宁波发行7年期普通专项地方债，规模4.1200亿元，发行利率1.7400%，边际倍数7.99倍，倍数预期 2.04。 宁波发行10年期一般债地方债，规模42.9333亿元，发行利率1.7700%，边际倍数2.69倍，倍数预期 1.86； ...

德国两年期国债收益率延续跌势，日内下跌7个基点至1.88%，创下4月初以来最大单日跌幅。 ...

财政部、税务总局就国债、地方政府债券、金融债券利息收入增值税政策有关事项发布公告。 一、自2025年8月8日起，对在该日期之后（含当日）新发行的国债、地方政府债券、金融债券的利息收入，恢复征收增值税。对在该日期之前已发行的国 债、地方政府债券、金融债券(包含在2025年8月8日之后续发行的部分）的利息收入，继续免征增值税直至债券到期。 二、上述金融债券，是指依法在中华人民共和国境内设立的金融机构法人在全国银行间和交易所债券市场发行的、按约定还本付息并由金融机构持有的有 价证券。 编辑|段炼 杜波 校对|赵庆 来源：央视新闻 每日经济新闻 ...

中证转债指数收盘上涨0.18%，报457.23点，成交金额763.87亿元。东杰转债、奇正转债、通光转债、 泰坦转债、富春转债涨幅居前，分别涨20.00%、18.03%、9.70%、5.91%、5.91%。应急转债、天路转 债、大禹转债、宏丰转债、景23转债跌幅居前，分别跌15.60%、7.79%、7.01%、4.95%、4.65%。 【海外债市】 新华财经北京8月1日电（王菁）债市周五（8月1日）重回区间整理，涨势明显回缩，国债期货主力合约 涨跌不一，银行间现券收益率走势亦有所分化，国开表现略优于国债；公开市场单日净回笼6633亿元， 资金利率月初多数显著回落。 机构观点，目前货币政策处于"舒适区"，增长、汇率、物价、金融风险都在较为平衡的状态，宽货币进 一步加码的紧迫性并不高，但对资金面仍会保持呵护态度。 【行情跟踪】 国债期货收盘表现分化，30年期主力合约跌0.07%报119.040，10年期主力合约跌0.02%报108.435，5年 期主力合约持平于105.720，2年期主力合约持平于102.348。 银行间主要利率债收益率表现分化，截至发稿，30年期国债"25超长特别国债02"收益率上行0.25BP ...

US bond traders will be scouring inflation data for signs of persistent price pressures https://t.co/93NUn4E0yT ...

Market Overview - The bond market continued its warm trend on July 31, with the release of the July official PMI data not exerting pressure on the performance of bonds, leading to an overall increase in government bond futures and a general decline in interbank bond yields by approximately 2 basis points [1][2] - The People's Bank of China conducted a net withdrawal of 47.8 billion yuan in the open market, while the overall funding situation remained stable, with a slight increase in overnight repurchase rates at the month-end [1][5] Bond Futures and Yields - Government bond futures closed higher across the board, with the 30-year main contract rising by 0.57% to 119.120, the 10-year main contract up by 0.17% to 108.485, and the 5-year main contract increasing by 0.08% to 105.725 [2] - The yields on major interbank bonds saw a slight decrease, with the 10-year government bond yield down nearly 2 basis points, reported at 1.786% for "25国开10" and 1.703% for "25附息国债11" [2] International Bond Market - In North America, U.S. Treasury yields collectively rose on July 30, with the 2-year yield increasing by 7.38 basis points to 3.941% and the 10-year yield rising by 4.57 basis points to 4.368% [3] - In the Eurozone, the 10-year French bond yield fell by 0.5 basis points to 3.357%, while the 10-year German bond yield decreased by 0.3 basis points to 2.703% [3] Primary Market - The China Development Bank's financial bonds for 1-year, 5-year, and 10-year terms had winning yields of 1.3677%, 1.6187%, and 1.7341%, respectively, with bid-to-cover ratios of 4.15, 4.49, and 3.52 [4] Funding Conditions - The People's Bank of China announced a fixed-rate reverse repurchase operation of 283.2 billion yuan at an interest rate of 1.40%, with the same amount being the winning bid [5] - The Shibor rates for short-term products mostly declined, with the overnight rate increasing by 7.5 basis points to 1.392% [5] Economic Indicators - The official non-manufacturing PMI for July was reported at 50.1, a decrease of 0.4 percentage points, while the manufacturing PMI fell to 49.3, also down by 0.4 percentage points, indicating a slight contraction in manufacturing activity [6] - The comprehensive PMI output index was at 50.2, down 0.5 percentage points, but still above the critical point, suggesting overall expansion in business activities [6] Institutional Insights - Huatai Securities noted that the political bureau meeting's cautious stance on real estate and anti-involution reflects a long-term planning focus rather than short-term stimulus [7] - China Galaxy Securities indicated limited incremental changes from the political bureau meeting, suggesting a downward trend in bond yields, while monitoring risk preferences and government bond supply [7] - CICC highlighted the potential for fiscal policy adjustments in the fourth quarter, with a positive outlook for the bond market in the second half of the year [7]

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Group 1 - Shanxi issued 30-year special local bonds with a scale of 1.94 billion and an issuance rate of 2.13% [1] - Shanxi issued 10-year special local bonds with a scale of 866 million and an issuance rate of 1.85% [1] - Shanxi issued another set of 10-year special local bonds with a scale of 1.63885 billion and an issuance rate of 1.82% [1] - Shanxi issued 7-year general special local bonds with a scale of 1.41727 billion and an issuance rate of 1.74% [1] Group 2 - The marginal multiple for the 30-year bonds was 2.45, with an expected multiple of 2.11 [1] - The marginal multiple for the first 10-year bonds was 2.41, with an expected multiple of 1.82 [1] - The marginal multiple for the second set of 10-year bonds was 2.32, with an expected multiple of 1.82 [1] - The marginal multiple for the 7-year bonds was 2.48, with an expected multiple of 1.76 [1]

July 25, 2025 09:24 AM GMT M Update EM Sovereign Credit Strategy | Global Where Supply Meets Demand EM flows: EMDD funds saw inflows worth US$5.7bn last week versus inflows worth US$69m in the previous week. EM credit issuance: There was US$3.5bn in issuance last week, versus US$10.0bn the previous week. ESG issuance: There was US$0.5bn in ESG-labelled bond issuance in EM last week, bringing year-to-date ESG issuance to US$61.9bn. • For ESG funds, hard currency funds saw inflows of US$11m, local currency fu ...

Core Viewpoint - Jiangxi Province issued a 20-year ordinary special local bond with a scale of 703.43 million yuan and an issuance interest rate of 2.10% [1] Group 1 - The bond issuance was oversubscribed with a marginal multiple of 2.29 times, compared to an expected multiple of 2.08 [1]