T. Rowe likes local bonds in Thailand and Malaysia, betting that further monetary easing will outweigh currency gains as a key driver of investor returns https://t.co/GeV5PgKZdE ...

| | 1Y | 2Y | | ЗУ | 5Y | | 7Y | | 10Y | | 超长债 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国债 | | 1.3850 | 1.00 1.4100 | 2 | | 32 | 1.25 1.5225 2.00 1.6210 2.10 1.6750 1.10 1.8890 | 100 | | 316 | 1.60 457 | | | | 250006.IB | 250005.IB | | 250003.IB | | 250007.IB | 250011.IB | | 2500002.IB | | | 国开 | 1.4900 | 2.00 1.5700 | 0.75 | | | 1.5950 1.50 1.6175 1.75 1.7475 2.00 1.7535 1.15 29 | | 4 | | 477 | | | | 210203.IB | 220208.IB | | 230208.IB | 250203.IB | | 220210.IB | | 2502 ...

Group 1 - The article discusses the preferred stock and baby bond market activity, providing both bottom-up insights on individual news and events, as well as top-down analysis of the broader market [1] - It highlights the importance of yield and risk management considerations in the Income Portfolios offered by the company [1] - The article encourages the use of Interactive Investor Tools to navigate various markets including BDC, CEF, OEF, preferred, and baby bonds [1] Group 2 - The company offers Investor Guides for CEFs, Preferreds, and PIMCO CEFs to assist investors [2] - A promotional offer for a 2-week free trial is available, allowing potential investors to explore services without risk [2]

作为全球第二大债券市场，我国债市提质扩量，需要持续提升市场交易活跃度和扩大参与主体的多样性。近 日，中国人民银行就修改部分规章公开征求意见，其中，拟取消对债券回购的质押券进行冻结的规定引发债市 广泛关注，消息一经公布，短端利率债收益率迅速翻红。 根据现行的银行间债市登记托管结算相关要求，债券登记托管结算机构可依法为债券持有人提供债券质押登记 服务，对相应债券进行冻结。由于质押式回购的债券所有权不发生转移，通过冻结质押券，可以防范违约风 险，保护资金融出方的利益。但是债券回购期内大量利率债，尤其是短期债券被冻结，无法在二级市场流通交 易，降低了债市整体的流动效率和交易活跃度。随着债券登记托管结算体系的日益强大，以及针对债市参与主 体杠杆率、风险抵补等监管制度的完善，债市交易的违约风险已大为降低，通过冻结质押券的方式为资金融出 方"上保险"的必要性已不强。相反，为质押券"解冻"可以提高债市流动性，便利外资机构参与回购业务。 一方面，债券回购业务中大量被质押的债券是短期利率债。今年以来，银行间债市月度质押式回购的成交规模 在100万亿元左右，大量短期利率债"解冻"，将增加债券供给，提高债市的"深度"，更多潜在的交易 ...

Core Insights - The bond market's focus has shifted from inflation concerns to issues surrounding fiscal stability and foreign demand for U.S. Treasuries, indicating a change in investor sentiment and market dynamics [1]. Group 1: Market Dynamics - The decline in perception of stability in the U.S. is closely linked to the volatility in fiscal stability and foreign Treasury demand, suggesting that these factors are interrelated and critical for market performance [1]. Group 2: Analyst Background - The analyst, Harrison, has over a decade of experience in financial analysis, particularly in private equity, real estate, and economic research, which provides a strong foundation for insights into market trends [1].

中证转债指数收盘上涨0.23%，报453.86点，成交金额708.83亿元。宏丰转债、博瑞转债、华宏转债、 微芯转债、富淼转债涨幅居前，分别涨20.00%、11.60%、7.14%、5.23%、5.04%。博汇转债、金现转 债、豪美转债、泉峰转债、濮耐转债跌幅居前，分别跌5.20%、5.05%、2.53%、2.24%、1.99%。 【海外债市】 北美市场方面，当地时间7月17日，美债收益率涨跌不一，2年期美债收益率涨1.06BP报3.896%，3年期 美债收益率涨0.83BP报3.872%，5年期美债收益率涨0.01BP报3.989%，10年期美债收益率跌0.80BP报 4.449%，30年期美债收益率跌0.53BP报5.007%。 新华财经北京7月18日电（王菁）债市周五（7月18日）重回偏弱局面，国债期货主力多数收跌，银行间 现券收益率普遍上行0.5-1BP左右；公开市场单日净投放1028亿元，短端资金利率延续回落。 机构认为，低波动的债市行情仍在继续，"弱现实"尚未完全展露，预期交易已经走到定价对冲政策 的"宏观叙事"之上。在短期调整之后，债市筹码分布不再集中，反而在7月末政策预期博弈窗口中形成 预期差 ...

Group 1 - Liaoning issued a 20-year special local bond with a scale of 62.3171 billion [1] - The issuance interest rate is set at 2.0500% [1] - The marginal multiple of the bond issuance is 2.16 times, with an expected multiple of 2.04 [1]

相关链接 看空情绪弥漫，30年期美债收益率再次跳升 日本债市风波继续蔓延，美国长债遭遇抛售潮，美股或是下个流动性"受害者"？选举焦虑叠加财政隐 忧，日元面临多重压力，资金转向布局看涨美日，关键点位150能否守住？梳理债市抛售潮与行情面联 动逻辑与应对策略>> ...

Group 1 - Shandong issued 15-year special local bonds with a scale of 36.03 billion, an issuance rate of 1.94%, and a marginal multiple of 3.70 times, exceeding the expected multiple of 1.92 [1] - Shandong issued 7-year land reserve special local bonds with a scale of 42.88 billion, an issuance rate of 1.68%, and a marginal multiple of 3.29 times, exceeding the expected multiple of 1.70 [1] - Shandong issued 10-year ordinary special local bonds with a scale of 47.2891 billion, an issuance rate of 1.74%, and a marginal multiple of 1.11 times, below the expected multiple of 1.73 [1]

国债期货早盘收盘 2年期国债期货（TS）主力合约持平，5年期国债期货（TF）主力合约涨0.02%，10年期国债期货（T） 主力合约涨0.03%，30年期国债期货（TL）主力合约涨0.07%。 ...