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01 Bond market news and major events
Hot news
1. On April 13, the National Standing Committee was held, and the meeting pointed out: In view of the changes in the current situation, encourage large banks with high provision levels to reduce the provision rate in an orderly manner, use monetary policy tools such as RRR reduction in a timely manner, and further increase the support of finance for the real economy, especially industries and small and medium-sized and micro enterprises seriously affected by the epidemic, individual industrial and commercial households, reasonable concessions to the real economy, and reduce comprehensive financing costs. (Source: CCTV News)
2. On April 13, a press conference on the import and export situation in the first quarter of 2022 was held, according to the meeting, the total import and export value of the mainland's trade in goods in the first quarter of this year was 9.42 trillion yuan, an increase of 10.7% year-on-year. Among them, exports were 5.23 trillion yuan, an increase of 13.4% year-on-year; Imports reached 4.19 trillion yuan, an increase of 7.5% year-on-year. (Source: CCTV News)
On April 12, the U.S. Department of Labor released data showing that the U.S. Consumer Price Index (CPI) rose 1.2% month-on-month in March, an increase of 8.5% year-on-year, the highest year-on-year increase since December 1981. Specifically, food prices rose 1% month-on-month and 8.8% year-on-year in March; energy prices rose 11% month-on-month, the largest increase since 2005, especially due to the impact of the Russo-Ukrainian war, gasoline prices surged 18.3% month-on-month this month, accounting for more than half of the total monthly increase in the CPI. (Source: Xinhua News Agency)
4. On April 12, the Shanghai headquarters of the central bank released the shanghai monetary and credit statistics report for the first quarter of 2022. According to the data, the balance of local and foreign currency loans in Shanghai at the end of March was 9.92 trillion yuan, an increase of 12.1% year-on-year; the balance of RMB loans was 9.16 trillion yuan, an increase of 12.2% year-on-year, and the growth rate was 0.1 percentage points higher than the end of the previous month and 1.8 percentage points higher than that of the same period last year. (Source: Official website of the Shanghai headquarters of the central bank)
5. Vice Minister of Finance Xu Hongcai introduced the relevant situation of accelerating the issuance and use of government bonds at the State Council's regular policy briefing on the 12th: As of the end of March 2022, all provinces have basically organized the issuance of quotas in advance, with a cumulative issuance of about 1.25 trillion yuan, accounting for 86% of the early issuance quota; financial departments at all levels have allocated 852.8 billion yuan of bond funds to project units, accounting for 68% of the newly issued special bonds. (Source: China News Service)
Credit rating downgrade event
1. On April 12, CSI Pengyuan issued an announcement that it decided to downgrade the credit rating of Wuhan Contemporary Ming Cheng Culture and Sports Group from 'A-' to 'BBB', maintain the rating outlook as negative, and at the same time lower the credit rating of "20 Ming Cheng 04" issued by the company from 'A' to 'BBB'.
CSI Pengyuan said that due to the continuous large losses in performance and other factors, the company's refinancing ability has weakened, coupled with a heavy debt burden, facing greater liquidity pressure. Among them, "20 Ming Cheng 03" will face interest payment and resale on April 22, 2022, and the current interest payment and resale funds are still in the process of raising funds, facing a greater risk of redemption.
Trading suspension event caused by a trading anomaly
02 Central Bank Dynamics
The central bank announced that in order to maintain the liquidity of the banking system, on April 13, the People's Bank of China launched a 10 billion yuan reverse repurchase operation in the form of interest rate bidding, and the winning interest rate was 2.10%, which was the same as the previous period. At the same time, on April 13, there were 10 billion yuan of 7-day reverse repurchase and 70 billion yuan of January treasury cash fixed deposit maturity, and the net return volume of 70 billion yuan was achieved on the same day.
In addition, 150 billion yuan of medium-term lending facilities expired in December on Friday, and the follow-up still needs to pay attention to the central bank's open market operations.
