This week a Bloomberg measure of euro investment-grade bond spreads fell to the tightest level since 2007. The milestone is a reflection of how entrenched the drivers underpinning today's credit market have become, with the US equivalent already near 1998 lows. Bloomberg's Helene Durand reports on "Bloomberg Real Yield". ...

Core Viewpoint - The bond secondary market experienced a slight cooling in trading activity in January 2026, with total transactions amounting to 358,682.06 billion yuan, a month-on-month decrease of 4.80%, but a year-on-year increase of 27.95% due to the timing of the Spring Festival [1][3]. Trading Activity - In January, the total transaction amount in the bond secondary market was 358,682.06 billion yuan, reflecting a month-on-month decline of 4.80% but a significant year-on-year increase of 27.95% [1]. - The trading volume of interest rate bonds reached 227,087.36 billion yuan, showing a year-on-year growth of 30.40% and a month-on-month increase of 3.34%, indicating strong trading resilience [3]. - Credit bonds (excluding interbank certificates of deposit) had a transaction amount of 83,606.03 billion yuan, with a year-on-year increase of 64.88% but a month-on-month decrease of 6.02%, contributing to the overall cooling of market activity [3]. Credit Spread Analysis - The credit spread narrowed to 38.11 basis points by the end of January, down 4.21 basis points from the previous month and 27.72 basis points from the same period last year, supported by the central bank's liquidity injections [2][3]. - Most industries saw a narrowing of credit spreads, with the largest reduction in the basic chemical industry at 24.39 basis points, while the household appliances and electronics sectors experienced widening spreads [4]. Industry-Specific Insights - As of January 30, 2026, the highest credit spreads were observed in the household appliances, real estate, and power equipment sectors, while the lowest were in the telecommunications and public utilities sectors [4]. - The credit spread for urban investment bonds shifted from an upward trend to a downward trend, narrowing by approximately 8 basis points in January, with most regions experiencing reduced volatility [4]. Market Outlook - The bond market is expected to maintain a pattern of liquidity support and structural differentiation, likely resulting in a stable trading environment [5][6]. - Post-Spring Festival, market liquidity is anticipated to gradually return to normal, with the central bank expected to continue a prudent monetary policy to ensure stable liquidity [6]. - Structural differentiation will persist, with industry rotation in the credit bond market and regional disparities in urban investment bonds, influenced by economic and fiscal strength [6].

Treasury 'Yield Curve' Hits Steepest Level in 4 Years. What It Means. - Barron'sSkip to Main ContentThis copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.# Treasury 'Yield Curve' Hits Steepest Level in 4 Years. What It Means.By [Karishma Vanjani]ShareResize---ReprintsThe Treasu ...

业内人士表示，地方债在年初便展现出的供给放量与招标向好情形，充分体现了积极财政政策靠前发 力、提质增效的明确导向，也反映出市场对我国经济发展前景和地方政府信用的坚定信心。债券募集资 金正加速流向重点项目与关键领域，进而有效发挥对实体经济的服务与拉动作用。 结构优化与成本回落并举 新华财经北京2月5日电 2026年伊始，我国地方政府债券发行实现"开门红"，展现出量质兼顾的积极态 势。据新华财经统计，1月份全国发行地方政府债券135只，募集资金8633.4968亿元，同比增54.84%， 发行节奏显著前置、结构持续优化，为全年经济平稳开局提供了有力的财政支撑。 "这种踊跃认购，确保了地方政府以较低成本顺利融资，是市场对我国经济基本盘和财政健康度投下的 信任票。"前述承销负责人指出，安全、稳健的地方政府债券已成为当前环境下重要的优质资产，其顺 利发行也有助于维护金融市场稳定。 另外值得关注的是，1月用于置换隐性债务的特殊再融资专项债发行3081.7235亿元，占专项债总额的 45.59%，是当月地方债发行的重要驱动力。东方金诚公用事业一部执行总监周丽君则指出，隐债置换 只能作为短期纾困手段，从长效机制看，地方化债方 ...

