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Bond market flashes signs of worry over shutdown-induced economic damage
MarketWatch· 2025-10-10 16:14
More than a week after the U.S. government's partial shutdown began on Oct. 1, bond-market traders were starting to express a greater degree of concern about the economic fallout. ...
投教宣传|科创债系列解读第一期:什么是科技创新公司债券
上海發券交易所 (1) 上海证券交易所 SHANGHAI STOCK EXCHANGE 十么是科技创新 公司 信券 【科创债系列解读第一期】 引 言 自2025年4月中共中央政治局会议提出 "创新推出债券市场的'科技板'"以来,科 技创新公司债券(简称"科创债")正站上 资本市场的风口。作为响应国家战略、精准 支持科技创新的金融利器,它究竟是什么? 与科创板股票有何不同?又适合哪些企业? 让我们为您一一揭晓。今天,我们一起了解 一下什么是科技创新公司债券。 科技创新公司债券含义 科技创新公司债券是指由科技创新领 域相关企业发行,或者募集资金主要用于 支持科技创新领域发展的公司债券。 ◆2021年上交所在全市场率先开展科 创债试点。 ◆ 2022年5月出台科创债规则,历经数 年深耕. 上交所科创儒市场已形成专属板 块,发行的债券简称会带有一个醒目的 "K" 标识。 发行主体涵盖 科创企业类 科创升级类 科创投资类 科创孵化类: 金融机构 上交所科创债市场速览 万亿级市场规模 已支持超 400 家企业 发行科创债 1.4 万亿元。 多元化发行主体:全面覆盖科技型企 业、产业转型升级企业、股权投资机构、 金融机构等 ...
中方连抛500亿美债,美政府正式关门,金灿荣坦言:中国王牌奏效
Sou Hu Cai Jing· 2025-10-03 04:41
美国政府资金主要来源于借债。每年财政赤字巨大,税收不够,必须不断发债维持运转。但债务总量是有限制的,一旦达到上限,必须获得国会同意提高债 务上限。然而,美国的政治局势日益极化,妥协变得越来越困难。一边要求削减开支,另一边又没有政治意愿妥协,导致政府关门成为常态。 这并不意味着中美关系破裂,而是中国对当前局势的审慎反应。早期,中国大量购买美债,是因为美元相对稳定,美国经济状况尚可。但如今,美国财政危 机四伏,通货膨胀起伏不定,利率波动频繁,政府频繁争执债务上限,这使得投资美国国债的风险增大。全球经济正在转型,各国都在寻求新的增长点和合 作伙伴,中国自然也不例外。 近日,美国政府再次上演了"关门停摆"的老戏码。这一幕虽然早已不新鲜,但此次的背景却有些特别——在美国财政困难、预算难以达成时,中国悄悄减持 了大量美国国债,仅在七个月内就处理了500亿美元。 乍看之下,这两个事件似乎没什么直接关联,但一结合,便形成了一种微妙的"节奏"。美国白宫一片惶恐,而中国则在默默布局。这让人不禁要问:这一 招,真的奏效了吗? 中国减持美债,绝非一时冲动或情绪化的决定,而是经过深思熟虑的战略选择。美国近年来财政状况持续恶化,财政赤字 ...
8月末境外机构在中国债券市场持债约4万亿元
Xin Hua Wang· 2025-10-02 07:43
记者从中国人民银行获悉,截至8月末,来自80多个国家和地区的1170家境外机构,在中国债券市 场持债约4万亿元人民币,中国债券市场的国际影响力和吸引力显著提升。 今年以来,全球投资者对人民币债券资产的信心不断增强。中国人民银行的数据显示,今年前8个 月,境外机构投资者的债券现券成交规模约11.8万亿元人民币,其中"债券通"北向通规模约7.2万亿元人 民币,南北双向交易投资持续活跃。 与此同时,"互换通"业务量持续上升。截至8月末,互换通累计成交1.5万多笔,累计成交名义本金 约8.2万亿元人民币,当前成交规模较上线初期增长了9倍多。 随着中国债券市场对外开放程度不断深化,市场的广度深度也在不断提升。8月末,中国债券市场 余额192万亿元人民币,已位居世界第二。今年前8个月,中国债券发行规模超59万亿元人民币,同比增 长14%;债券净融资11.8万亿元人民币,已成为实体经济融资的第二大渠道。(记者吴雨) 【纠错】 【责任编辑:施歌】 ...
人民银行:8月债券市场共发行各类债券74281.4亿元
Bei Jing Shang Bao· 2025-09-30 12:03
北京商报讯(记者岳品瑜董晗萱)9月30日,人民银行公布2025年8月份金融市场运行情况。8月份,债券 市场共发行各类债券74281.4亿元。国债发行13277.6亿元,地方政府债券发行9776.4亿元,金融债券发 行11550.3亿元,公司信用类债券发行12391.4亿元,信贷资产支持证券发行212.2亿元,同业存单发行 26956.5亿元。 截至8月末,债券市场托管余额192.0万亿元。其中,银行间市场托管余额169.8万亿元,交易所市场托管 余额22.2万亿元。分券种来看,国债托管余额38.4万亿元,地方政府债券托管余额53.0万亿元,金融债 券托管余额43.9万亿元,公司信用类债券托管余额34.1万亿元,信贷资产支持证券托管余额1.0万亿元, 同业存单托管余额20.4万亿元。商业银行柜台债券托管余额2225.2亿元。 ...
