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The bond market has soared. Can the trillion-dollar special treasury bond market handle it? The agency believes that the capital impact is not significant, and the bond market pullback is still a buying opportunity
① The issuance of 1 trillion ultra-long-term special treasury bonds boosted government debt by less than 2% year over year. From a historical perspective, it was only a small pulse. ② Pay attention to the repair value of interest rate bonds in the middle of the term.
Trillions of ultra-long-term treasury bonds are about to open. Why is the pace of issuance lengthening? Industry: Considering market affordability, it is possible to cut interest rates in May and June
According to the Ministry of Finance's notice, an ultra-long-term treasury bond mobilization meeting will be held at 9 a.m. today. Beginning at 10 a.m., influenced by market news, 10-year and 30-year treasury bond futures were trending up, rising 0.18% and 0.81% respectively, with highs of 104.48 yuan and 106.57 yuan respectively.
The Ministry of Finance officially announced the opening of ultra-long-term special treasury bonds. 30-year treasury bond futures weakened, and the downward pressure on long-term treasury bonds
Under expectations of stable funding, weak economic recovery, and government debt lending, the long-term treasury bonds face a bigger downside than the short end, and it is expected that the yield curve will continue to steep.
China to Start Ultralong Treasury Bond Sale on Friday
China's finance ministry announced that it will start selling the first batch of a planned 1 trillion yuan ($138.37 billion) worth of ultralong special treasury bonds on Friday, as Beijing looks to provide more support to the world's second-largest economy.
Ministry of Finance announced arrangements for issuing general treasury bonds and ultra-long-term special treasury bonds in 2024
The Ministry of Finance announced arrangements for issuing general treasury bonds and ultra-long-term special treasury bonds in 2024. Among them, the types of ultra-long-term special treasury bonds are 20, 30, and 50 years.
How to invest when the bond market has pulled back? Huafu Fund Yao Jiaojiao: Bond investment follows long-term principles
Entering 2024, the overall domestic bond market continues to strengthen, and public bond funds have a unique landscape. Looking at the index, as of May 8, the Wande Short-Term Pure Debt Fund Index (885062.WI) had an increase of 1.31%, and the Wande Medium- and Long-Term Pure Bond Fund Index (885008.WI) had an increase of 1.68%. In terms of fund products, the annual return of over 90% of pure debt funds was positive, and the highest net worth increased by nearly 7%.
Expectations are strong for trillion-dollar special treasury bonds to land in May. The peak in government bond supply is imminent. How big is the risk of an impact?
In the first 4 months of this year, the scale of local bond issuance and net financing was much lower than the same period last year. The market generally expects the issuance of special bonds to accelerate. The estimated issuance of local bonds in May-June is close to 1.7 trillion yuan. The issuance of a superimposed trillion-dollar special treasury bond may be completed in May, and the supply of government bonds will peak.
The bond market closed | The trading volume was small, but the amplitude was not small. 30-year treasury bonds rose 2.25 bps
Traders said that since it is Sunday, market trading is not active, but they can still feel that the market is in the mood to take profit, retreat, and fight again after the holiday.
Interest rates on 30-year treasury bonds are 9.2 bps lower than MLF. What are the references for extreme bond market pricing?
The 5-year LPR has been lowered, but MLF interest rates have not changed. This may increase the reduction points of medium- to long-term bonds compared to MLF. If medium- and long-term bonds are simply priced from the perspective of the historical quantile of “MLF plus and minus points,” the strategy will weaken somewhat.
The Ministry of Finance strongly responded to the ultra-long special treasury bond issuance schedule. Open market operations may add treasury bonds, and the bond market has risen sharply
This morning, the Ministry of Finance's Party Group Theory Study Center Group published an article in the “People's Daily” stating that it supports the gradual increase in treasury bond trading and enriching the monetary policy toolbox in the central bank's open market operations. Research and expand the variety and scale of government bond counter sales, etc.
The bond market closes | The central bank says there is still room for monetary policy, and 10-year treasury bonds have declined by nearly 2BP in the intraday period
Traders told the Financial Federation that the deputy governor of the central bank said at the press conference of the State Information Office in the afternoon that there is still room for future monetary policy, and the bond market declined for a short time, but it did not continue. Treasury bond futures bulls performed more optimistically, showing a sharp rise in volume and price.
The bond market closed | GDP increased 5.3% year on year in the first quarter, and cash notes declined slightly by 0.7 bps in 10 years
Traders said that due to early trading data, the bond market fluctuated slightly. With the impact of the decline in the equity market, bond market sentiment boosted, leading the way in the long term, but 10-year performance was slightly weak.
There is another rumor about the bond market “restricting small to medium banks from buying ultra-long bonds”. What is the truth? Institutions: There was a huge amount of sales at the opening of the market, but it was quickly digested
In early trading today, bond market yields fell across the board, but then quickly rebounded and slowly declined after noon trading. As of 18 o'clock, the yield on 30-year treasury bonds was 2.507%, and the yield on 10-year treasury bonds was 2.312%, up 0.99% and 0.41%, respectively.
CITIC Securities: How to understand “focusing on long-term yield changes in the process of economic recovery”?
The first quarter goods administration meeting proposed a new “focus on long-term yield changes”, which attracted market attention.
Bond market closes | Land investment is back. The central bank has repurchased 2 billion dollars for 2 consecutive days, and bond market sentiment has recovered
Traders said that after yesterday's digestion, the bond market sentiment has changed to a certain extent today. However, with a futures trading volume of 510,000 and more than 1,400 cash transactions, the activity level is not high, and the market may have now entered an observation period.
The bond market closed | the market made up for the decline, or the official manufacturing PMI returned above 50
Traders said that the bond market made up for the decline today, the official manufacturing PMI returned to more than 50 incremental information, and the recovery in stock market sentiment is also putting pressure on the bond market. After the opening and diving of the main contract for treasury bond futures T, it stabilized around 103.8 and fluctuated up and down.
Bond Market Closes | Response to rumors was lackluster, long-term and ultra-long-term performance was divided, and 10-year treasury bonds rose to 2.335%
Traders said that today's bond market performance was divided. In the morning, ultra-long-term treasury bond futures rose sharply due to the “central bank buying debt” rumor, but the market calmly began to pull back to the opening position in the afternoon.
The central bank downgraded the rating on the 3rd of this month. The probability that it will land in the second quarter is not high. A wave of bond supply hits, and short-term disturbances will not change the “bullish” bond market
① Recently, the central bank's open market operation continues to be in a state of net return, mainly due to the emphasis on “avoiding capital accumulation and idling.” ② The peak of bond supply in the second quarter is approaching, and the downgrade may be a more appropriate liquidity support method.
Bond market closes | Both medium- and long-term treasury bonds rose, 30-year treasury bond futures fell 0.76%
Traders said that judging from futures, the bond market was running smoothly in early trading but was not very emotional, and fluctuated in a narrow range of 104.1. The decline began in the afternoon, and the decline extended to 0.2% after 3 o'clock, probably due to the sharp drop in exchange rates.
Bond market closes | The Federal Reserve kept federal interest rates unchanged in March, and the bond market amplitude narrowed to around 2 bp
Traders said that the Federal Reserve interest rate remained unchanged in line with market expectations, but Powell's statement was biased against market expectations and did not have much impact on the bond market. Today's cash trading activity declined, with a limited amplitude of around 2 bp.