Group 1 - The meeting between Liaoning Province and central financial institutions aims to deepen cooperation and promote comprehensive revitalization in Northeast China, emphasizing the importance of financial development for economic growth [1][2] - The government work report highlights strategies for regional development, including the revitalization of Northeast China, which requires high-quality financial support [1][2] - Financial institutions are encouraged to enhance their role in supporting the real economy, reducing financing costs for enterprises, and improving the overall financial service environment [2][3] Group 2 - There is a need for strengthened collaboration among government, banks, and enterprises to prevent financial issues such as debt defaults, which have previously impacted local financial ecosystems [2] - Financial institutions should focus on developing technology-driven financial products and services to support key industries in Northeast China, particularly in areas like small and medium-sized enterprises and agriculture [2][3] - The capital market is seen as a vital tool for empowering the development of advanced manufacturing and other advantageous industries in Northeast China, with reforms aimed at increasing long-term capital investment [3]

德国联邦金融监管局（BaFin）局长：金融机构目前总体处于强势地位；不确定性极高且将持续如此。 ...

中国人民银行、证监会联合发布关于支持发行科技创新债券有关事宜的公告：金融机构、科技型企业、 私募股权投资机构和创业投资机构等三类机构可发行科技创新债券，募集资金用于支持科技创新领域投 融资。 ...

继主权评级行动后，穆迪将七家泰国金融机构的评级展望下调至负面。 ...

