Core Insights - Interest rates have decreased, leading to a changing fixed income landscape where investors are seeking higher yields [1] - Jason Greenblath from American Century Investments highlights the potential in corporate bonds and the advantages of an active fixed income strategy [2][4] Corporate Bond Opportunities - Greenblath emphasizes that despite tight spreads, there are still significant opportunities in the investment-grade universe, which consists of around 8,000 bonds from nearly 800 borrowers [2] - The focus is on short maturity, BB-rated high yield bonds, which can yield mid-single digits, often exceeding 6%, compared to the index yield of 4.75% [3] KORP ETF Strategy - The American Century Diversified Corporate Bond ETF (KORP) actively invests in corporate bonds, charging a fee of 29 basis points, aiming to provide both yield and income [4] - KORP seeks to capture income through newer vintage bonds with attractive coupons of 5% to 7%, which were not issued during the pandemic [4] Investment Approach - KORP's strategy involves a concentrated portfolio with 200 to 300 line items, allowing for deep scrutiny of potential investments, unlike the broader index [3][4] - The ETF can adapt to market conditions and capitalize on specific events related to top borrowers, such as AT&T and JP Morgan, when spreads are expected to tighten [5][6] Portfolio Role - KORP may serve as a core component in investor portfolios, providing corporate exposure while maintaining similar interest rate risk to the Bloomberg Aggregate Bond Index [7] - The active management of KORP allows it to capture themes that the index may overlook, making it an appealing option for those seeking additional yield [6][8]

Core Viewpoint - The bond market is expected to experience a phase of stabilization and gradual recovery in the fourth quarter, with a focus on narrowing interest rate spreads and leveraging strategies remaining favorable [1][6][7]. Market Performance - On October 13, government bond futures closed higher across the board, with the 30-year main contract rising by 0.37% to 114.440, the 10-year main contract up by 0.10% to 108.065, and the 5-year main contract increasing by 0.03% to 105.685 [2]. - In the interbank market, major interest rate bond yields rebounded after a significant decline, with the 10-year government bond yield rising by 1.2 basis points to 1.755% [2]. Monetary Policy and Liquidity - The People's Bank of China conducted a net injection of 137.8 billion yuan through a 7-day reverse repo operation, maintaining a stable and slightly loose liquidity environment [5]. - The Shibor rates showed a mixed trend, with the overnight rate unchanged at 1.314% and the 7-day rate rising by 4.4 basis points to 1.447% [5]. Institutional Insights - Guosheng Securities noted that the recent escalation in trade tensions has led to significant fluctuations in global capital markets, with expectations of a downward trend in bond yields [6]. - Huatai Securities predicts that the bond market in the fourth quarter will perform slightly better than in the third quarter due to improved odds and favorable supply conditions [7].

