Bonds with the longest maturities are disappearing from Japan’s corporate market as surging yields push companies into shorter debt, saving costs for now but leaving them more exposed to refinancing risks https://t.co/fKYOvIlmcK ...

Calendar, calculator and stack of coins in office. Deadline concept. Calendar, coins and calculator on table. Business, finance, taxes, accounting, wages, payroll or money planning conceptsgettyLet’s talk about a terrific 12.2% dividend that is paid monthly.The source of this income? Safe US Treasuries and a methodical scraping of option premiums for additional yield.We’ll talk about this monthly payer—including fund name and ticker—in a moment. First, let’s get caught up on the Treasury market.You may have ...

今天分享的是：2025气候转型债券市场报告：在充满挑战的债务市场环境中融资增长（英文版） 报告共计：178页 《2025年全球债务报告》核心内容总结 2025年OECD发布的《全球债务报告》聚焦全球债务市场在复杂环境下的融资增长挑战，涵盖主权债务、企业债务、新兴市场债务及气候转型融资四大核心 板块，揭示了债务规模扩张、融资成本上升、 refinancing风险加剧等关键趋势。 主权债务市场：规模攀升与成本压力 OECD国家主权债券发行量持续增长，2024年达近16万亿美元，2025年预计增至17万亿美元，主要源于再融资需求激增（2025年预计达13万亿美元）。债务 占GDP比率在2024年升至84%，2025年预计进一步增至85%，为2019年以来首次持续上升。借款成本显著提高，固定利率债券收益率在2024年维持在近4%， 远高于2021-2020年的1%以下水平。利息支付占GDP比率升至3.3%，超过多数国家的国防开支占比。各国央行通过量化紧缩缩减债券持有量，2021-2024年 OECD国家央行持有份额从29%降至19%，私人投资者（尤其是外国投资者和家庭）成为主要承接方，投资者结构更趋价格敏感。 企业债 ...

中短端债券方面，3-5年利率债方面，可以关注240020，250003，240203，240208。5Y国开因为调整较 多受到投资者关注，但因为其波动较大，且市场可能呈现小幅熊陡走势，故持有价值不强，可以在资金 有宽松预期或者央行买债时关注短期交易价值。浮息债方面，重点可以关注25农发清发09。 本周继续关注本轮债市调整以来平安公司债ETF（511030）回撤控制排名第一，净值相对稳健且回撤可 控。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 择券思路上，从曲线静态及持有性价比来看，国债各期限区别不大，但2-3Y和7Y偏贵一些；国开需要 规避6Y，8-9Y；农发可以关注7Y位置；口行关注3Y，7Y；二级资本债关注6-7Y。（10Y及以内选择） 10年国开方面，当前250210-250215利差在-1BP左右，近期市场波动大，投资者更偏好主力券，10年国 债、30年国债主力券也与其他券利差有所走扩，但考虑250215存量规模已经达到3350亿元，且还在继续 续发，有成为主力券的基础，且已经上市2个月左右，目前250215成交量正在抬升并接近250210，预计 短时间可能会切换为主力券 ...

Volatility in benchmark Indian bonds jumped to a three-year high, as a plan to cut consumption taxes stoked concerns that the government may sell more debt to make up for any revenue shortfall https://t.co/9pe3iNvKS6 ...

Group 1 - The article discusses the potential investment opportunity in municipal bonds, particularly focusing on two specific closed-end funds (CEFs) that offer high tax-free dividends of 7.5% and higher, which may be appealing in the current overheated stock market [2][3][8] - Municipal bonds, issued by state and local governments, typically provide yields that are 200 basis points above those of 10-year Treasury notes, making them an attractive option for income-seeking investors [3][9] - The S&P 500 has returned around 10% this year, while the iShares National Muni Bond ETF (MUB) has remained flat, indicating a lag in municipal bond performance compared to stocks [4][5] Group 2 - The article highlights the advantages of investing in municipal bond CEFs over individual munis or ETFs, as CEFs can provide higher payouts and are managed by professionals who have access to the best new bonds [6][7][8] - The Invesco California Value Municipal Income Trust (VCV) is mentioned as a strong performer with a yield of 7.5%, outperforming MUB since its inception [10] - The RiverNorth Managed Duration Municipal Income Fund II (RMMZ) offers an 8% yield and is currently trading at a discount of 7.9%, which is expected to narrow as interest rates decrease, enhancing the fund's value [11][12][13] Group 3 - RMMZ's portfolio is primarily composed of investment-grade bonds, providing a level of safety for investors while they collect dividends [13] - The anticipated interest rate cuts are expected to increase the value of RMMZ's existing higher-yielding munis, attracting more investor interest and potentially narrowing the fund's discount further [12][13]

