厦门发行10年期一般债地方债，规模9.0000亿元，发行利率1.7500%，边际倍数1.77倍，倍数预期1.76； 厦门发行30年期其他专项地方债，规模48.2230亿元，发行利率2.1200%，边际倍数27.56倍，倍数预期 2.02； 厦门发行10年期一般债地方债，规模6.2334亿元，发行利率1.7500%，边际倍数1.81倍，倍数预期2.10； 厦门发行30年期普通专项地方债，规模26.2948亿元，发行利率2.1200%，边际倍数174.54倍，倍数预期 2.02。 ...

China’s 30-year government bond auction on Thursday drew its highest yield since March, as risk sentiment improved and concerns over further losses cooled demand for debt. https://t.co/4mNaLfZmCQ ...

Demand for 40-year Japanese government bonds is at its weakest since 2011 amid concerns over government spending and following news of a US-Japan trade deal. Here's why investors are so worried https://t.co/7Olmcxn2St ...

Core Viewpoint - The bond market is experiencing adjustments with government bond futures declining across the board, while interbank bond yields are rising slightly. The market is influenced by short-term emotional shocks, but the fundamental economic data remains under various influences, indicating that the logic of monetary easing is still intact for the long term [1][6]. Market Performance - Government bond futures closed lower, with the 30-year main contract down 0.21% to 119.27, the 10-year main contract down 0.11% to 108.52, the 5-year main contract down 0.09% to 105.79, and the 2-year main contract down 0.03% to 102.38 [2]. - Interbank bond yields generally increased, with the 30-year government bond yield rising 0.25 basis points to 1.911%, the 10-year policy bank bond yield up 0.5 basis points to 1.7825%, and the 10-year government bond yield up 0.75 basis points to 1.7% [2]. Overseas Bond Market - In North America, U.S. Treasury yields fell across the board, with the 2-year yield down 2.31 basis points to 3.8292% and the 10-year yield down 3.17 basis points to 4.344% [3]. - In Asia, Japanese bond yields mostly rose, with the 10-year yield increasing 8.5 basis points to 1.588% [3]. - In the Eurozone, yields on 10-year bonds also decreased, with the UK yield down 3.3 basis points to 4.568% [3]. Primary Market - Agricultural Development Bank's financial bonds had winning yields of 1.3695%, 1.6649%, and 1.7888% for 1.074-year, 3-year, and 10-year terms, respectively, with bid-to-cover ratios of 2.54, 3.26, and 3.76 [4]. - The Ministry of Finance's 91-day and 182-day treasury bonds had weighted winning yields of 1.2231% and 1.3243%, with bid-to-cover ratios of 3.28 and 2.3 [4]. Funding Conditions - The central bank conducted a 7-day reverse repurchase operation of 150.5 billion yuan at a rate of 1.40%, resulting in a net withdrawal of 369.6 billion yuan for the day [5]. - Shibor rates for short-term products mostly increased, with the overnight rate rising 5.0 basis points to 1.367% [5]. Institutional Perspectives - Citic Securities noted that the recent bond market adjustment reflects various factors, including "anti-involution" and water conservancy projects, suggesting that while short-term concerns exist, long-term opportunities may arise [6]. - Huatai Fixed Income highlighted that the bond market adjustment is driven by changes in three core logics, including strong performance of risk assets and marginal corrections in fundamental expectations [6]. - Hongze Fixed Income pointed out that despite the ongoing adjustments, there are still structural opportunities in the bond market, with a shift in focus from extremes to the middle ground [6].

Demand for 40-year Japanese government bonds is at its weakest since 2011 amid concerns over government spending and following news of a US-Japan trade deal. Here's why investors are so worried https://t.co/9785RzOjGU ...

