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X @Bloomberg
Bloomberg· 2025-07-16 07:06
Market Trends - Japan's super-long bonds experienced a price increase on Wednesday, reversing a decline from earlier in the week [1] - Concern that an upper house election this weekend will result in higher government spending is influencing bond market activity [1]
X @Bloomberg
Bloomberg· 2025-07-16 05:56
Senegal raised 364 billion CFA francs in a government bond sale in the regional market, the finance ministry says https://t.co/StzKKvyMu0 ...
【财经分析】信用债行情能否延续?机构判断配置需求将提供有力支撑
Xin Hua Cai Jing· 2025-07-15 23:44
新华财经上海7月16日电(记者杨溢仁)本周伊始,银行间信用债市场收益率伴随利率债市场的调整有 所上探。 不过,业内人士普遍认为,债市仍处于做多环境中,短期波动无碍中期向好。聚焦信用债布局,目前仍 建议对票息品种保持久期。以城投债为例,可在3年期各券内尽量多做下沉,资质偏强的产品可拉长久 期至5年期。 信用债市场韧性犹存 可以看到,7月以来,基金、其他产品类和保险对信用债的配置需求均有所上升。就现券成交数据分 析,7月1日至11日,基金净买入信用债规模达885亿元,同比增长391亿元;7月7日10只科创债ETF合计 募集290亿元,其建仓带来了市场对科创公司债的买入需求;其他产品类、保险净买入信用债规模分别 为313亿元和152亿元,同比分别增长了78亿元和50亿元。 显然,"由于信用债配置需求旺盛,目前信用利差大多收窄或持平,低评级表现优于高评级。"一位券商 交易员告诉记者,"事实上,基金净买卖信用债规模通常是最灵敏的指标,与信用利差走势具有一定相 关性。若基金净买入信用债规模保持在日均50亿元以上,则有助于支撑信用利差维持低位;反之,则说 明配置需求不足,信用利差很可能走扩。而7月7日至10日,基金滚动5个 ...
X @Bloomberg
Bloomberg· 2025-07-14 17:14
The world’s top sovereign wealth fund was a major buyer of Colombian local bonds in June, the month the country got hit by two credit downgrades https://t.co/oFYeSJ2NSd ...
【债市观察】股市、商品联袂走强 债市逆风因素增加
转自:新华财经 新华财经北京7月14日电(王柘)上周(2025年7月7日至7月11日)"股债跷跷板"起效,沪指站上3500点,债市收益率整体走高。大宗商 品价格也在近期明显回升,进一步压制债市情绪。全周来看,10年期国债收益率上涨2.2BP至1.665%。收益率短端涨幅更大,曲线趋向 熊平。 公开市场前半周维持净回笼操作,使得资金面边际收敛。本周扰动因素增加,关注政府债缴款、税期走款、1000亿元MLF到期、买断式 逆回购等。从目前披露的地方债发行计划来看,7月或是地方债发行高点,国债发行规模或相对下降。在宏观数据未发生明显转向、外 部不确定性依旧存在的背景下,预计短期内央行或持续护航债市,供给压力不必过度担忧。 行情回顾 2025年7月11日,中债国债到期收益率1年期、2年期、3年期、5年期、7年期、10年期、30年期、50年期较2025年7月4日分别变动 3.4BP、4.61BP、3.67BP、3.63BP、2.75BP、2.2BP、2.25BP、1.9BP。 | | | 中债国债收益率曲线(到期)》 | | | --- | --- | --- | --- | | 标准期限(年) | 7月4日 | 7月1 ...
