新华财经北京5月7日电美国国债收益率周二（5月6日）整体走低，美国财政部当天招标发行的10年期美 债需求从前期低位回升，部分修复了近期的市场抛售情绪。 截至6日尾盘，2年期美债收益率跌4.75个基点报3.7827%，3年期美债收益率跌5.32个基点报3.7556%，5 年期美债收益率跌4.19个基点报3.8957%，10年期美债收益率跌4.87个基点报4.2946%，30年期美债收益 率跌3.76个基点报4.797%。 美国财政部副部长迈克尔·福尔肯德认为，当天的10年期美债发行非常成功。他表示，"我们没有看到美 国国债市场出现任何问题，我们的拍卖继续表现强劲。美元一直是并将继续是世界储备货币。" 美国财政部6日发售420亿美元10年期国债，中标利率为4.342%，低于前次4月9日的4.435%；投标倍数 为2.60，低于前次的2.67，但高于最近六次拍卖的平均值2.59。衡量美国国内需求的直接竞标者的获配 比例为19.9%，衡量海外需求的间接竞标者获配比例为71.2%，一级交易商获配比例仅为8.9%，显示市 场需求强劲。 投标结果出炉后，10年期美债收益率收益率盘中跳水约2个基点。 财经金融博客Zerohe ...

【海外债市】 北美市场方面，美债收益率集体上涨，2年期美债收益率涨1.86BP报3.8302%，3年期美债收益率涨 0.85BP报3.8088%，5年期美债收益率涨2.1BPs报3.9376%，10年期美债收益率涨3.5BPs报4.3433%，30年 期美债收益率涨4.67BPs报4.8336%。 亚洲市场方面，日债除超长端以外的品种收益率普遍回落，5年期和10年期日债收益率下行2.4BPs和 1.7BP，报0.816%和1.257%，30年期日债收益率上行5.5BPs至2.774%。 新华财经北京5月6日电（王菁）债市周二（5月6日）偏弱整理，仅超长端维持暖势，其他期限期现货震 荡回调，国债期货主力多数收跌，银行间现券收益率多数上行1BP左右；公开市场单日净回笼6820亿 元，资金利率月初全线回落。 机构认为，5月国债和专项债有望发行加速，政府债券净融资或在1.5-1.7 万亿。伴随供给加速放量，叠 加旺季过后机构配债力量可能边际减弱，供需结构或有所弱化，央行对冲配合财政的必要性上升。 【行情跟踪】 国债期货收盘多数下跌，30年期主力合约涨0.11%报120.970，10年期主力合约持平于109.045，5 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 Global Markets Analyst UK Real Rates — Backcast To The Future UK Real Rates — Backcast To The Future UK real rates, measured by inflation-indexed Gilt yields, are at or near decadal highs following a significant increase through 2021-2023. The UK was one of the earliest adopters of inflation-indexed bonds, and so already has a long timeseries of ex ante (traded) real rates, dating back to the early 1980s. We use this time series to backcast real yields, drawing on an approach by ...

Core Viewpoint - The release of the "Self-Regulatory Guidelines for Bond Valuation Business in the Interbank Bond Market" aims to enhance the rationality, scientific nature, fairness, and transparency of the valuation of securitized products, thereby increasing market participation in these products [1][2]. Group 1: Importance of Valuation Guidelines - The guidelines address the need for fair, scientific, and stable valuation of various bond types, particularly securitized products, which have been increasingly significant in China's bond market [2][4]. - Securitized products are characterized by their complexity and lower liquidity, necessitating accurate cash flow predictions for proper valuation [2][6]. - The guidelines emphasize the importance of considering the credit status and type differences of underlying assets when setting valuation parameters [2][6]. Group 2: Transparency and Market Impact - Increased transparency in valuation will help users understand the valuation logic of institutions, allowing for better validation of results and enhancing overall valuation quality [3][4]. - Transparent valuation results can provide fair price references for secondary market transactions, reducing pricing discrepancies and improving market liquidity [3][5]. Group 3: Encouragement of Multiple Valuation Sources - The guidelines encourage users to select multiple valuation products for cross-validation, which helps mitigate risks associated with reliance on a single valuation source [3][5]. - The presence of multiple valuation institutions can enhance information dissemination in the market, leading to more efficient pricing and better investment decisions [4][5]. Group 4: Focus on Credit Risk - The core foundation of the credit bond valuation technical system is the dynamic assessment of credit risk, with rating agencies playing a crucial role in this process [6][7]. - The valuation of securitized products, especially subordinate securities, is significantly impacted by the credit risk of underlying assets, highlighting the need for accurate credit risk assessment [6][7]. Group 5: Future Outlook - Experts suggest that rating agencies can expand their role in the valuation field, leveraging their data reserves and credit risk analysis capabilities to provide diverse valuation references and mitigate financial market risks [7].