Report Industry Investment Rating - Maintain a buy recommendation on CPDEVs [3][9] Core View - The report provides a daily update on the fixed - income market, including price changes of various bonds, macro - news, new issuance information, and company - specific news [1][6][16] Trading Desk Comments - Yesterday, long - end Chinese IGs like TENCNT/BABA 50 - 57s were 0.5 - 0.7pt higher (unchanged to 5bps tighter), while JD 50 was 0.8pt lower (12bps wider) [1] - In insurance, SHIKON 35 tightened another 5bps (0.6pt higher) after tightening 20bps last week. CATLIF/NSINTW 34s were unchanged to 2bps tighter [1] - NIPILF 51/MYLIFE 55 were up 0.1pt, ASAMLI/SUMILF Perps were down 0.1 - 0.2pt. In AT1s, BACR 9.675/HSBC 7.05/UBS 6.85 Perps were up 0.1 - 0.3pt [1] - In HK, HYSAN 4.85 Perp was up 0.6pt. NWDEVL 28 - 31s/Perps were 0.7pt lower to 0.3pt higher. MTRC Perps were 0.1 - 0.2pt higher [1] - In Chinese properties, ROADKG 28 - 30s were 0.1 - 0.4pt lower, ROADKG Perps closed unchanged. LNGFOR 28/DALWAN 26 were down 0.3 - 0.5pt. Outside properties, WESCHI 26 was up 0.9pt [1] - In SE Asia, MEDCIJ 30 was up 0.6pt. Elsewhere, MONMIN 30 was up 1.0pt [1] - In CNH space, the new SWIPRO 35 was 0.1pt higher with yield tightening towards 3%. In LGFVs, CPDEV 26 was down 0.2pt, CPDEV 29 was up 0.2pt [2] - There were two - way interests on USD names like CHDOHU 7.6 28s/KNMIDI 8.5 26s and CNH names like ZCHTCD 6.7 28s/QHURGR 7.8 26s. In SOE perps, AVIILC Perp was up 0.2pt, CHPWCN Perp was down 0.2pt [2] Morning Updates (22 Jul 2025) - SHIKON 35 widened 10bps and NSINTW 34 widened 5bps. NACF/SHINFN 29 - 30s widened 1 - 2bps. HYSAN 4.85/FAEACO 12.814 Perps were down 0.3 - 0.4pt. WESCHI 26 was up another 0.5pt [3] - USD90.4mn of CPDEV 4.65 01/19/26 was validly tendered at expiration, meeting adjourned to 5 Aug'25. CPDEV 26 was 0.1pt higher this morning [3] - VEDLN: Hindustan Zinc 1QFY25 results beat estimates on record output and silver gains, VEDLNs were unchanged this morning [3] Top Performers and Underperformers | Top Performers | Price | Change | Top Underperformers | Price | Change | | --- | --- | --- | --- | --- | --- | | FWDGHD 6.675 PERP | 99.5 | 1.2 | GRNLGR 5 7/8 07/03/30 | 22.7 | - 4.4 | | RILIN 3 5/8 01/12/52 | 68.9 | 1.0 | JD 4 1/8 01/14/50 | 77.8 | - 0.8 | | MONMIN 8.44 04/03/30 | 95.9 | 1.0 | NWDEVL 4 1/2 05/19/30 | 48.6 | - 0.7 | | WESCHI 4.95 07/08/26 | 89.4 | 0.9 | LNGFOR 4 1/2 01/16/28 | 89.9 | - 0.5 | | CCAMCL 5 02/08/48 | 87.0 | 0.8 | NWDEVL 3 3/4 01/14/31 | 47.3 | - 0.5 | [4] Macro News Recap - On Monday, S&P (+0.14%), Dow (-0.04%) and Nasdaq (+0.38%) were mixed. The S&P 500 Index finished at 6305.6, its highest close ever [6] - UST yield was lower on Monday, with 2/5/10/30 - year yields at 3.85%/3.91%/4.38%/4.94% [6] Desk Analyst Comments on CPDEV - Central Plaza Development adjourned the meeting on CPDEV 4.65 01/19/26 to 5 Aug'25 due to lack of quorum. As of expiration, USD90.42mn of the bond was validly tendered [7] - Voting deadline for consent solicitation extended to 31 Jul'25. If approved, CPDEV can redeem all CPDEV 26 outstanding at par with 5 - business - day notice [8] - Maintain buy on CPDEVs due to Beijing SASAC's ownership, CPDEV's strategic importance, and good access to on - shore funding, and proactive management of offshore maturity profile [9] Offshore Asia New Issues - No new offshore Asia issues were priced today [14] - There are no new offshore Asia issues in the pipeline today [15] News and Market Color - Yesterday, 89 credit bonds were issued onshore with an amount of RMB170bn. Month - to - date, 1,337 credit bonds were issued, raising RMB1,409bn, a 12.8% yoy increase [16] - Land sales in China's smaller cities fell to the lowest level in over a decade [16] - Indonesian coal exports to China fell 12% yoy in 1H25 due to falling prices [16] - Fitch changed Continuum Green Energy's outlook to stable from positive and affirmed its B+ rating [16] - CTF Services issued HKD850mn CTFSHK 2.8 01/18/27 (CB) and repurchased HKD566mn CTFSHK 4 07/22/25 (CB), with the remaining HKD74mn converted into shares [16] - China Water Affairs Group and its top shareholder offered to buy the remaining stake in wastewater firm Kangda [16] - EQT and Brookfield are in active negotiations to acquire Gland Pharma from Fosun Group [16] - S&P assigned Fubon Life an A - rating with a stable outlook [16] - Vale Indonesia plans to raise USD1 - 1.2bn in 2026 - 27 for mine and smelter projects [16] - Road King bondholders were advised to reject the revised consent solicitation offer [16] - Sands China's new incentives on table - side bets could boost market share [21] - SoftBank - OpenAI US venture scaled back near - term goals due to disputes [21] - Hindustan Zinc 1Q25 results beat estimates on record output and silver gains [21]

