Core Viewpoint - The bond market showed slight recovery with government bond futures mostly flat, while interbank bond yields fell by approximately 1 basis point, indicating a cautious trading environment as the end of the quarter approaches [1][5]. Market Performance - Government bond futures closed mostly flat, with the 30-year main contract up by 0.10% at 120.720, while the 10-year main contract fell by 0.02% to 108.950 [2]. - Major interbank bond yields declined, with the 30-year government bond yield down by 1.5 basis points to 1.849%, and the 10-year government bond yield down by 1 basis point to 1.7175% [2]. Overseas Market Trends - In North America, U.S. Treasury yields fell across the board, with the 2-year yield down by 4.02 basis points to 3.7786% [3]. - In the Eurozone, 10-year French, German, Italian, and Spanish bond yields increased slightly, indicating mixed trends in the European bond market [3]. Primary Market Activity - Heilongjiang Province's local bonds saw high bid-to-cover ratios, with the 3-year bond receiving a bid multiple of 19.51 and the 5-year bond at 22.85, reflecting strong demand [4]. Liquidity and Monetary Policy - The central bank conducted a reverse repurchase operation of 5,093 billion yuan with a fixed rate of 1.40%, resulting in a net injection of 3,058 billion yuan for the day [5]. - The overall liquidity in the market remains stable, with slight declines in overnight and seven-day repo rates, indicating a controlled liquidity environment [5]. Institutional Insights - Zhongyou Fixed Income noted a surprising increase in demand for ultra-long credit bonds, driven by public offerings and insurance funds, suggesting a positive short-term outlook for this segment [6]. - CITIC Securities highlighted that the current bond market may continue to experience a range-bound pattern due to the absence of key variables, with potential for both upward and downward breaks depending on fundamental and policy adjustments [6].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The G7 net DV01 is projected to be $109.3 million per basis point, significantly higher than the average of $72 million per basis point, indicating a robust supply environment [2][12][20] - In the US, a total of $468 billion in supply is expected over the next five weeks, with net issuance projected at $266.9 billion after accounting for coupons and redemptions [5][46] - The euro area anticipates approximately €117.7 billion in supply over the next five weeks, resulting in a net issuance of €39.4 billion [3][42] Summary by Sections Government Bond Auctions - The US will issue a new 3-year UST for an estimated $58 billion, a 10-year UST for $39 billion, and a 30-year UST for $22 billion [5] - In the UK, issuance includes UKT 4.5% Gilt 2035 for £4.25 billion and a syndicated launch of UKTi 1.75% Gilt 2038 for £4 billion [4] - Japan plans two auctions for enhanced liquidity totaling ¥1.1 trillion [6] Supply Overview - The report outlines a detailed schedule of bond supply across various countries, including specific amounts and types of bonds to be issued [11] - The total expected issuance in the euro area is €117.7 billion, with €15.8 billion in coupons and €62.4 billion in redemptions [3][42] G7 Gross Notional and DV01 Estimates - The G7 gross issuance shows significant fluctuations, with the US leading in issuance amounts, particularly in the weeks of May and June [12][13] - The DV01 for the G7 indicates a total of $120.4 million per basis point for the week of June 9, reflecting a strong issuance environment [13][20] Net Issuance and Cash Flow - The report highlights net issuance trends, with the US showing a positive net DV01 of $82 million per basis point for the week of June 9 [20][27] - The UK and Japan exhibit varying net issuance figures, with the UK showing a negative net DV01 in some weeks, indicating potential challenges in the market [18][31]

【海外债市】 北美市场方面，美债收益率集体上涨，2年期美债收益率涨1.86BP报3.8302%，3年期美债收益率涨 0.85BP报3.8088%，5年期美债收益率涨2.1BPs报3.9376%，10年期美债收益率涨3.5BPs报4.3433%，30年 期美债收益率涨4.67BPs报4.8336%。 亚洲市场方面，日债除超长端以外的品种收益率普遍回落，5年期和10年期日债收益率下行2.4BPs和 1.7BP，报0.816%和1.257%，30年期日债收益率上行5.5BPs至2.774%。 新华财经北京5月6日电（王菁）债市周二（5月6日）偏弱整理，仅超长端维持暖势，其他期限期现货震 荡回调，国债期货主力多数收跌，银行间现券收益率多数上行1BP左右；公开市场单日净回笼6820亿 元，资金利率月初全线回落。 机构认为，5月国债和专项债有望发行加速，政府债券净融资或在1.5-1.7 万亿。伴随供给加速放量，叠 加旺季过后机构配债力量可能边际减弱，供需结构或有所弱化，央行对冲配合财政的必要性上升。 【行情跟踪】 国债期货收盘多数下跌，30年期主力合约涨0.11%报120.970，10年期主力合约持平于109.045，5 ...