2025年最后一个交易日，英国国债收益率在交投清淡的情况下走低。随着英国通胀放缓为央行降息创造 条件，2026年英国国债收益率预计将持续下降。Tradeweb数据显示，十年期国债收益率下跌1个基点， 最新报4.480%。 责任编辑：王许宁 2025年最后一个交易日，英国国债收益率在交投清淡的情况下走低。随着英国通胀放缓为央行降息创造 条件，2026年英国国债收益率预计将持续下降。Tradeweb数据显示，十年期国债收益率下跌1个基点， 最新报4.480%。 责任编辑：王许宁 ...

Core Insights - In 2025, China's bond market is expected to progress steadily while serving national strategies and deepening reforms, characterized by the emergence of the "debt market technology board" and systematic governance of local debt [1] Group 1: Market Innovation and New Openings - The "technology board" in the bond market was officially launched, with an issuance volume of 1.87 trillion yuan in 2025, driven by supportive policies from the People's Bank of China and the China Securities Regulatory Commission [2] - The "green panda bond" mechanism was upgraded, enhancing international compatibility and attractiveness, which is crucial for aligning with global standards in the green finance sector [3] - Qualified foreign institutional investors were allowed to participate in domestic bond repurchase transactions, significantly improving liquidity management tools and enhancing the appeal of RMB assets [4] - The first private enterprise "Yulan bond" was issued, marking a new offshore financing channel for private enterprises through cross-border infrastructure [5] Group 2: Risk Mitigation and Regulatory Developments - Local debt risk management transitioned to a systematic governance phase, with measures such as issuing special refinancing bonds to effectively reduce hidden debt [6] - Regulatory enforcement intensified against market irregularities, with a focus on addressing issues like self-financing and concealed profit transfers, demonstrating a "zero tolerance" approach [7] - The Ministry of Finance reported on typical cases of hidden debt, reinforcing a lifelong accountability mechanism for borrowing [9] Group 3: Policy Coordination and Market Foundations - The People's Bank of China resumed operations for buying and selling government bonds, enhancing the coordination between monetary and fiscal policies [10] - The Central Economic Work Conference emphasized the implementation of a more proactive fiscal policy, ensuring the sustainable development of the government bond market [11] - The successful issuance of 4 billion euros in sovereign bonds in Luxembourg reflected strong international investor confidence in China's economic fundamentals [12] - The pilot program for commercial real estate REITs was launched, expanding the REITs market into the trillion-level commercial real estate sector [13] - The release of self-regulatory guidelines for bond valuation established a reliable pricing benchmark, crucial for maintaining market fairness and preventing systemic risks [14] Conclusion - The bond market in 2025 is characterized by a symphony of "innovation, governance, and openness," aiming for high-quality development, with significant transformations pointing towards a more mature and resilient modern bond market ecosystem [15]

Chaay_Tee / iStock via Getty Images Quick Read: Investors returned from the Christmas Holiday to see some big end-of-the-year selling on Monday. With volume very low and many traders not back from the holiday until next Monday, it’s a good bet we can see some more volatility today. Profit taking in technology and precious metals, both of which have exploded higher in 2025, is a likely reason for the predictable selling to close out another stellar year. A recent study identified one single habit t ...

Core Viewpoint - The government plans to issue bonds worth 200 billion kr. in 2026, with a focus on a new nominal bond maturing in 2029, influenced by market conditions [2] Group 1: Government Bond Issuance - The estimated market value for government bond issuance in 2026 is 200 billion kr. [2] - A new nominal bond is planned for issuance, maturing in 2029, with the amount sold in benchmark series dependent on market conditions [2] Group 2: Borrowing Needs and Alternatives - The Treasury's borrowing needs for 2026 may also be met through the issuance of Treasury bills [2] - Other potential sources include drawdowns of foreign deposits in the Treasury's current account with the Central Bank of Iceland and the sale of a portion of the Housing Fund's loan portfolio [2]

Core Insights - Hong Kong is projected to experience an increase in bond issuance across various currencies in 2026, driven by heightened demand for non-US dollar assets amid geopolitical tensions and government initiatives aimed at strengthening the city's capital markets [1] Group 1: Government Initiatives - The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) launched a blueprint in September to promote the local bond market by expanding yuan-linked products and broadening the investor base for fixed-income offerings [2][7] - Measures such as the launch of the cross-border repo business were implemented at the end of September, with further initiatives expected in 2026, including the automation of collateral management for repo transactions starting February 2 [3] Group 2: Market Growth and Trends - The Hong Kong bond market is anticipated to continue its growth in 2026 following strong development over the past two years, with significant issuers including the Airport Authority Hong Kong, Urban Renewal Authority, MTR Corp, Hong Kong Mortgage Corp, and the Hong Kong government [6] - Bond issuance has become more diversified, with bonds denominated in Hong Kong dollars, yuan, and US dollars, attributed to government promotion and the introduction of Bond Connect, which attracts more issuers to Hong Kong to access mainland investors [6] - As of November, Hong Kong dollar bond issuance reached a record HK$331 billion (US$42.5 billion), representing a nearly 37% increase compared to the full-year total of HK$242 billion in 2024 [7]

美联储数据显示，本月十年期美国国债交割失败规模飙升至八年来最高水平，这主要源于美联储自2022 年以来持续缩减资产负债表。 截至12月10日当周，涉及最新发行十年期美债的未能按期结算交易总额达305亿美元，创下2017年12月 以来新高。 同期，这一美债品种的回购利率跌至负值区间，持有者愿意以负利率出借债券，借入者同意次日以更低 价格卖回——这种异常情况往往导致交割失败更易发生。 债券短缺部分源于美联储在11月拍卖中持有的份额大幅减少。与今年早些时候的十年期美债拍卖相比， 美联储持有量明显下降，而美联储通常会将其持有的证券提供给市场借入，从而缓解供应紧张。 专门从事美债回购业务的经纪交易商South Street Securities总裁Jason Schuit指出，在11月拍卖的十年期 国债中，美联储购买的数量仅为前三个周期的一半，"可供借入的量就是更少了"，从而引发供应短缺并 导致交割失败。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 相比之下，在今年 ...