精彩回顾 | 澳门银行业研讨会:外汇、债市与跨境资产管理新机遇
彭博Bloomberg· 2025-09-30 02:07
近期,彭博澳门银行业研讨会在澳门成功举办。来自 澳门中央证券托管结算一人有限公司 (MCSD)、债券通有限公司、工银澳门、海通银行澳门分行 的特邀嘉宾,与彭博市场专家围绕 全球外汇市场、跨境债券投资、数据流动以及风险管理 等热门话题展开深度讨论,聚焦市场新机 遇。让我们一起回顾现场精彩发言! 近年来,离岸人民币债券在澳门的发行规模不断增长,吸引了更多国际投资者的关注,推动了澳门与 全球金融市场的进一步融合。 汪大海 彭博大中华区总裁 全球外汇市场动态与交易策略 开场致辞 近期美联储降息25个基点,美元正如市场预期逐步走向宽松货币政策,"去美元化"成为市场讨论焦 点。 彭博大中华区总裁汪大海先生欢迎现场嘉宾的到来并发表开场辞。他表示, 澳门在国家发展与粤港 澳大湾区建设中有着独特且重要的战略地位,既有与国际标准接轨的制度环境,又有着与内地市场 紧密相连的区位优势,这让澳门在人民币国际化进程中发挥了重要作用。 特朗普的贸易政策正在不断加剧'去美元化'的趋势,通过对全球施加高关税来减少美国贸易逆差,就 会减少美元在全球输出中的流动性,改变原有美元体系循环。 正如IMF公布的数据来看,过去十年替 代美元的最核心资产就 ...
Record investment grade issuance
Youtube· 2025-09-29 19:56
Corporate Borrowing - Corporate borrowing has seen a significant increase, with $230 billion in debt deals tracked just this month, marking the heaviest volume for any month ever [1] - The competition for debt sales may impact the government bond market, raising questions about the dynamics between corporate issuers and bond buyers [1] Bond Market Dynamics - The current environment shows a record issuance of investment-grade corporate bonds, but the focus is on the buyers who anticipate a Federal Reserve easing strategy [2] - The Federal Reserve has already eased rates by 25 basis points, leading many investors to expect further declines in rates [3] Yield Analysis - The yield on Barclays' investment-grade bonds is around 4.90%, with a current 10-year Treasury yield of approximately 4.14%, resulting in a spread of about 76 basis points [4] - This spread indicates that the additional yield for taking on corporate credit risk compared to risk-free Treasury securities is the smallest since 1998, suggesting a cautious market sentiment [5] Investor Behavior - Investors are motivated to purchase corporate bonds before yields fall further, reflecting concerns about equity market valuations and the perceived risk in the current environment [6] - The relatively low additional yield of less than 5% raises questions about the credit risk associated with corporate bonds, which may be underestimated by the market [6]
保理日报(2025-09-28)
Sou Hu Cai Jing· 2025-09-29 13:12
企业动态 ●德益世国际保理受邀参展服贸会,出口保理服务助力企业扬帆出海 9月10-14日,中国国际服务贸易交易会(服贸会)在北京盛大举行。本届服贸会金融服务专题以 "数智 驱动,开放共赢" 为主题,德益世国际保理受邀参与此次盛会,参展内容包括出口保理和供应链金融两 大国际贸易融资服务,与现场观众分享我们在国际贸易融资与风险管理领域的实战经验。(德益世国际 保理) 微信公众号【商业保理资讯】 归类整理 财经资讯 ●2025年1—8月份全国规模以上工业企业利润增长0.9% 1—8月份,全国规模以上工业企业实现利润总额46929.7亿元,同比增长0.9%。8月末,规模以上工业企 业应收账款27.24万亿元,同比增长6.6%;产成品存货6.73万亿元,增长2.3%。规模以上工业企业每百 元资产实现的营业收入为74.0元,同比减少2.0元;应收账款平均回收期为70.1天,同比增加3.7天。(统 计微讯) ●中国人民银行 中国证监会 国家外汇管理局联合发布关于进一步支持境外机构投资者在中国债券市场 开展债券回购业务的公告 9月26日,中国人民银行、中国证监会、国家外汇局联合发布公告,支持可在中国债券市场开展债券现 券交易 ...
