湖南发行7年期一般债地方债，规模141.9981亿元，发行利率1.6800%，边际倍数1.32倍，倍数预期 1.69。 ...

NEW YORK, May 29, 2025 (GLOBE NEWSWIRE) -- Lido Merger Sub, Inc. (the “Company”) announced today that, according to information provided by Global Bondholder Services Corporation, the Information and Tender Agent for the Company’s previously announced cash tender offer (the “Tender Offer”) and consent solicitation (the “Consent Solicitation”), as of 5:00 p.m., New York City time, on May 29, 2025, the Company had received tenders and consents from holders of $293,848,000 in aggregate principal amount of Land ...

Group 1 - Shaanxi issued 10-year general local bonds with a scale of 8.7 billion yuan and an issuance rate of 1.79%, with a marginal multiple of 1.29 times, compared to an expected multiple of 1.92 [1] - Shaanxi issued 15-year other special local bonds with a scale of 1.47 billion yuan and an issuance rate of 2.07%, with a marginal multiple of 7.14 times, compared to an expected multiple of 2.14 [1] - Shaanxi issued 20-year other special local bonds with a scale of 17.4 billion yuan and an issuance rate of 2.12%, with a marginal multiple of 6.63 times, compared to an expected multiple of 1.90 [1] - Shaanxi issued 7-year general local bonds with a scale of 90.994 billion yuan and an issuance rate of 1.67%, with a marginal multiple of 1.97 times, compared to an expected multiple of 2.04 [1]

Core Insights - Jiangsu Province issued various local government bonds with different maturities and interest rates, indicating active participation in the bond market [1] Summary by Category 1-Year General Bonds - Issued amount: 73.1 billion - Issuance interest rate: 1.50% - Bid-to-cover ratio: 14.48 times, with an expected ratio of 1.50 [1] 10-Year General Bonds - Issued amount: 114.9 billion - Issuance interest rate: 1.76% - Bid-to-cover ratio: 4.12 times, with an expected ratio of 2.51 [1] 7-Year Other Special Bonds - Issued amount: 300 billion - Issuance interest rate: 1.67% - Bid-to-cover ratio: 5.67 times, with an expected ratio of 3.10 [1] 15-Year Other Special Bonds - Issued amount: 300 billion - Issuance interest rate: 1.92% - Bid-to-cover ratio: 2.66 times, with an expected ratio of 1.94 [1] 20-Year Other Special Bonds - Issued amount: 251 billion - Issuance interest rate: 2.03% - Bid-to-cover ratio: 2.93 times, with an expected ratio of 2.05 [1]

债市本周趋于平稳，投行警告"暴风雨前的平静"！美日、黄金将再度迎来布局窗口；日元汇率与日股重 回负相关，日经指数是否已到抄底时机？美债避险属性明显减弱，左侧多单布局可考虑分批入场>> 相关链接 美债利率或延续高位震荡，如何交易流动性冲击？ ...

Group 1: Company Bond ETF Performance - As of May 26, 2025, the Company Bond ETF (511030) increased by 0.01%, marking its sixth consecutive rise, with the latest price at 105.79 yuan [1] - Over the past six months, the Company Bond ETF has accumulated a total increase of 1.12% [1] - The latest scale of the Company Bond ETF reached 14.914 billion yuan, a new high in nearly one year [1] - The latest share count for the Company Bond ETF is 14.1 million, a new high in nearly one month [1] - The Company Bond ETF has seen continuous net inflows for the past eight days, with a maximum single-day net inflow of 323 million yuan, totaling 1.23 billion yuan, averaging 154 million yuan per day [1] Group 2: Economic Outlook and Market Trends - The expected growth rates for 2024 are 3.5% for retail sales, 3.2% for investment, and 7.1% for exports, with only exports showing strong performance [1] - For 2025, the anticipated growth rates are around 5% for consumption, 4% for investment, and 7% for export total value, indicating a potential stabilization of the economy [1] - The recovery of consumption is viewed as a core support for economic stabilization [1] - Analysts suggest waiting until late June for interest rate bonds and recommend focusing on credit bonds with yields above 2% [1] Group 3: Government Bond ETF Performance - As of May 26, 2025, the Government Bond ETF (511020) is in a state of equilibrium, with the latest quote at 117.24 yuan, and has seen a cumulative increase of 2.86% over the past six months [5] - The latest scale of the Government Bond ETF is 1.491 billion yuan, with recent inflows and outflows balancing out [6] - Over the past five trading days, the Government Bond ETF has attracted a total of 24.605 million yuan [6] - Since its inception, the Government Bond ETF has achieved a maximum monthly return of 2.58% and a historical holding period profitability rate of 100% over three years [6] Group 4: National Development Bond ETF Performance - As of May 26, 2025, the National Development Bond ETF (159651) increased by 0.02%, with the latest price at 106.03 yuan, and has seen a cumulative increase of 2.02% over the past year [9] - The National Development Bond ETF has experienced a significant growth of 378 million yuan in scale over the past six months, ranking it among the top half of comparable funds [9] - The latest net outflow for the National Development Bond ETF is 29.258 million yuan, with a total of 86.187 million yuan attracted over the past ten trading days [9] - The National Development Bond ETF has a historical profitability rate of 100% over two years, with a monthly profitability probability of 87.6% [9]