Market Overview - The bond market showed slight recovery on December 26, with government bond futures rising across the board and interbank bond yields mostly falling by 0.5-1 basis points [1] - The People's Bank of China conducted a net injection of 36.8 billion yuan in the open market, with short-term funding rates rising as the month-end approaches [1] Bond Futures and Yields - The closing prices for government bond futures were as follows: 30-year contract up 0.36% to 112.96, 10-year contract up 0.10% to 108.3, 5-year contract up 0.05% to 106.05, and 2-year contract up 0.03% to 102.548 [2] - Major interbank bond yields saw slight declines, with the 30-year government bond yield down 0.2 basis points to 2.223%, and the 10-year government bond yield down 0.4 basis points to 1.835% [2] International Bond Markets - In North America, U.S. Treasury yields fell collectively, with the 2-year yield down 2.45 basis points to 3.506% and the 10-year yield down 2.73 basis points to 4.136% [3] - In Asia, Japanese bond yields also decreased, with the 10-year yield down 1.2 basis points to 2.037% [4] Funding Conditions - The central bank announced a 930 billion yuan reverse repo operation at a fixed rate of 1.40%, resulting in a net injection of 36.8 billion yuan for the day [5] - Shibor rates for short-term instruments mostly increased, with the overnight rate down 0.4 basis points to 1.258%, while the 7-day rate rose by 4.8 basis points to 1.448% [5] Institutional Insights - CITIC Securities noted increased volatility in long-term bond rates since mid-November, influenced by factors such as long-term liability gaps and seasonal liquidity assessments [6] - Huatai Securities highlighted structural differentiation in regional investment bonds, indicating that valuation volatility and liquidity risks are becoming more prominent [7]

Core Viewpoint - The bond market is experiencing fluctuations with a general downward trend, particularly in government bond futures, while short-term bonds continue to show strength. The overall liquidity remains manageable under the central bank's guidance, despite rising funding demands as the year-end approaches [1][4]. Market Performance - Government bond futures closed lower across the board, with the 30-year contract down 0.24% to 112.51, the 10-year contract down 0.02% to 108.195, and the 5-year contract down 0.03% to 105.99. The 2-year contract also fell by 0.02% to 102.51 [2]. - The yield on the 30-year government bond rose by 0.9 basis points to 2.2275%, while the 10-year bond yield increased by 1 basis point to 1.8980%. Conversely, the 1-year bond yield decreased by 2 basis points to 1.32% [2]. Overseas Bond Market - U.S. Treasury yields fell across the board, with the 2-year yield down 2.45 basis points to 3.506% and the 10-year yield down 2.73 basis points to 4.136%. In the Eurozone, the 10-year French bond yield decreased by 5.1 basis points to 3.559% [3]. Funding Conditions - The central bank conducted a reverse repurchase operation of 1,771 billion yuan at a fixed rate of 1.40%, resulting in a net injection of 888 billion yuan for the day. The central bank is also set to conduct a 4,000 billion yuan operation for 1-year MLF [4]. - Shibor rates showed mixed performance, with the overnight rate falling to 1.262%, the lowest since August 2023, while the 7-day rate rose to 1.4% [4]. Institutional Insights - CITIC Securities noted an improvement in bond market sentiment, with the 10-year government bond yield stabilizing below 1.85%. There is renewed market interest in the "cross-year market" as long-term bonds begin to recover [5]. - Huatai Fixed Income highlighted that post-2020, there has been an increase in precautionary savings among households, leading to a significant rise in long-term deposits in the banking system. The upcoming maturity of these deposits poses a re-pricing challenge [5]. - China International Capital Corporation (CICC) indicated that while there may be short-term pressure on wealth management products, demand for credit bonds is expected to remain stable due to ongoing needs for credit debt amidst fluctuating interest rates [6].

Market Analysis by covering: US Dollar Japanese Yen, S&P 500, iShares Core U.S. Aggregate Bond ETF, ICE BofAML MOVE. Read 's Market Analysis on Investing.com ...

阿表示，财政部在一家银行开设了专门账户，用于筹集和管理欧洲债券资金，这些资金将通过贷 款、存款和其他金融工具流向经济优先领域，之后再返还到国家基金。下一期欧洲债券的发行将取决于 上述试点项目的成功实施，募集资金未来将用于有助于经济增长和加强国家金融体系的经济项目。 （原标题：吉计划于明年2月发行第二期欧洲债券） 据吉尔吉斯斯坦塔扎别克新闻网12月2日报道，吉财政部国家债务司司长阿布德巴波夫当天出席金 融市场论坛时表示，吉财政部签署了一份授权书，拟发行17亿美元的欧洲债券，目前尚有10亿美元额度 待发行。 首期发行债券7亿美元，因市场需求火热，簿记期间峰值订单规模突破21亿美元。下一期债券 预计将于2026年2月面向企业发行。 ...