Group 1 - Ningbo issued 10-year general local bonds with a scale of 12.27065 billion yuan and an issuance rate of 1.6900% with a marginal multiple of 2.37, exceeding the expected multiple of 1.73 [1] - Ningbo issued 7-year ordinary special local bonds with a scale of 3.34233 billion yuan and an issuance rate of 1.6500% with a marginal multiple of 4.85, surpassing the expected multiple of 1.67 [1]

As stated in paragraph 6 in General Terms of Auction for Treasury bonds, the Government Debt Management offered the equivalent of 10% of the nominal value sold in the auction 4. July, at the price of accepted bids. SeriesRIKS 29 0917ISINIS0000037711Additional issuance (nominal)0Total outstanding (nominal)74,650,000,000 ...

Group 1 - Guizhou issued 10-year special local bonds with a scale of 12.2 billion yuan and an issuance rate of 1.72% [1] - The marginal multiple for the 10-year bonds was 1.91 times, with an expected multiple of 1.75 [1] - Guizhou also issued 30-year ordinary special local bonds with a scale of 15 billion yuan and an issuance rate of 2.04% [1] Group 2 - The marginal multiple for the 30-year bonds was 8.33 times, with an expected multiple of 2.00 [1]

债市周一（7日）偏弱整理，期现券波动都不大，国债期货主力全天多数在平盘附近整理，银行间现券 收益率振幅基本在0.5BP以内；公开市场单日净回笼2250亿元，资金利率仍普遍延续下行。 机构认为，随着7月税期走款、MLF回笼、政府债缴款规模提升，资金面波动可能加大，需要关注央行 公开市场投放情况。若短久期国债单期供给规模大幅下行，大行一级市场存在配置缺口，其在二级市场 买入短债力量有望增强，进而推动短端利率下行。 【行情跟踪】 国债期货收盘多数下跌，30年期主力合约跌0.04%报121.150，10年期主力合约持平于109.105，5年期主 力合约跌0.02%报106.225，2年期主力合约跌0.01%报102.502。 银行间主要利率债收益率走势小幅分化，截至发稿时，30年期"25超长特别国债02"收益率上行0.05BP至 1.852%，10年期"25国开10"收益率下行0.18BP至1.7157%，10年期"25附息国债11"收益率上行0.02BP至 1.6412%。 中证转债指数收盘下跌0.19%，报446.59点，成交金额644.01亿元。精装转债、电化转债、楚江转债、 松霖转债、振华转债跌幅居前，分别跌 ...

Group 1 - The core viewpoint of the article highlights a significant increase in the euro-denominated corporate bond market in June, driven by strong demand from institutional investors, proactive financing strategies by issuers, and anticipation of potential trade policy changes due to the approaching deadline for U.S. tariffs [1] - Institutional investors continue to show robust demand for credit bond assets, providing ample funding support for the primary market [1] - Corporate issuers are completing financing before the quiet period for Q2 earnings reports to avoid regulatory restrictions on issuing new securities [1] - Issuers are adopting a "prepare for the worst" strategy by locking in financing ahead of potential trade policy changes, reflecting heightened awareness of geopolitical risks [1] Group 2 - The current eurozone corporate bond issuance window exhibits a "strong supply and demand" characteristic, with investors maintaining strong demand for relatively high-yielding credit bonds amid the European Central Bank's accommodative monetary policy [1] - Issuers are taking advantage of favorable market conditions for proactive liability management, meeting operational funding needs while preparing liquidity reserves for potential changes in the trade environment [1] - Some multinational companies have noticeably accelerated the pace of euro bond issuance, indicating market participants' heightened vigilance regarding geopolitical risks [1]

Core Viewpoint - The introduction of technology innovation bonds (referred to as "Sci-Tech Bonds") has attracted significant attention from institutions, driven by favorable policies and a low interest rate environment, indicating a promising future for the market [1][2]. Market Expansion - The Sci-Tech Bond market has rapidly expanded since its inception in 2015, with issuance volumes increasing from 16.66 billion yuan in 2021 to 121.79 billion yuan in 2024, reflecting explosive growth after the introduction of Sci-Tech notes in 2022 [2]. - As of July 3, 2023, 419 Sci-Tech Bonds have been issued, totaling over 620 billion yuan, with a notable concentration in regions like Beijing, which accounts for approximately 19% of the total issuance [2]. - The distribution of bond issuance highlights a preference for mature technology industry clusters, while indicating a need for improved financing ecosystems in western regions [2]. Issuance Characteristics - New issuances of Sci-Tech Bonds are predominantly from state-owned enterprises, with 94% of the existing bonds being from such entities and 88% rated AAA [3]. Investment Opportunities - Institutions are advised to strategically invest in Sci-Tech Bonds, focusing on high-quality issuers and sectors with strong growth potential, such as coal, non-bank financials, and hardware equipment [4][6]. - Specific recommendations include targeting city investment platforms, provincial or municipal equity investment state-owned enterprises, and local industry-leading private enterprises in key technology sectors [5][6]. ETF Focus - The introduction of Sci-Tech Bond ETFs offers investors a low-cost, diversified investment option, allowing for flexible trading and risk management [7]. - As of July 2023, there are 11 credit bond ETFs with a net asset value of 222.16 billion yuan, and 10 Sci-Tech Bond ETFs have been approved, tracking three related indices [8]. - The Sci-Tech Bond ETFs are positioned as a stable investment option, benefiting from ongoing policy support and the potential for increased bond value as companies achieve technological breakthroughs [7][8].

