Group 1 - The Barclays research team believes that emerging markets are impacted by US tariffs, geopolitical tensions, and global economic slowdown, but these effects are offset by rising commodity export prices and renewed investor interest in emerging market assets for diversification [1] - The outlook for local and credit markets in emerging markets is expected to remain strong, with trends likely to continue [1] - The weakening of the US dollar since the beginning of the year is not seen as a negative factor for emerging market economies, and any trend towards diversifying away from dollar assets could further weaken the dollar and benefit emerging markets [1] Group 2 - Current market sentiment is favorable for emerging market currencies due to the broad weakening of the US dollar and decreased market volatility, which particularly benefits arbitrage trading [2] - Investor enthusiasm for emerging market credit appears low, with recent inflows into emerging market bond funds concentrated in local currency funds, despite emerging market sovereign credit spreads showing resilience [2] - Emerging market sovereign credit spreads are only about 15 basis points above their lowest levels in years, indicating strong performance despite macroeconomic uncertainties [2] Group 3 - Despite the announcement of tariffs by the US in early April, emerging Asian markets have shown relatively robust export performance, attributed to trade front-loading effects, although this may vary by economy [3] - Core inflation in the region is showing signs of rising, while energy inflation remains low; however, geopolitical tensions could lead to higher oil prices and sustained inflation [3] - The average CPI inflation forecast for the top ten emerging Asian economies for 2025 has decreased to 1.5%, down from 2.2% in 2024, indicating a potential for more cautious monetary policy amid moderate inflation data [3]

Group 1 - Guangdong issued 10-year general local bonds with a total scale of 18.96442 billion, at an issuance rate of 1.7500%, with a marginal multiple of 3.65 times, exceeding the expected multiple of 1.72 [1] - Guangdong issued another 10-year general local bonds with a total scale of 7.34279 billion, also at an issuance rate of 1.7500%, achieving a marginal multiple of 5.63 times, again surpassing the expected multiple of 1.72 [1] - Guangdong issued 20-year ordinary special local bonds with a total scale of 7.64973 billion, at an issuance rate of 2.0300%, with a marginal multiple of 1.16 times, below the expected multiple of 2.00 [1] - Guangdong issued an additional 20-year ordinary special local bond with a total scale of 892.32 million, at an issuance rate of 2.0300%, achieving a marginal multiple of 1.22 times, slightly below the expected multiple of 1.99 [1]

2025年4月，中国再次出手，抛售了82亿美元的美国国债，使其持仓骤降至7570亿美元，创下近15年来的新低。自2022年起，中国便开启了持续的减持模 式，连续18个月的抛售，累计甩掉了超过2800亿美元的美债。 长期以来，美国对中国采取了多方面的限制措施，从加征关税到技术封锁，再到在台湾问题上不断挑衅。 美国将经济手段政治化，而中国显然不会再甘愿 充当美国债务的"冤大头"。 更令人担忧的是，美国债务问题日益严峻。 2025年，联邦债务突破36.2万亿美元大关，平均每个美国人背负超过11万美元的债务。 仅2024年，美国用于支 付利息的支出就高达1.13万亿美元，这一数字甚至超过了其国防预算。 回顾2013年，中国曾持有高达1.32万亿美元的美债，而如今的持仓几乎腰斩。 这次大规模的减持行动，远非简单的投资策略调整，而是中国在中美博弈中精 准出击，直击美国经济软肋的关键一步。 美国政府每天需要支出30多亿美元来偿还利息。 更为棘手的是，到2026年底，将有9.3万亿美元的债务到期，需要以更高的利率进行再融资，这将进一步加 剧其财政负担。 市场也对美国债务问题表现出高度担忧。 2025年4月，10年期美债收益率 ...

Group 1 - The core point of the article indicates that the winning yield rate for the 7-year U.S. Treasury bond auction held on June 26 is 2.43%, a significant decrease from the previous value of 55.87% [1]

Core Insights - The auction for 7-year U.S. Treasury bonds held on June 26 resulted in a winning yield of 4.022%, a decrease from the previous yield of 4.19% [1] Group 1 - The winning yield of 4.022% indicates a decline in interest rates for 7-year Treasury bonds, which may reflect changing investor sentiment and market conditions [1] - The previous yield of 4.19% suggests that there has been a notable shift in the bond market, potentially influenced by economic indicators or Federal Reserve policies [1]

2/10年期德债收益率利差涨2.168个基点，报+74.135个基点。 周四（6月26日）欧市尾盘，德国10年期国债收益率涨0.4个基点，报2.569%，"跳空低开"之后，全天持 续震荡上行，整体交投于2.533%-2.574%区间。 两年期德债收益率跌1.8个基点，报1.825%，日内交投于1.844%-1.812%区间，整体呈现出W形下跌；30 年期德债收益率涨1.8个基点，报3.070%。 ...

韩国四年首发欧元主权债 获超百亿欧元认购 金十数据6月27日讯，据外媒报道，韩国将近四年来首次发行欧元债券，获得超过100亿欧元（折合117 亿美元）投资者认购。这凸显出李在明当选总统以来，投资者对韩国主权债的需求。韩国供应7亿欧元 三年期主权债和7亿欧元七年期国债。 ...