03 Primary market
Interest Rate Bond Bidding (0413)
New Bonds(0413)
From the perspective of issuance, in terms of interest rate bonds, 3 policy bank bonds were issued, a total of 16.00 billion.
In terms of credit bonds, financial institutions issued 3 bonds with a total of 5.50 billion yuan, 30 short-term financing issues with a total of 41.01 billion yuan, medium-term notes issued 22 bonds with a total of 18.88 billion yuan, corporate bonds issued 17 bonds with a total of 9.03 billion yuan, corporate bonds issued 4 bonds with a total of 2.35 billion yuan, and asset-backed securities issued 9 with a total of 1.79 billion.
In terms of interbank certificates of deposit, 160.45 billion yuan was issued today, expiring 82.92 billion yuan, an increase of 79.81% month-on-month, and the top five issues were: 22 Bank of China CD021, 22 Agricultural Bank CD030, 22 Guangfa Bank CD076, 21 Spousal Development Bank CD155, 22 Ping An Bank CD049. Among them, 1M issued 4.60 billion, the average AAA coupon rate was 2.206%; 3M issued 16.46 billion, the average AAA coupon rate was 2.321%; 6M issued 15.41 billion, the average AAA coupon rate was 2.521%; 9M issued 1.99 billion, the average AAA coupon rate was 2.560%; 1Y issued 121.99 billion, and the average AAA coupon rate was 2.706%.
From the perspective of term structure, 196 bonds within the 1Y period (including 1Y) were issued, a total of 211.67 billion; 26 1Y-3Y (including 3Y) bonds were issued, a total of 23.37 billion; 12 3Y-5Y (including 5Y) bonds were issued, for a total of 5.90 billion; and 11 bonds above 5Y (including 5Y) were issued, for a total of 13.19 billion.
From the perspective of the entity rating, among the credit bonds, AAA issued 1, a total of 750 million.
Cancellation of Release and Failure of Release (0413)
There were no cancellations or failed bonds on 13 April.
04 Secondary market
As of the close, compared to the previous trading day (2022-04-12):
In terms of treasuries, the 10-year Treasury bonds closed at 2.7625%, down 0.75BP. In terms of CDB bonds, the 10-year CDB active bond closed at 3.0000%, down 1.00BP.
In terms of treasury bond futures, the main contract of 10-year treasury bond futures closed at 100.670, up 0.18%; the main contract of 5-year treasury bond futures closed at 101.730, up 0.13%; and the main contract of 2-year treasury bond futures closed at 101.260, up 0.04%.
In terms of credit bonds, as of 17:00 on April 13, the top three bonds on the exchange were: 21 High Control 06, 21 CLP Y1, 22 Shenzhen Airlines 03; the top three bonds in the exchange were: 19 Yihua 01, 17 Qing Control 01, 15 HNA Bonds.
05 Money Markets and yield curves
On April 13, the yield of the 10-year Treasury bond of the Chinese bond was 2.7631%, down 0.74BP; on April 12, the yield of the US 10-year Treasury bond rose to 2.7200%, down 7.0BP. Under the economic cycle of the Fed's tightening expectations and inflation control, the RECENT US Treasury yields have occasionally fluctuated, but the overall upward trend has shown an upward trend, and the interest rate differential between China and the United States treasury bonds has continued to narrow.
The yield of China Bond's 10-year CDB bond was 2.9976%, down 1.40BP.
On April 13, the yield of China Bond 5 Short term medium and medium term notes (AAA) was 3.3791%, down 1.29BP; China Bond 5 Year Urban Investment Bond (AAA) yielded 3.4068%, up 0.08BP.
Note: Credit spreads are based on cdb yields
Note: Credit spreads are based on cdb yields
06 Market Forecast
1. 14 April: Ecblanche interest rate meeting.
2. April 15: Monthly report and payment date of residential sales prices in 70 large and medium-sized cities.
07 Hit new today
Hit the new list today
END