Core Viewpoint - The bond market has been in a sideways trend for over half a month, with the 10-year treasury yield fluctuating around 1.65% since early April, failing to break below 1.6% [1][2]. Group 1: Market Dynamics - The uncertainty from tariff impacts and expectations for "rate cuts" have been the main drivers for the previous rapid rise in the bond market [4]. - The ongoing tug-of-war between bullish and bearish sentiments is likely the reason for the recent stability in the bond market [5]. - Bullish views on the bond market are supported by the demand for safe-haven assets due to U.S.-China trade tensions, strong expectations for monetary easing, and a potential slowdown in the recovery of the economic fundamentals [6]. - Bearish views stem from the possibility of the U.S. lifting tariff sanctions, a potential delay in monetary easing, and a recovery in economic fundamentals that exceeds expectations [7]. - Both bullish and bearish perspectives seem to address the same issues but differ in their outlooks and expectations [8]. Group 2: Uncertainty Factors - The bond market continues to face significant uncertainty due to variables such as tariff negotiations, growth stabilization policies, and the timing of monetary easing measures [9]. - Until the situation becomes clearer, the bond market is expected to remain volatile [10]. Group 3: Long-term Investment Perspective - From a long-term perspective, the bond market may still represent an important component of asset allocation despite short-term fluctuations [11]. - The Wind pure bond fund index has shown positive returns every year from 2007 to 2025, with a cumulative increase of 117.94% and an annualized return of 4.42% from 2007 to 2024, indicating stability compared to the stock market [12][15]. - As the domestic economy transitions from high-speed growth to high-quality development, long-term bond yields may continue to decline, presenting ongoing allocation value in bond assets [16]. - However, it is important to note that after a prolonged upward trend, volatility in the bond market may increase, suggesting a need to lower expectations and adopt a "stability-first" approach in response to potential future fluctuations [16].

Group 1 - Zhejiang issued a 15-year special local bond for toll roads with a scale of 8.4 billion yuan and an issuance interest rate of 1.86% [1] - The marginal multiple for the 15-year toll road bond was 3.95 times, with an expected multiple of 1.91 [1] - Zhejiang also issued a 20-year special local bond for water services with a scale of 12.05 billion yuan and an issuance interest rate of 2.01% [1] Group 2 - The marginal multiple for the 20-year water service bond was 5.23 times, with an expected multiple of 2.06 [1]

央视网消息：近年来，我国坚定不移推进债券市场高水平对外开放，持续优化中国债券市场投融资环境，成效显著。 数据显示，目前，我国债券市场总规模达到183万亿元人民币，位居世界第二。 近期，随着国际金融市场波动加大，境外机构增持我国债券趋势明显。 总台央视记者 吴哲钰：183万亿元人民币是目前我国债券市场总规模，位居世界第二。中国人民银行数据显示，目前共有 1160余家境外机构进入我国债券市场，涵盖了70多个国家和地区的主权类机构和商业类机构。目前境外机构持有我国债券总量4.5 万亿元，较2024年末的持仓量上升了2700多亿元。我国债券市场对外开放平稳有序，吸引境外机构积极参与。 自2019年以来，我国债券先后被纳入彭博巴克莱、摩根大通、富时罗素三大国际债券指数，近年来权重逐步提升：中国国债 和政策性金融债在彭博全球综合指数中的权重已达到9.7%，较四年前提升了3.7个百分点，并于2024年11月超过日本，升至全球第 三；中国国债在摩根大通全球新兴市场政府债券指数中的权重为10%，已达到国别最大权重；中国国债在富时罗素国债指数中的 权重已达到10%，是最初预计的两倍。 北京大学经济学院教授 苏剑：充分表明全球机构 ...

Group 1 - In March, the bond market issued a total of 87,356.6 billion yuan in various types of bonds [1] - Government bonds issued amounted to 12,786.3 billion yuan [1] - Local government bonds issued totaled 9,788.0 billion yuan [1] - Financial bonds issued reached 10,226.4 billion yuan [1] - Corporate credit bonds issued were 13,335.2 billion yuan [1] - Credit asset-backed securities issued were 186.0 billion yuan [1] - Interbank certificates of deposit issued totaled 40,686.2 billion yuan [1]

陕西发行10年期一般债地方债，规模19.4600亿元，发行利率1.8200%，边际倍数31.67倍，倍数预期 2.00。 ...

Group 1 - Shaanxi issued 20-year special local bonds with a scale of 20.81 billion yuan and an issuance interest rate of 2.10% with a marginal multiple of 218.10 times, exceeding the expected multiple of 2.11 [1] - Shaanxi issued 10-year general local bonds with a scale of 21.93 billion yuan and an issuance interest rate of 1.71% with a marginal multiple of 1.16 times, below the expected multiple of 1.81 [1] - Shaanxi issued 7-year ordinary special local bonds with a scale of 43.45 billion yuan and an issuance interest rate of 1.67% with a marginal multiple of 1.22 times, below the expected multiple of 1.73 [1]