信用利差周报:央行四举措促离岸人民币债市发展,信用利差全面走阔-20250929
Zhong Cheng Xin Guo Ji· 2025-09-29 11:11
1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The central bank's four measures will promote the internationalization of the offshore RMB bond market, enhance the willingness of overseas funds to allocate and market liquidity, and inject lasting impetus into the internationalization of the bond market [2][9][10] - In August, the profits of large - scale industrial enterprises above the national level increased significantly year - on - year, driving the cumulative profit growth rate from January to August to turn positive, indicating a gradual recovery of micro - entity vitality [3][11][12] - In the money market, due to the approaching National Day holiday and end - of - quarter disturbances, most capital prices rose, and the central bank conducted net capital injections through open - market operations [4][14] - In the primary market of credit bonds, the issuance scale increased significantly last week, with different performance among industries and fluctuations in issuance costs [5][17] - In the secondary market of credit bonds, trading activity increased, bond yields mostly rose, credit spreads widened across the board, and rating spreads changed slightly [6][30] 3. Summary According to Relevant Catalogs Market Hotspots - On September 25th, the central bank announced four measures to accelerate the development of the offshore RMB market, including supporting overseas institutional investors' participation in the repurchase business of the domestic bond market, expanding the "Swap Connect" quotation dealer team and increasing the daily north - bound trading quota, increasing the supply of RMB assets such as treasury bonds in the Hong Kong market, and accelerating the listing of RMB treasury bond futures in Hong Kong. These measures will form a complete closed - loop of "asset supply - trading convenience - risk hedging" [2][9] Macroeconomic Data - In August, the profits of large - scale industrial enterprises above the national level increased by 20.4% year - on - year, driving the cumulative profit growth rate from January to August to turn from - 1.7% in January - July to 0.9%. Low base in the same period of 2024, "anti - involution" policies, and effective cost control contributed to this improvement. In terms of industries, the equipment manufacturing and raw material manufacturing industries performed well. At the enterprise level, private, medium - sized, and small enterprises showed good profit growth [3][11][12] Money Market - Last week, the central bank conducted a net capital injection of 1122.3 billion yuan through open - market operations. Affected by the approaching National Day holiday and end - of - quarter disturbances, most capital prices rose. Except for the 1 - day pledged repurchase rate, which decreased by 15bp, other term pledged repurchase rates increased by 2 - 18bp. The 3 - month and 1 - year Shibor slightly increased, and the spread between them narrowed [4][14] Primary Market of Credit Bonds - The issuance scale of credit bonds increased significantly last week, reaching 447.423 billion yuan, with an average daily issuance scale of 89.485 billion yuan. The cancellation scale of issuance also increased. In terms of bond types, the issuance scale of ultra - short - term financing bills and medium - term notes increased significantly. In terms of industries, the infrastructure investment and financing industry and the power production and supply industry in the industrial bond sector had large increases in issuance scale. The infrastructure investment and financing industry had a net capital outflow, while the power production and transportation industries in the industrial bond sector had large net inflows, and the light manufacturing industry had a large net outflow. The average issuance cost of credit bonds fluctuated, with changes ranging from 1bp to 59bp [5][17][26] Secondary Market of Credit Bonds - The trading volume of cash bonds in the secondary market last week was 9387.09 billion yuan, with an average daily trading volume increase of 2.5216 billion yuan. Trading activity continued to rise. Bond yields mostly rose. For interest - rate bonds, the yields of treasury bonds and policy - bank bonds mostly increased, with a maximum increase of 5bp, and the 10 - year treasury bond yield remained stable at 1.88%. For credit bonds, yields increased by 3 - 12bp. Credit spreads widened by 5 - 12bp across the board, and rating spreads changed within 3bp [6][30] Appendix - The report lists bond market credit risk events, including bond defaults, extensions, etc. of several companies [42] - It also summarizes regulatory and market innovation dynamics, such as policies to support digital consumption, sports industry, and debt financing of mature - layer enterprises, as well as measures to optimize market mechanisms and simplify procedures [43][44] - The monthly net financing amounts of major credit bond types from January 2024 to August 2025 are presented [45]
中国债市高水平开放再迎重要里程碑
Jin Rong Shi Bao· 2025-09-29 01:07
日前,中国人民银行、中国证监会、国家外汇管理局联合发布了关于进一步支持境外机构投资者开 展债券回购业务的公告(以下简称《公告》),支持可在中国债券市场开展债券现券交易的境外机构投 资者开展债券回购业务。 《公告》发布后,银行间债券市场的境外机构投资者均可参与债券回购业务,包括通过直接入市 和"债券通"渠道入市的全部境外机构投资者。"债券回购开放顺应境外机构需求,是中国债券市场高水 平开放的重要里程碑。"有业内专家对《金融时报》记者表示。 中国债市国际影响力和吸引力显著提升 《公告》正是在这样的背景下出台的。"债券回购开放有助于巩固提升香港国际金融中心地位,进 一步提升人民币的国际竞争力和影响力。"一位机构人士表示,近年来,中国人民银行大力支持香港国 际金融中心建设,持续深化内地与香港的金融合作,先后推动"债券通"北向通、南向通及"互换通"落 地,并持续优化相关业务运行机制,提升内地与香港金融市场的联通水平。在债券回购方面,推出 以"债券通"项下债券为抵押品的离岸债券回购业务,此次债券回购开放支持"债券通"渠道入市的全部境 外机构投资者在中国债券市场开展业务,有助于促进在岸和离岸金融市场互联互通,进一步巩固提升 ...