新华财经北京2月5日电债市周四（2月5日）小幅回暖，国债期货主力全线收涨，银行间现券收益率多数 回落，曲线中段下行1BP左右；公开市场单日净投放645亿元，短期资金利率有所回升。 机构认为，上日晚间公布的央行1月国债净买入量虽然增加，但绝对规模并不算大，对债券的支撑意义 相对有限。目前交投依然缺少明确的方向，重新回到观望状态，春节假期将至，节前料将维持震荡格 局。 中证转债指数收盘下跌0.84%，报516.89，成交金额701.18亿元。双良转债、欧通转债、华辰转债、金 05转债、海优转债跌幅居前，分别跌16.86%、7.61%、6.70%、6.48%、6.40%。尚太转债、泰坦转债、 东时转债涨幅居前，分别涨57.30%、11.60%、6.80%。 【行情跟踪】 【海外债市】 北美市场方面，当地时间2月4日，美债收益率涨跌不一，2年期美债收益率跌0.61BP报3.555%，3年期 美债收益率跌0.56BP报3.632%，5年期美债收益率跌0.17BP报3.830%，10年期美债收益率涨0.8BP报 4.274%，30年期美债收益率涨2.38BPs报4.918%。 亚洲市场方面，日债收益率"短升长降"，5年期 ...

Core Viewpoint - The bond market is expected to maintain a volatile trend ahead of the holiday, with the 10-year government bond yield approaching the critical level of 1.8%, leading to increased profit-taking pressure [1] Market Performance - Government bond futures closed mostly higher, with the 30-year main contract down 0.10% at 111.96, the 10-year main contract up 0.02% at 108.26, the 5-year main contract up 0.06% at 105.905, and the 2-year main contract up 0.03% at 102.414 [2] - The interbank major interest rate bonds showed narrow fluctuations, with government bonds performing slightly better than policy bank bonds [2] Overseas Bond Market - In the Asian market, Japanese bond yields rose across the board, with the 10-year yield increasing by 2.8 basis points to 2.263% [3] - In North America, U.S. Treasury yields collectively rose, with the 2-year yield up 4.71 basis points to 3.572% and the 10-year yield up 4.39 basis points to 4.279% [3] Primary Market - The Ministry of Finance's weighted average winning yields for 28-day and 182-day government bonds were 1.0959% and 1.2755%, respectively, with bid-to-cover ratios of 3.49 and 2.72 [4] - The China Development Bank's three-term financial bonds had winning yields below the market valuation, with 2-year, 5-year, and 10-year yields at 1.4944%, 1.7258%, and 1.9501%, respectively [4] Funding Conditions - The central bank conducted a 7-day reverse repurchase operation of 105.5 billion yuan at a rate of 1.40%, with a net withdrawal of 296.5 billion yuan for the day [5] - Short-term Shibor rates mostly increased, with the overnight rate down 4.8 basis points to 1.317% and the 7-day rate up 0.3 basis points to 1.488% [5] Institutional Insights - Huatai Securities noted that offshore bonds issued in the Shanghai Free Trade Zone are primarily aimed at foreign investors, with no new non-financial corporate bonds issued as of January 2026 [6] - CITIC Securities expects that the ongoing promotion of high-dividend insurance products and the influx of funds from bank deposits will continue to support premium income in 2026 [7]

申万宏源固收研究 阅读全文 【申万固收|机构行为】债市杠杆率下行，中长期利率债基久期回落——机构行为观察周报20260130 原 创 ...

Core Viewpoint - The developments have not altered the calculations regarding interest rates, but this situation may change in the future [1] Group 1 - The current economic developments are not influencing the existing interest rate calculations [1]

国债衍生品周报 2026/2/2 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相关责 ...

Core Viewpoint - The IL Fund has completed its final draw of housing bonds, with significant legislative changes affecting its operations and obligations [1][2] Group 1: Housing Bonds - The IL Fund announced an additional draw, which is the final draw of all housing bonds, scheduled for payment on 15 December 2025 [1] - Several series of housing bonds have been settled in full, including Series 3, Series 2 (two variations), and Series 1 [1] Group 2: Legislative Changes - On 18 December 2025, the Icelandic parliament Althingi repealed the Act on the Processing of Assets and Liabilities of the IL Fund, leading to a transfer of rights and obligations to the Treasury [1] - The Treasury has taken over the bond issue of IBN 38 0101 and the IL Fund's loans, with a change of creditor implemented as of 21 January 2025 [2] - The ID number of the IL Fund will be deregistered with the Company Registration upon completion of these changes [2]