兵团发行20年期其他专项地方债，规模48.3200亿元，发行利率2.1200%，边际倍数1.46倍，倍数预期 2.10。 兵团发行10年期其他专项地方债，规模3.7800亿元，发行利率1.7900%，边际倍数1.22倍，倍数预期 1.80； 兵团发行15年期其他专项地方债，规模13.9000亿元，发行利率2.0400%，边际倍数1.40倍，倍数预期 2.24； ...

每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 5月21日，债市延续震荡走势，近期降准以及后续的一系列降息举措落地，短期消息面多空双方再 度回到均衡格局。 昨日央行继续净投放OMO，资金面较有所宽松，对中短端形成支撑。消息面相对平淡，但股市上 涨仍对债市产生一定压制。短期来看，资金面均衡偏宽松仍能继续支撑债市，不过考虑到总量货币宽松 政策均已落地，但也未出现明显利空，债市预计继续维持窄幅震荡格局。另外，需要关注本月MLF、 买断式逆回购和央行买债情况，如果央行流动性投放规模超预期或央行重启买债，届时收益率仍会继续 下行。 政金债券ETF（511520）近期成交活跃，连续4日成交金额破百亿元，目前总规模超460亿元，为全 市场规模最大的债券ETF，同时也是全市场唯一一只长久期政金债ETF，久期7.5年左右，流动性好，适 合客户场内一键加久期，可作为债券市场波段交易和配置 ...

Core Viewpoint - The bond market experienced a "rise then fall" pattern, with government bond futures declining in the afternoon and long-term bonds showing weakness, while short to medium-term bonds performed relatively well. The market is expected to remain in a range-bound fluctuation due to limited improvement in bank interest margins from the recent interest rate cuts, with the next rate cut window anticipated to be at least in the third quarter [1][6][7]. Market Performance - Government bond futures closed mixed, with the 30-year main contract down 0.08% at 119.61, the 10-year main contract unchanged at 108.83, the 5-year main contract up 0.03% at 106, and the 2-year main contract up 0.02% at 102.38 [2]. - The interbank major interest rate bond yields showed slight differentiation, with long bonds stable and medium to short bonds performing better. The 10-year government bond yield rose by 0.5 basis points to 1.671%, while the 7-year government bond yield fell by 0.5 basis points to 1.61% [2]. Overseas Market Trends - In North America, U.S. Treasury yields rose across the board, with the 10-year yield increasing by 3.96 basis points to 4.489% and the 30-year yield rising by 6.98 basis points to 4.974% [3]. - In Asia, Japanese bond yields mostly fell slightly, with the 10-year yield down by 0.1 basis points [3]. - In the Eurozone, yields on 10-year bonds also increased, with French bonds up by 0.3 basis points to 3.259% and German bonds up by 1.8 basis points to 2.603% [3]. Primary Market - The Ministry of Finance's three types of government bonds had weighted average winning yields mostly below the China Bond valuation, with the 30-year bond yield at 1.8808% and a bid-to-cover ratio of 3.16 [4]. Funding Conditions - The central bank conducted a 7-day reverse repurchase operation of 1570 billion yuan at a fixed rate of 1.40%, resulting in a net injection of 650 billion yuan for the day [5]. - The Shibor short-term rates mostly declined, with the overnight rate unchanged at 1.509% and the 7-day rate down by 0.7 basis points to 1.549% [5]. Institutional Perspectives - Huatai Fixed Income noted that the recent LPR and deposit rate cuts are a continuation of the May rate cut policy, with the adjustments slightly exceeding expectations due to significant pressure on banks' net interest margins [6]. - Zhongjin Fixed Income highlighted that the asymmetric rate cuts are beneficial for the bond market and reflect the central bank's support for banks' net interest margins and overall health [7]. - Guosheng Fixed Income emphasized that the recent adjustments in LPR and deposit rates are a follow-up to previous policy rate reductions, which will help alleviate banks' funding costs and enhance bond market demand [7].

Core Insights - The auction yield for the 6-week U.S. Treasury bill as of May 20 was 4.235%, slightly down from the previous yield of 4.25% [1] Summary by Category - **Auction Results** - The winning yield for the 6-week Treasury bill auction was recorded at 4.235% [1] - This represents a minor decrease from the prior auction yield of 4.25% [1]