Summary of Key Points from the Conference Call on the Sci-Tech Bond Market Industry Overview - The conference call discusses the **Sci-Tech Bond Market**, which includes various types of bonds such as **Innovation and Entrepreneurship Bonds**, **Sci-Tech Notes**, and **Technology Innovation Company Bonds**. The funds raised are aimed at supporting innovation incubation, the development of technology enterprises, and the construction of infrastructure for industrial parks [1][2]. Core Insights and Arguments - **Policy Development**: From 2022 to 2025, policies regarding Sci-Tech Bonds have been continuously refined, transitioning from supporting state-owned enterprises to promoting high-quality development, with new regulations introduced by the central bank and the securities regulatory commission to facilitate explosive growth in the market [1][8]. - **Market Size**: As of now, the issuance scale of Sci-Tech Bonds exceeds **30 trillion yuan**, with an outstanding balance of approximately **23 trillion yuan**. State-owned enterprises account for about **90%** of this market, with a significant concentration in traditional industries such as construction and urban investment [1][12]. - **Investment Characteristics**: The average coupon rate of Sci-Tech Bonds is lower than that of non-Sci-Tech Bonds, indicating a strong policy support direction. However, bonds with lower implicit ratings may yield higher returns compared to non-Sci-Tech Bonds [3][15]. - **Market Pain Points**: Key challenges include low participation from weakly rated enterprises and private companies, short issuance terms that do not align with the long R&D cycles of tech firms, and insufficient market liquidity and information disclosure [13][14]. Important but Overlooked Content - **Future Policy Directions**: The 2025 policy changes broaden the range of issuers and the use of raised funds, allowing financial institutions and equity investment firms to issue bonds, which is expected to enhance market recognition [9][10]. - **Liquidity Issues**: The current monthly turnover rate for Sci-Tech Bonds is between **6% and 9%**, which is lower than that of medium-term notes. However, recent policy changes have led to a slight increase in turnover rates [17]. - **ETF Impact**: The introduction of Sci-Tech Bond ETFs is anticipated to significantly improve market liquidity, particularly for the underlying bonds included in these ETFs, potentially leading to a decline in yields and compression of spreads [18]. Conclusion - The Sci-Tech Bond Market is evolving with strong policy support and significant growth potential. However, it faces challenges related to issuer quality, market liquidity, and alignment with the unique financial characteristics of technology enterprises. Future developments, particularly the introduction of ETFs and expanded issuer categories, may enhance market dynamics and investment opportunities.

Group 1 - The U.S. Treasury auctioned four-week and eight-week Treasury bills with a winning yield of 4.000% and 4.390% respectively, indicating a decrease from previous yields of 4.060% and 4.470% [1] - The bid-to-cover ratio for the four-week bills was 3.06, slightly lower than the previous ratio of 3.15, while the eight-week bills saw an increase in the bid-to-cover ratio to 3.24 from 2.70 [1]

Group 1 - Zhengzhou Airport Hub Construction Company plans to issue its first corporate bonds with a scale not exceeding 1.6 billion yuan, with a term of no more than 5 years [1] - The company was established in August 2021 with a registered capital of 3 billion yuan, fully owned by Zhengzhou Airport Science and Technology Investment Group [1] Group 2 - Xuchang State-owned Assets intends to invest 217 million yuan in Rebeccah by transferring 70 million shares, accounting for 6.18% of the total share capital [3] - After the transfer, Changda Trading will become the second-largest shareholder of Rebeccah [3] Group 3 - The National Development and Reform Commission announced a new central budget investment to support local implementation of labor-for-relief projects, with a total of 16.5 billion yuan allocated for 2025 [5] - This initiative aims to assist 380,000 individuals from difficult backgrounds in increasing employment and income [5] Group 4 - The Shanghai Stock Exchange and China Securities Index Co., Ltd. will launch a series of indices for convertible bonds and exchangeable bonds with differentiated credit ratings [8] - This initiative aims to provide diversified performance benchmarks and investment targets for the market [8] Group 5 - Zhengzhou Development Investment Group has received approval from the Shenzhen Stock Exchange for two bond projects totaling 5 billion yuan, with a focus on private placements [13] - The projects include a 3 billion yuan issuance of technology innovation corporate bonds and a 2 billion yuan issuance of corporate bonds [13] Group 6 - China Pingmei Shenma Group completed the issuance of 1 billion yuan in technology innovation bonds at an interest rate of 2.85% [14] - The funds raised will be used to repay interest-bearing debts of the issuer and its subsidiaries [14] Group 7 - The first domestic REITs expansion project for rental housing was successfully listed, with a total issuance scale of 180.4 billion yuan across various asset types [11] - This marks a significant milestone in the development of the REITs market in China [11] Group 8 - The Chengdu Eastern Group's executive director is under investigation for serious violations of discipline and law [18] - This incident highlights ongoing scrutiny and governance issues within state-owned enterprises [18] Group 9 - The market outlook for urban investment bonds remains positive, with a focus on extending durations to capture coupon income and exploring private bonds [20] - The report emphasizes the importance of maintaining a balanced supply-demand dynamic in the bond market [20]