Investors lapped up 30-year Japanese government bonds in an auction on Thursday that indicates policymakers are having some success in quelling debt-market volatility https://t.co/UeWodmU33g ...

Core Insights - A recent informal survey of bond underwriters indicates that there are no potential borrowers considering issuing new U.S. investment-grade bonds, suggesting that the primary market for this week is likely closed [1] - In June, syndicates issued $109.5 billion in new bonds, slightly exceeding the expected $105 billion, with strong performance in the latter half of the month and robust returns [1] - Despite increasing geopolitical risks, investor demand remained strong, leading to continued bond purchases, with U.S. high-grade bonds rising and achieving the second-best monthly return of the year, pushing year-to-date gains above 4% [1]

Group 1: Bond Market Overview - The total bond issuance in the market reached 27.29 trillion yuan in the first half of 2025, representing a year-on-year growth of nearly 24% [1] - Among the total, government bonds accounted for 16.93 trillion yuan, while credit bonds totaled 10.35 trillion yuan [1] - Specific figures include 7.88 trillion yuan in national bonds, 5.49 trillion yuan in local bonds, 55 billion yuan in central bank bills, and 349.68 billion yuan in policy financial bonds, with respective year-on-year growth rates of 35.58%, 57.18%, and 19.23% for national, local, and policy financial bonds [1] Group 2: ABS Market Performance - In the first half of 2025, the ABS market saw 1,090 new projects with a total issuance of 974.9 billion yuan, marking a 27% increase year-on-year [3] - Credit ABS issuance decreased by 23%, with 102 new projects totaling 95.9 billion yuan [3] - The largest issuance came from non-performing loans, with 80 projects amounting to 36.2 billion yuan, followed by personal auto loans with 10 projects totaling 34.3 billion yuan [3] Group 3: Government Bond Issuance Plans - The Ministry of Finance plans to reissue 240 billion yuan of book-entry interest-bearing government bonds, including 109 billion yuan of 7-year bonds at a coupon rate of 1.79% and 131 billion yuan of 10-year bonds at a coupon rate of 1.67% [5] Group 4: Central Bank Operations - The central bank conducted a 1.31 trillion yuan 7-day reverse repurchase operation, maintaining the operation rate at 1.40%, resulting in a net withdrawal of 275.5 billion yuan due to the maturity of 4.065 trillion yuan in reverse repos [7] Group 5: Local Government Bond Issuance - Hunan Province successfully issued its third batch of special bonds, totaling 9.856 billion yuan, with a cumulative issuance of 23.854 billion yuan for land reserve special bonds, accounting for 44.56% of construction project funding [8] Group 6: Corporate Bond Issuance - Zhoukou Investment Group plans to issue 3.593 billion yuan in corporate bonds, which has been accepted by the Shanghai Stock Exchange [9] - The Zhumadian Urban Construction Investment Group completed the issuance of 400 million yuan in corporate bonds with a 2.72% interest rate [9] - Tailong Pharmaceutical intends to register 800 million yuan in short-term financing bonds to replace bank loans and supplement working capital [10] Group 7: Market Sentiment and Predictions - The West Fixed Income team predicts that credit bond yields are likely to remain volatile, with the interest rate spread expected to reach its lowest point in the third quarter [20] - The Hua'an Fixed Income team anticipates that August may see a peak in the supply of interest rate bonds, with a significant reduction in supply pressure in July [20]

Market Overview - As of June 30, the bond market showed slight weakness influenced by PMI data, cross-quarter funding, and stock market performance, continuing a narrow fluctuation pattern [1] - Overall, the yield on government bonds is expected to rise initially and then decline in the first half of 2025, with credit spreads mostly narrowing [1] - The funding environment is balanced and slightly loose, with a decrease in funding prices compared to June, where the average decline of DR007 is about 10 basis points [1] Bond Issuance - By June 30, the total issuance of various bonds reached 27.29 trillion yuan, a year-on-year increase of nearly 24%, with government bonds accounting for 16.93 trillion yuan and credit bonds 10.35 trillion yuan [2] - In the first half of 2025, 98 government bonds were issued, a decrease of 8 from the previous year, with the issuance scale increasing by over 2 trillion yuan [4] - Local government bonds saw an increase in issuance, with 1,086 bonds issued, up 310 from the previous year, and the average issuance rate down by approximately 55 basis points [6] Trading Volume - The total trading volume of cash bonds in the market was 166.43 trillion yuan, a year-on-year decrease of 6.94%, with credit bonds accounting for 39.63 trillion yuan [16] - The trading volume of interest rate bonds also decreased, with a total of 124.29 trillion yuan traded, down 6.49% year-on-year [17] Yield Trends - The yield curve for government bonds showed an overall decline in the first half of 2025, with significant decreases in the medium to long end, such as a 55.89 basis point drop in the 10-year yield [19] - Local government bonds exhibited similar trends, with the 10-year yield down by 55.51 basis points [21] Institutional Insights - Institutions expect that the funding rates will remain loose in July, but the issuance of local special bonds may create some disturbances in the funding environment [29] - The basic economic trends are still favorable for the bond market, with internal demand needing improvement and external demand facing challenges [30]