Group 1: Offshore Bond Issuance - In April, the total issuance of offshore bonds by Chinese entities reached approximately $17.2 billion, a year-on-year increase of 26% but a month-on-month decrease of 15% [2] - The breakdown of the issuance includes sovereign bonds at about $2.5 billion, government bonds at $0.8 billion, local government bonds at $6.9 billion, industrial bonds at $3.6 billion, financial bonds at $3.2 billion, and real estate bonds at $0.2 billion [2] - Excluding sovereign and government bonds, the issuance from Chinese enterprises was approximately $13.9 billion, with an average bond size of about $2.04 million [8] Group 2: Green Sovereign Bonds - The Chinese Ministry of Finance successfully issued 6 billion yuan ($0.9 billion) in green sovereign bonds in London, with 3-year and 5-year bonds having interest rates of 1.88% and 1.93%, respectively [2] - This issuance is significant as it marks the first green sovereign bond issuance in London and aims to enhance cooperation in green finance between China and the UK [2] Group 3: Hong Kong Bond Issuance - In late April, the Ministry of Finance issued 12.5 billion yuan ($1.8 billion) in government bonds in Hong Kong, with a subscription rate of 3.07 times [3] - The bonds included various maturities, with 2-year bonds at 1.64%, 3-year at 1.65%, 5-year at 1.70%, and 15-year at 2.10% [3] Group 4: Sector Performance - The local government bond sector maintained a leading position with a 40% market share, while the industrial bond sector increased to 21%, and the financial sector accounted for 18% [8] - The real estate sector saw a decline, with a net financing amount of approximately -$3.7 billion in April and -$12.3 billion for the first four months of the year [21] Group 5: Notable Issuances - Qingdao Urban Investment issued $750 million in offshore bonds with a coupon rate of 5.4%, marking the largest financing scale for a comparable state-owned enterprise in 2023 [13] - The Hong Kong MTR Corporation issued $3 billion in senior bonds, achieving a subscription rate of 4.47 times, with the largest 30-year bond issuance in two decades [16] Group 6: Financial Sector Issuance - The financial sector issued approximately $3.2 billion in offshore bonds, with notable issuances from Agricultural Bank of China and Far East Horizon, achieving high subscription rates [17] - Agricultural Bank of China issued $800 million with a final coupon rate of SOFR+52bps, receiving subscriptions of $1.7 billion [17]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The current market has witnessed significant selling of US Treasuries, mainly by global central banks and hedge funds. China and Japan have been reducing their US Treasury holdings, while the UK has been increasing its holdings. The short - term sharp decline in US Treasuries is mainly due to the liquidation and selling by basis - trading related institutions. Hedge fund liquidation can trigger a spiral decline. [3][7] - In 2025, the US has a large debt repayment pressure in the second quarter. The total unpaid debt in 2025 has increased by 4.68% ($1.61 trillion) compared to 2024, with about $6 trillion of debt maturing from April to June, increasing debt risks. [4][21] - In the short term, US Treasury yields may remain high, and liquidity risks need to be vigilant. In the long term, as the impact of tariffs on the economy becomes more apparent, the US economy faces a risk of recession, and with the Fed's interest - rate cut cycle, US Treasuries are expected to strengthen. The 10Y US Treasury yield is expected to fluctuate between 4% - 5% in the short term and may decline to below 4% in the long term. [4][31] 3. Summary by Directory 3.1 Recent Sellers of US Treasuries - In the past week (April 4 - 11), US Treasuries fell significantly, and yields climbed. The 10Y US Treasury yield rose by a maximum of 47bp to 4.48% within the week, while the 2Y/1Y yields rose by a maximum of 28/18bp. [8] - Among the major US Treasury - holding countries, China and Japan have been reducing their holdings since 2018 and 2021 respectively. In 2024, China and Japan reduced their holdings by $572.9 billion and $554.4 billion respectively. The UK has been increasing its holdings since 2016 and is about to overtake China as the second - largest holder. In 2024, the UK increased its holdings by $342.0 billion. Some financial institutions, such as Japan's Norinchukin Financial Group, sold US Treasuries due to liquidity problems. [9] - The short - term sharp decline in US Treasuries is mainly due to the liquidation and selling by basis - trading related institutions. Hedge funds hold US Treasury spot in basis trading. When US Treasury yields rise sharply in the short term, losses in spot positions can trigger margin calls, leading to further selling of US Treasuries and a spiral decline. [3][14] 3.2 Another Risk Point of US Treasuries - In 2025, the total unpaid debt in the US has increased by 4.68% ($1.61 trillion) compared to 2024. As of April 3, 2025, the total national debt was $36.22 trillion, with about $6 trillion maturing from April to June. The average interest rate on US debt has risen significantly since 2021, increasing the proportion of debt - repayment expenditures. [4][21] - The US Treasury term structure is mainly mid - term notes (2 - 10 years). As of March 2025, mid - term notes accounted for 51.22% ($14.81 trillion) of the total outstanding public debt. [27] 3.3 US Treasury Outlook - In the short term, US Treasury yields may remain high because US hedge funds hold a large number of long positions in basis trading, and there is a negative feedback mechanism between basis trading and rising US Treasury yields. Short - term liquidity risks need to be vigilant, as high yields for a long time may lead to extreme situations such as an increase in loan default rates, a collapse of the high - yield bond market, and a crisis among small and medium - sized banks. [4][31] - In the long term, as the impact of tariffs on the economy becomes more obvious, global economic activities and trade slow down, and the US economy faces a risk of recession. Coupled with the Fed's interest - rate cut cycle, US Treasuries are expected to strengthen. The 10Y US Treasury yield is expected to fluctuate between 4% - 5% in the short term and may decline to below 4% in the long term. [4][31]

福克斯商业高级记者查理·加斯帕里诺披露更多隐情。加斯帕里诺称，政策转向的导火索是一家日本金融机构的大规模美债抛售，而日本正是美国最大的债 券持有国。 多家基金公司向加斯帕里诺证实，由于该机构重仓股票出现暴跌，不得不抛售美债头寸以补充流动性。 来源：国际财闻汇 美东时间4月9日，"对等关税"刚刚生效数小时，特朗普突然宣布冻结该关税政策90天。 180度大转弯背后，发生了什么？据美媒透露，美债遭抛售是特朗普决定暂停"对等关税"的主要因素。 加斯帕里诺宣称是从白宫内部获得的信息，"日本强迫总统采取这一行动"。"如果大规模出售债券，那就意味着人们对美国经济失去了信心，也失去了与我 们做交易的能力。根据我获得的信息，我们被迫实行90天的暂停措施，"加斯帕里诺补充道。 以爱国者自居的加斯帕里诺辩称，这并非特朗普一手策划的主动出击，而更像是白宫在债市压力面前的"投降"。 当天，10年期美债收益率在两天内飙升近40个基点，一度触及4.5%的敏感关口，30年期收益率更升破5%的心理防线。 【 热门视频推荐 】 点击在 看 持续关注↓↓↓ ...