尽管达成和平协议仍面临重重障碍，但Bloomberg汇编的数据显示，乌克兰美元债券领涨新兴市场。乌克兰2036年零息 美元债券价格连续第五天上涨，创下3月底以来的最高水平。 乌克兰债券价格在华盛顿会议后继续上涨 智通财经APP获悉，周二，中欧和东欧资产领涨新兴市场，此前美国总统唐纳德·特朗普、乌克兰总统弗拉基米尔·泽连 斯基和欧洲领导人在美国华盛顿会晤，显示出和平谈判取得进展的迹象。 匈牙利福林在新兴市场货币中涨幅居前，兑欧元汇率升至11个月来的高位，波兰兹罗提也有所上涨。总体而言，MSCI 新兴市场货币指数回报率几乎没有变化，发展中国家股市的相应指数也基本持平。 In Touch Capital Markets Ltd. 货币分析师Piotr Matys表示："中东欧货币是市场乐观情绪不断升温的主要受益者，这种乐 观情绪源于昨日欧洲领导人与特朗普在白宫举行的历史性会晤，人们认为此次会晤将促使泽连斯基和俄罗斯总统普京 坐到谈判桌前。" 此次华盛顿会晤被视为普京与泽连斯基举行峰会前迈出的成功一步，尽管目前尚未确定会晤日期，俄罗斯领导人也未 承诺参加。 此外，在伦敦上市的乌克兰高品位铁矿石出口商Ferrexpo股 ...

Core Viewpoint - The article discusses the current state of the bond market, highlighting the impact of stock market performance and liquidity conditions on bond yields and investor behavior [4][7]. Group 1: Market Performance - The stock market has shown strong performance, with the Shanghai Composite Index reaching a 10-year high, breaking through 3731.69 points [7]. - The bond market is experiencing increased redemption from bond funds, indicating a shift in investor sentiment as they react to stock market movements [4][7]. Group 2: Liquidity Conditions - The liquidity in the market is tightening, with the central bank conducting a net injection of 154.5 billion yuan through reverse repos [4]. - The funding rates have slightly increased, with DR001 around 1.45% and DR007 at approximately 1.51% [5]. Group 3: Interest Rate Movements - Long-term bond yields have risen significantly, with the 10-year government bond yield increasing to around 1.76% [7]. - The highest yield observed during the day reached 1.789%, before settling back to approximately 1.77% [7]. Group 4: Investor Sentiment - There is a prevailing cautious sentiment among bond investors, as indicated by the increased redemption of bond funds amidst stock market volatility [8]. - The article suggests that the current market conditions may lead to a reallocation of investment strategies, with some bond investors considering a shift towards equities [8].

Indian bonds fell by the most in almost two years, as optimism from last week’s credit rating upgrade was overshadowed by fiscal concerns over the government’s plan to cut consumption taxes https://t.co/2TjDrpbQ4G ...

Market Overview - The bond market showed significant weakness on August 18, with government bond futures closing down across the board, influenced by strong equity assets [1][2] - The interbank bond yield rose by 3-5 basis points, indicating a shift in market dynamics [1] Bond Futures Performance - The 30-year main contract fell by 1.33% to 116.090, while the 10-year contract decreased by 0.29% to 108.015 [2] - The yields on major interbank bonds increased, with the 30-year special government bond yield rising by 5.5 basis points to 2.049% [2] International Bond Market Trends - In North America, U.S. Treasury yields rose collectively, with the 2-year yield increasing by 1.60 basis points to 3.740% [3] - Asian markets saw Japanese bond yields rise, with the 10-year yield up by 0.6 basis points to 1.571% [3] - European markets also experienced increases in bond yields, with the 10-year French bond yield rising by 9.6 basis points to 3.466% [3] Primary Market Activity - In Hebei province, the bidding results for local bonds showed high demand, with bid multiples exceeding 18 times for several issues [4] - The 10-year bond "25 Hebei 45" had a winning rate of 1.89% and a total bid multiple of 20.92 [4] Funding Conditions - The central bank conducted a reverse repurchase operation of 266.5 billion yuan at a rate of 1.40%, resulting in a net injection of 154.5 billion yuan for the day [5] - Short-term Shibor rates increased across the board, indicating tightening liquidity conditions [5] Institutional Insights - Citic Fixed Income noted that the domestic economy is improving, while uncertainties remain in the global recovery [7] - Huatai Fixed Income suggested that the bond market has not yet confirmed a trend reversal, with a focus on short-term government bonds and convertible bonds [7] - Shenwan Fixed Income highlighted potential volatility in the bond market from August to October, with a cautious outlook on liquidity and government bond supply [7]