Market Overview - The bond market continued to show weakness, with government bond futures experiencing a significant decline, particularly in the long-term contracts [1][2] - The central bank conducted a net withdrawal of 127.7 billion yuan in the open market, indicating a gradual return to a balanced but slightly loose liquidity environment [1][5] Bond Yield Trends - The yields on various government bonds showed a mixed trend, with long-term bonds weakening while short-term bonds remained stable [2] - The 30-year government bond yield rose by 1 basis point to 1.899%, while the 10-year government bond yield increased by 1.3 basis points to 1.69% [2] International Bond Market - In North America, U.S. Treasury yields fell across the board, with the 10-year yield dropping by 3.38 basis points to 4.3757% [3] - In Asia, Japanese bond yields saw a notable increase, particularly in the long-term segment [3] - European bond yields also decreased, with the 10-year French bond yield falling by 10.4 basis points to 3.292% [3] Primary Market Activity - The China Development Bank issued financial bonds with yields of 1.4933%, 1.5673%, and 1.6939% for 2-year, 5-year, and 10-year maturities, respectively, indicating strong demand with bid-to-cover ratios above 3 [4] Liquidity and Funding Conditions - The central bank's reverse repos on July 22 totaled 214.8 billion yuan at a fixed rate of 1.40%, contributing to a net withdrawal of 127.7 billion yuan for the day [5] - Short-term Shibor rates declined, with the overnight rate falling to 1.317%, the lowest since September 2022 [5] Institutional Insights - Institutions suggest that the bond market is likely to remain in a volatile state due to strong production but weak demand, with significant factors including stock market performance and major investment projects [6][7] - The convertible bond market is viewed as having high valuations, with recommendations to focus on stocks with a conversion premium within 20% [7]

Investment Strategy - T Rowe favors local bonds in Thailand and Malaysia [1] - The company anticipates that further monetary easing will be a primary factor influencing investor returns, potentially outweighing currency appreciation [1] Regional Focus - The investment strategy specifically targets Thailand and Malaysia [1]

Group 1 - The core viewpoint indicates a decline in government bond futures, with the 30-year government bond futures dropping by 0.46%, reaching a new low since June, while the 10-year government bond futures fell by 0.11% [1] - The yields on major interbank rate bonds have increased, with the 10-year government bond "25附息国债11" yield rising by 1.1 basis points, the 30-year government bond "25超长特别国债02" yield increasing by 1.6 basis points, and the 7-year government bond "25附息国债07" yield up by 2.1 basis points [1] Group 2 - The table presents various government bond yields, showing the 1-year yield at 1.3850, the 2-year yield at 1.4100, the 5-year yield at 1.6750, and the 10-year yield at 1.8890, among others [2]

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