TIP: Real Yields And Breakevens Are In A Stalemate
Seeking Alpha· 2025-07-11 15:20
Group 1 - The focus is on real yields and the iShares TIPS Bond ETF (TIP), with a consideration of inflation expectations among investors [1] - Pearl Gray is identified as a proprietary investment fund and independent market research firm that specializes in systematic analysis, particularly in Bonds, Preferreds, and REITs [1] - The primary sectors of interest for Pearl Gray are Financials and Real Estate, aiming to discover actionable total return ideas [1] Group 2 - The content provided does not constitute financial advice and is intended to foster discussion among subscribers [3] - There is a disclosure indicating that the author has no financial positions in the companies mentioned and is not receiving compensation for the article [2]
债市日报:7月11日
Xin Hua Cai Jing· 2025-07-11 14:06
Core Viewpoint - The bond market showed weakness on July 11, with government bond futures mostly declining, while liquidity remained balanced but slightly contracted, indicating a mixed outlook for the market [1][4]. Market Performance - Government bond futures closed mostly lower, with the 30-year main contract up 0.05% at 120.610, while the 10-year main contract fell 0.02% to 108.830 [2]. - The yield on the 30-year government bond decreased by 0.1 basis points to 1.975%, while the 10-year government bond yield increased by 0.5 basis points to 1.665% [2]. Primary Market - The Ministry of Finance reported weighted average bidding yields for 2-year and 3-year government bonds at 1.3582% and 1.3735%, respectively, with bid-to-cover ratios of 3.6 and 3.12 [3]. Liquidity Conditions - The central bank conducted a 7-day reverse repo operation of 847 billion yuan at a rate of 1.40%, resulting in a net injection of 507 billion yuan for the day [4]. - Short-term Shibor rates mostly increased, with the overnight rate rising by 1.7 basis points to 1.333% [4]. Institutional Perspectives - Citic Securities noted that the convertible bond market is experiencing high valuations, leading investors to prefer reducing positions in convertible bonds while increasing exposure to equity indices [5]. - Guosheng Fixed Income highlighted the continued growth of bond ETFs, with expectations for further expansion in the sci-tech bond ETF market due to policy support [5].
债市日报:7月10日
Xin Hua Cai Jing· 2025-07-10 07:44
Market Overview - The bond market experienced a significant pullback on July 10, with all major government bond futures closing lower, indicating increased vulnerability due to compressed spreads, high leverage, and low funding rates [1][2] - The central bank conducted a net injection of 32.8 billion yuan in the open market, with short-term funding rates trending upwards as the month progresses [1][5] Bond Futures Performance - The 30-year main contract fell by 0.36% to 120.530, while the 10-year main contract decreased by 0.16% to 108.845 [2] - The yield on the 30-year government bond rose by 0.75 basis points to 1.869%, and the 10-year government bond yield increased by 1 basis point to 1.656% [2] International Bond Market Trends - In North America, most U.S. Treasury yields rose, with the 2-year yield increasing by 4.71 basis points to 3.764% [3] - In the Eurozone, 10-year bond yields for France, Germany, Italy, and Spain all decreased, indicating a mixed sentiment in the international bond markets [3] Primary Market Activity - The China Development Bank's financial bonds had a bid yield of 1.3908% for 185 days, with a bid-to-cover ratio of 2.97, indicating strong demand [4] - The Export-Import Bank's 3-year fixed-rate bond had a bid yield of 1.4% with a bid-to-cover ratio of 4.22, reflecting investor interest [4] Funding Conditions - The central bank conducted a 900 billion yuan reverse repo operation at a rate of 1.40%, with a net injection of 32.8 billion yuan after accounting for maturing repos [5] - Short-term Shibor rates mostly increased, with the overnight rate rising by 0.3 basis points to 1.316% [5] Institutional Insights - Huatai Fixed Income suggests that while CPI data slightly exceeded expectations, PPI was weaker, indicating a potential bottoming process for prices, but warns of demand-side weakening [6] - CITIC Securities highlights multiple factors affecting the bond market, including concerns over the sustainability of inflation improvements and external demand weakness [7] - Changjiang Fixed Income anticipates that the 10-year government bond yield will continue to fluctuate between 1.6% and 1.65%, with potential opportunities in the yield curve [7]
宁波发行10年期一般债地方债,规模122.7065亿元,发行利率1.6900%,边际倍数2.37倍,倍数预期1.73;宁波发行7年期普通专项地方债,规模33.4233亿元,发行利率1.6500%,边际倍数4.85倍,倍数预期1.67。
news flash· 2025-07-09 06:58
Group 1 - Ningbo issued 10-year general local bonds with a scale of 12.27065 billion yuan and an issuance rate of 1.6900% with a marginal multiple of 2.37, exceeding the expected multiple of 1.73 [1] - Ningbo issued 7-year ordinary special local bonds with a scale of 3.34233 billion yuan and an issuance rate of 1.6500% with a marginal multiple of 4.85, surpassing the expected multiple of 1.67 [1]