in Fed Watch Advisors founder Ben Emmens. Ben, great to see you. Um I first want to ask you about bond yields being at 4.29% on the 10-year and and I'm just wondering because we saw this is a day when the markets rallied.We saw oil come off precipitously. All the risk premium got taken out of the oil market at this point and we didn't have much of a move in the bond market. So at this point is it ...

As stated in paragraph 6 in General Terms of Auction for Treasury bonds, the Government Debt Management offered the equivalent of 10% of the nominal value sold in the auction 20. June, at the price of accepted bids. SeriesRIKB 28 1115RIKB 38 0215ISINIS0000028249IS0000037265Additional issuance (nominal)275,000,000102,000,000Settlement date06/25/202506/25/2025Total outstanding (nominal)124,037,301,51931,113,000,000 ...

Here's the question for me. What risks are actually worth managing at the moment. Because for a lot of people, they're being rewarded by just ignoring pretty much everything.It's amazing. John. It reminds us a bit of the talking head song, same as it ever was, just looking back a week.You saw that typical geopolitical risk management narrative playing out with the dollar briefly catching a bid. You saw oil prices obviously higher, gold getting a bid, and all of that has quickly reversed. This is one of the ...

// 债市综述 // 1. 公开市场操作 央行公告称， 6 月 23 日以固定利率、数量招标方式开展了 2205 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 2205 亿元，中标量 2205 亿元。 Wind 数据显示，当日 2420 亿元逆回购和 1000 亿元国库现金定存到期。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 资金面整体偏宽，存款类机构隔夜质押式回购利率微幅下行，但仍位于 1.37% 附近，七天质押式回购利率则上行超 1 个 bp 。 4. 银行间主要利率债收益率 | | 1Y | | 2Y | | ЗУ | | ટેત્ર | | 7Y | | 10Y | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国債 | 1.3550 0.00 | 71 | 1.3725 0.15 | 62 | 1.4000 0.25 | 43 | 1.4820 0.45 | 266 | 1.5700 0.30 | 282 | 1.6400 0.20 | 805 | | ...

【导读】上周五，股票ETF资金净流入45亿元 6月20日（上周五），A股市场震荡下行，三大指数集体调整，两市成交1.07万亿元。部分资金继续选择逢低入场。 统计显示，资金净流入前20大股票ETF中，中证500ETF有1只，中证1000ETF有3只，科创ETF有2只，军工、半导体芯片、医药等行业ETF各有2只。 头部基金公司中，6月20日，易方达基金旗下的创业板ETF净流入3.9亿元，沪深300ETF易方达净流入1.5亿元，科创板50ETF净流入1.4亿元，恒生科技ETF 易方达净流入0.4亿元。 值得一提的是，6月20日，债券ETF净流入超百亿元，近八成来自信用债ETF。当日，公司债ETF易方达单日净流入超9亿元，月内净流入已超60亿元，最 新规模达到178亿元，在8只基准做市公司债ETF中居前。 华夏基金ETF中，6月20日，A500ETF基金单日净流入2.55亿元，最新规模为154.9亿元，对应跟踪指数近一月日均成交额分别为65.17亿元和27.91亿元。中 证1000ETF净流入2.12亿元，科创50ETF、芯片ET和机器人ETF净流入都超1亿元。此外，债券ETF中，华夏信用债ETF基金净流入超过11亿 ...

June 20, 2025 05:45 PM GMT Global Rates Strategy | Global M Update Government Bond Auctions: The Month Ahead We review the supply, coupon, and redemption picture for the US, UK, Euro, JPY, AUS, NZ, and CAN government bond markets over the next month. This week, G7 net DV01 is expected to be $94.3mn/bp, compared to an average* $72.3mn/bp; US $71.2mn/ bp; Euro $3.4mn/bp; Japan $7.4mn/bp; UK $8.5mn/bp. The Week Ahead: Net issuance (gross issuance less coupons less redemptions) In the euro area, we estimate abo ...

Okay, we're gonna pass from Steve to Steve. So, Steve Graass, so I'm going to kick it off with you just because the name was top of mind. Nice.Uh, have Steve Leeman on more. Well, listen, two big interviews today. Waller made comments.I just don't know if anybody has any visibility, including Jay Pal on down about where things are going to be given we don't know what oil prices are going to do, inflation's going to do, tariffs are going to do. So, you know, when you look at uh the Treasury Secretary uh Bess ...

price, go to Finance buzz. com. >> All right.Welcome back. No secret to those of us here in the New York area that a runway at Newark Airport has been closed for repairs. The airport has suffered, shall we say, some problems.And while that may bother you, the traveler, your next guest actually sees a buying opportunity from this and more. Joining us is Tom Kozak. He is head of public policy and municipal strategies at Hilltop Securities.Do not worry, Tom. We will not talk about rodent tracks or anything els ...