Market Overview - The bond market showed slight weakness on June 19, with the sentiment in the ultra-long end declining, leading to most government bond futures closing lower [1] - The interbank bond yield rose by approximately 0.5 basis points, with a net injection of 842 billion yuan in the open market [1][6] - Short-term funding rates generally increased, indicating potential disturbances in the credit market due to quarter-end financial reporting [1] Government Bond Futures - The closing prices for government bond futures were mixed, with the 30-year main contract up by 0.16% at 121.060, while the 10-year contract remained flat at 109.135 [2] - The 5-year and 2-year contracts saw slight declines of 0.02% and 0.01%, closing at 106.250 and 102.526 respectively [2] Interbank Rates - Major interbank bond yields mostly increased, with the 10-year policy bank bond yield rising by 0.1 basis points to 1.709% and the 10-year government bond yield increasing by 0.55 basis points to 1.643% [2] - The 30-year government bond yield remained unchanged at 1.845% [2] International Bond Markets - In North America, U.S. Treasury yields rose across the board, with the 10-year yield increasing by 1.58 basis points to 4.393% [3] - In Asia, Japanese bond yields fell significantly, with the 10-year yield down by 4.2 basis points to 1.418% [4] - European bond yields also decreased, with the 10-year French and German yields both down by 3.6 basis points [4] Primary Market - The China Development Bank issued 3-year and 7-year financial bonds with yields of 1.5029% and 1.6687% respectively, with bid-to-cover ratios of 3.5 and 5.57 [5] Funding Conditions - The central bank conducted a 2035 billion yuan reverse repo operation at a rate of 1.40%, resulting in a net injection of 842 billion yuan for the day [6] - Short-term Shibor rates increased across the board, with the overnight rate rising by 0.1 basis points to 1.367% [6] Institutional Insights - Citic Securities noted that since mid-May, the credit bond market has been influenced by "deposit migration," leading to increased credit bond allocations amid a tightening supply [7] - Huatai Securities highlighted that the current market is in a phase of tariff policy fatigue and basic data verification, with geopolitical disturbances affecting asset performance [7] - Hua'an Securities observed that the overall volatility in the equity market is at historical lows, indicating a "weak stock, stable bond" dynamic, with significant differentiation across sectors [8]