Report Industry Investment Rating - Not provided Core Viewpoints - Not provided Summary by Relevant Catalogs Global Asset Market Performance 10-Year Treasury Yields of Major Economies - On October 10, 2025, the 10-year Treasury yields of the US, UK, France, etc., were 4.034, 4.674, 3.478 respectively [1] - The latest changes in the 10-year Treasury yields of the US, UK, France, etc., were -0.105, -0.070, -0.046 respectively [1] - The one-week changes in the 10-year Treasury yields of the US, UK, France, etc., were -0.137, -0.082, -0.122 respectively [1] - The one-month changes in the 10-year Treasury yields of the US, UK, France, etc., were -0.128, -0.045, -0.012 respectively [1] - The one-year changes in the 10-year Treasury yields of the US, UK, France, etc., were 0.237, 0.665, 0.499 respectively [1] 2-Year Treasury Yields of Major Economies - On October 10, 2025, the 2-year Treasury yields of the US, UK, Germany, etc., were 3.600, 3.952, 1.957 respectively [1] - The latest changes in the 2-year Treasury yields of the US, UK, Germany, etc., were -0.030, -0.047, -0.037 respectively [1] - The one-week changes in the 2-year Treasury yields of the US, UK, Germany, etc., were 0.070, -0.061, -0.079 respectively [1] - The one-month changes in the 2-year Treasury yields of the US, UK, Germany, etc., were 0.090, 0.008, -0.004 respectively [1] - The one-year changes in the 2-year Treasury yields of the US, UK, Germany, etc., were 0.110, -0.007, -0.168 respectively [1] US Dollar Exchange Rates Against Major Emerging Market Currencies - On October 10, 2025, the US dollar exchange rates against the Brazilian real, South African rand, South Korean won, etc., were 5.521, 17.505, 1425.300 respectively [1] - The latest changes in the US dollar exchange rates against the Brazilian real, South African rand, South Korean won, etc., were 2.82%, 1.68%, - respectively [1] - The one-week changes in the US dollar exchange rates against the Brazilian real, South African rand, South Korean won, etc., were 2.93%, 0.45%, 1.14% respectively [1] - The one-month changes in the US dollar exchange rates against the Brazilian real, South African rand, South Korean won, etc., were 1.36%, -1.54%, 2.15% respectively [1] - The one-year changes in the US dollar exchange rates against the Brazilian real, South African rand, South Korean won, etc., were 1.53%, 1.92%, 8.19% respectively [1] Stock Indices of Major Economies - On October 10, 2025, the S&P 500, Dow Jones Industrial Average, NASDAQ, etc., were 6552.510, 45479.600, 22204.430 respectively [1] - The latest changes in the S&P 500, Dow Jones Industrial Average, NASDAQ, etc., were -2.71%, -1.90%, -3.56% respectively [1] - The one-week changes in the S&P 500, Dow Jones Industrial Average, NASDAQ, etc., were -0.79%, -1.02%, -0.81% respectively [1] - The one-month changes in the S&P 500, Dow Jones Industrial Average, NASDAQ, etc., were 0.78%, -0.31%, 2.29% respectively [1] - The one-year changes in the S&P 500, Dow Jones Industrial Average, NASDAQ, etc., were 14.05%, 7.84%, 22.07% respectively [1] Credit Bond Indices - On October 10, 2025, the US investment-grade credit bond index, eurozone investment-grade credit bond index, etc., were 3529.690, 265.945 respectively [1] - The latest changes in the US investment-grade credit bond index, eurozone investment-grade credit bond index, etc., were 0.34%, 0.12% respectively [1] - The one-week changes in the US investment-grade credit bond index, eurozone investment-grade credit bond index, etc., were 0.73%, 0.56% respectively [2] - The one-month changes in the US investment-grade credit bond index, eurozone investment-grade credit bond index, etc., were 1.28%, 0.76% respectively [2] - The one-year changes in the US investment-grade credit bond index, eurozone investment-grade credit bond index, etc., were 4.15%, 4.21% respectively [2] Stock Index Futures Trading Data - The closing prices of A-shares, CSI 300, SSE 50, etc., were 3897.03, 4616.83, 2974.85 respectively [3] - The percentage changes in A-shares, CSI 300, SSE 50, etc., were -0.94%, -1.97%, -1.51% respectively [3] - The PE(TTM) of CSI 300, SSE 50, CSI 500, etc., were 14.25, 11.78, 35.18 respectively [3] - The环比 changes in the PE(TTM) of CSI 300, SSE 50, CSI 500, etc., were -0.17, -0.08, -0.65 respectively [3] - The risk premiums of CSI 300, SSE 50, CSI 500, etc., were -,-,- respectively [3] - The环比 changes in the risk premiums of CSI 300, SSE 50, CSI 500, etc., were -,-,- respectively [3] - The latest values of the capital flows of A-shares, the main board, the small and medium-sized enterprise board, etc., were -1620.00, -835.68, - respectively [3] - The average values of the capital flows of A-shares, the main board, the small and medium-sized enterprise board, etc., in the past 5 days were -412.41, -218.67, - respectively [3] - The latest values of the trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, etc., were 25156.14, 7927.43, 2001.81 respectively [3] - The环比 changes in the trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, etc., were -1375.83, -694.65, -317.42 respectively [3] - The basis of IF, IH, IC, etc., were -24.63, 0.95, -132.22 respectively [3] - The basis spreads of IF, IH, IC, etc., were -0.53%, 0.03%, -1.79% respectively [3] Treasury Futures Trading Data - The closing prices of T00, TF00, T01, TF01 were 107.980, 105.650, 107.690, 105.550 respectively [4] - The percentage changes of T00, TF00, T01, TF01 were 0.19%, 0.09%, 0.18%, 0.09% respectively [4] - The R001, R007, SHIBOR-3M were 1.3263%, 1.4850%, 1.5780% respectively [4] - The daily changes (BP) of R001, R007, SHIBOR-3M were -21.00, -5.00, 0.00 respectively [4]

Core Viewpoint - The bond market has shown signs of recovery in the days surrounding the long holiday, with a decline in yields, particularly in the 10-year government bonds, which fell by over 5 basis points [1][4]. Market Overview - During the six working days from September 28 to October 11, bond yields experienced a downward trend, with the 10-year government bond yield decreasing by 5.62 basis points [2][3]. - The yield changes for various maturities from September 26 to October 11 include a decrease of 1.34 basis points for the 1-year bond and a decrease of 6.18 basis points for the 7-year bond [2]. Specific Events - On September 30, the market reacted positively to rumors of the central bank restarting government bond purchases, leading to a significant drop in yields [4]. - The first trading day after the holiday on October 9 saw a further decline in yields due to a large reverse repurchase operation by the central bank, totaling 1.1 trillion yuan [4][14]. - On October 11, yields fell sharply due to heightened market risk aversion following threats of increased tariffs from the U.S. [4][10]. Issuance and Market Activity - A total of 39 bonds were issued in the six working days post-holiday, amounting to 359.14 billion yuan, including 24.75 billion yuan in government bonds [8]. - Upcoming issuance plans for the week of October 13 to 17 include 32 bonds totaling 306.3 billion yuan, with a significant portion being government bonds [9]. International Context - U.S. Treasury yields also fell significantly, with the 10-year yield dropping by 7 basis points to 4.05%, influenced by trade tensions and increased demand for safe-haven assets [10]. - The Federal Reserve's recent meeting minutes indicated a strong consensus for a potential rate cut, reflecting concerns over economic uncertainty [12][13]. Institutional Perspectives - Analysts from various institutions suggest that while the bond market has stabilized, it remains susceptible to fluctuations due to equity market dynamics and policy changes [18][19][20]. - The current market sentiment is seen as having priced in negative factors adequately, but further catalysts are needed for a sustained decline in yields [19][20].

