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【笔记20251016— “老登股”,债市的老朋友】
债券笔记· 2025-10-16 11:31
Core Viewpoint - The article discusses the behavioral patterns of investors, highlighting a tendency to be overly tolerant of losses while being quick to take profits, leading to a cycle of small gains and significant losses [1]. Group 1: Market Overview - The funding environment is balanced and slightly loose, with the central bank conducting a 2,360 billion yuan reverse repurchase operation, resulting in a net withdrawal of 3,760 billion yuan [3]. - The interbank funding rates remain stable, with DR001 around 1.31% and DR007 around 1.42% [4]. - The stock market experienced a pullback after reaching near previous highs, influenced by ongoing US-China trade tensions and a slight decline in interest rates [6]. Group 2: Bond Market Dynamics - The bond market showed stability, with the 10-year government bond yield fluctuating around 1.7575%, reflecting a slight downward trend [6]. - The "old friends" in the bond market, referred to as "old Deng stocks," have been performing well, indicating a potential shift in investor sentiment towards bonds [7]. - The yield on long-term bonds has shown a stronger performance, with the 10-year bond yield decreasing to approximately 1.753% [6][7]. Group 3: Interest Rate Trends - The weighted rates for various repurchase agreements indicate a slight increase in R007 to 1.48%, while R001 remains stable at 1.35% [5]. - The interest rates for government bonds across different maturities show a mixed trend, with some rates experiencing slight declines [9].
X @Bloomberg
Bloomberg· 2025-10-16 02:30
Market Analysis - Japan's government bond market slump has a silver lining, keeping bulls hopeful for market stabilization [1]
X @Bloomberg
Bloomberg· 2025-10-15 06:20
India’s sole clearing house for corporate bond repos is in discussions with regulators to allow foreign investors, trusts and individuals, as part of efforts to make the nation’s credit market more liquid and accessible https://t.co/A4yA93QKAm ...
【立方债市通】10月债市有利因素增多/城投债净融资额连续七月为负/洛阳AAA平台总经理变动
Sou Hu Cai Jing· 2025-10-09 13:10
城投债净融资额连续七个月为负 第 472 期 2025-10-09 企业预警通统计数据显示,9月城投债发行量4823.60亿元,环比下降2.76%;净融资连续第7个月为负,融资 缺口环比扩大至326.40亿元。截至9月末,今年以来城投债共计发行40918.32亿元,总偿还额累计42770.54亿 元,净融资额-1852.22亿元。 此外,机构统计市场情况还显示,9月城投债市场呈现"注册上升、审批放缓与终止上升"并存状态,整体融资 节奏依然偏紧。 焦点关注 节后股债开门红,债市"钝刀割肉"配置难度还在增加 此外,为保持银行体系流动性充裕,10月9日,人民银行以固定数量、利率招标、多重价位中标方式开展 11000亿元买断式逆回购操作,期限为3个月(91天)。 四中全会前,人民日报连发八篇钟才文,传递什么信号 银行间债券市场境外机构一站式开户平台上线试运行 党的二十届四中全会将于10月20日至23日在北京召开。9月30日起,《人民日报》连续推出8篇"习近平经济思 想指引下的中国经济专论"系列"钟才文"文章,围绕"经济形势怎么看、经济工作怎么干",深入系统阐述中国 经济长期稳定发展的内在逻辑,以及中国发展之于世界的机 ...
X @Bloomberg
Bloomberg· 2025-10-07 09:33
Thai companies are set to ramp up bond sales this month to raise funds amid easing pressure on borrowing costs and improved political stability, according to the Thai Bond Market Association https://t.co/ye9cXPlmOP ...
Bond market doesn't like new Japanese PM use of fiscal stimulus: National Alliance's Andy Brenner
CNBC Television· 2025-10-06 19:14
It's Andy Brener, head of international fixed income at National Alliance. Joining us now as part of our bond report. Andy, great to have you back on.Is Japan just like a political fight about the next prime minister or is Japan and maybe others telling us a larger story about global markets. Brian, thanks for having me on as always. I think it's telling us a larger story.this new prime minister is is is a fiscal is someone that really wants to use fiscal stimulus and the bond mark the Japanese bond market ...
'Credit Herd Will Be Separated' With Stress: Oaktree's Rosenberg
Yahoo Finance· 2025-10-03 21:29
September closed with $207.5 billion of US high-grade issuance, ranking fifth all-time for monthly volume. Meanwhile, $57 billion of new junk bond sales were syndicated, marking the third-highest monthly total on record. Zachary Griffiths, head of US investment grade & macro strategy at CreditSights, and David Rosenberg, head of liquid performing credit at Oaktree Capital Management, join Scarlet Fu on "Bloomberg Real Yield". ...
X @Bloomberg
Bloomberg· 2025-10-01 23:05
Japan’s nearly $8 billion bond market used to be a sleepy place, where investors earned little and prices rarely stirred. Now traders are racing to catch up as risk makes a comeback and opportunities beckon https://t.co/NC8PWBFX1r ...
X @Bloomberg
Bloomberg· 2025-09-29 15:34
The relentless onslaught of supply in the US junk bond market this month is expected to drive September volume to $51 billion later on Monday, making it the fifth-busiest month on record https://t.co/EuZoZr3IXy ...
债市日报:9月26日
Xin Hua Cai Jing· 2025-09-26 08:58
新华财经北京9月26日电(王菁)债市周五(9月26日)小幅回暖,期债表现优于现券,国债期货主力合 约全线收涨,银行间现券收益率走势稍有分化,国债基本持稳、长端国开债延续偏弱;公开市场单日净 投放4115亿元,隔夜资金利率显著回落。 机构认为,临近季末资金投放力度尚可,流动性虽不至于特别紧张但心态无法完全放松,跨月资金需求 相对较旺。本周债市多数时间震荡回调,近期机构心态分歧在明显增加。 公开市场方面,央行公告称,9月26日以固定利率、数量招标方式开展了1658亿元7天期逆回购操作,操 作利率1.40%,投标量1658亿元,中标量1658亿元。同时,以固定数量、利率招标、多重价位中标方式 开展了6000亿元14天期逆回购操作。数据显示,当日3543亿元逆回购到期,据此计算,单日净投放4115 亿元。 【行情跟踪】 国债期货收盘全线上涨,30年期主力合约涨0.20%报114.190,10年期主力合约涨0.13%报107.680,5年 期主力合约涨0.06%报105.540,2年期主力合约涨0.04%报102.342。 银行间主要利率债收益率走势小幅分化,长端国开债午后偏弱,国债表现持稳。截至发稿,30年期国 债" ...