The IL Fund, pursuant to the Housing Act No. 44/1998, is authorised to make additional calls of Housing Bonds. This authorisation corresponds to the authorisation of real estate mortgagors to make additional payments on their morgages or to repay the debt in full prior to maturity. Provisions to this effect have existed in housing affairs legislation ever since the adoption of Act No. 75/1989, which established the Housing Bond system. By virtue of the above, the IL Fund has arranged for an additional draw ...

Core Viewpoint - The bond market showed signs of recovery after the National Day holiday, with government bond futures rising across the board and interbank bond yields declining by 1-2 basis points [1][2]. Market Performance - Government bond futures closed higher, with the 30-year main contract up 0.46% at 114.530, the 10-year main contract up 0.15% at 108.045, the 5-year main contract up 0.07% at 105.730, and the 2-year main contract up 0.02% at 102.394 [2]. - Major interbank bond yields generally decreased, with the 30-year government bond yield down 1.25 basis points to 2.117%, the 10-year policy bank bond yield down 0.65 basis points to 1.956%, and the 10-year government bond yield down 1 basis point to 1.773% [2]. Liquidity and Monetary Policy - The central bank announced a net withdrawal of 14,513 billion yuan in a single day, indicating a seasonal widening of liquidity gaps in October [1][4]. - The central bank conducted a 61.2 billion yuan reverse repurchase operation at a fixed rate of 1.40%, with a total of 20,633 billion yuan in reverse repos maturing on the same day [4]. - The central bank's announcement of a buyout reverse repurchase operation before the holiday signals a commitment to maintaining ample liquidity in the banking system [4]. Institutional Insights - Huatai Securities believes that the fundamentals and supply conditions are favorable for bonds in October, with stable liquidity and potential for interest rate cuts and bond purchases [7]. - CITIC Securities notes that seasonal cash demand and increased fiscal deposits may lead to a significant liquidity gap, prompting the central bank's actions to signal a supportive monetary policy [7].

Traders are bracing for an auction of 30-year government bonds in Japan after pro-stimulus conservative Sanae Takaichi’s surprise victory in the ruling party leadership race sent shock waves through the nation’s debt markets https://t.co/fHi6sOv3WR ...

Core Viewpoint - U.S. government bond yields increased in response to the unexpected resignation of French Prime Minister Sébastien Lecornu, who served for less than a month [1] Group 1 - The resignation of French Prime Minister Sébastien Lecornu has caused a ripple effect, influencing bond yields in the U.S. to rise [1]

Let's talk a little bit about what he's saying in Japan. Mark, your take on it. Is it an overreaction.Equities up very, very sharply decent moving the yen decent move in JGBs. I think it's the correct reaction. I think it's an appropriate reaction, not necessarily an overreaction, but this isn't the start of sustainable trends.So we've got a likely new prime minister who is much more in favour of kind of fiscal expansion and certainly to get that kind of coalition, that's what she's going to probably have t ...

Key Insights on Financial Markets Gold Market - Gold prices have surged nearly 50% this year, marking the best performance since 1979, driven by institutional investment amid global uncertainty and central bank diversification away from the U.S. dollar [3][10] - Spot gold reached a record high of $3,322.90 per ounce on April 17, 2025, with analysts predicting potential prices of $4,000 within a year and $5,000 in the coming years [3][4] European Bonds - French bond futures declined by 0.18% due to market uncertainty, exacerbated by a Fitch downgrade of France's sovereign credit rating from AA- to A+, the lowest on record, citing political instability and rising debt [5][10] - Ongoing anti-austerity protests and budget negotiation challenges for the new Prime Minister contribute to a cautious outlook for European fixed income markets [6] Asian Equities - The Hang Seng Index in Hong Kong fell by 0.6%, influenced by negative investor sentiment due to a U.S. government shutdown, which complicates the monetary policy outlook [7][10] - The political stalemate in Washington has dampened risk appetite in equity markets and increased demand for safe-haven assets like gold [8] Oil Market - OPEC+'s oil output increases are reducing spare production capacity, raising concerns about future supply disruptions, despite a planned increase of 137,000 barrels per day for November [9][11] - Oil prices saw a modest gain of about 1% in early trading, but analysts expect crude prices to remain weak due to a gloomy global economic outlook and weakening Chinese demand [11] Geopolitical Developments - Moscow's air defenses have successfully intercepted multiple drone threats, leading to temporary disruptions at major airports, highlighting ongoing geopolitical tensions [12] - A diplomatic visit by a Vietnamese leader to North Korea marks an effort by Pyongyang to break its international isolation amidst heavy sanctions [13]