Bond Market Overview //1.Open Market Operations
On September 10, the central bank launched a 7-day reverse repurchase operation of 186 billion yuan in the form of fixed interest rate and quantity bidding, with an operating interest rate of 1.70%. Wind data shows that 1.2 billion yuan of reverse repurchase expired on the same day.
(*Data source: Wind-Central Bank Dynamic PBOC)
2. Funding side
The central bank continued to net in the open market, and the weighted rate of pledged repo DR001 rose by more than 14bp to above 1.9% on Tuesday, a new high since August 12, and formed an inversion with DR007. Overseas, the latest United States overnight financing guarantee rate is 5.34%.
(IMM)
(*Data source: Wind-International Monetary Fund Sentiment Index, Capital Composite Screen)
3. Interbank certificates of deposit
The latest second-level trading volume of one-year interbank certificates of deposit of state-owned and major joint-stock banks was around 1.97%, little changed from the previous day.
(*Source: Wind-Interbank Certificate of Deposit-Issuance Results)
4. Yields on major interbank interest rate bonds mostly fell.
(*Source: Wind-Transaction Statistics BMW)
5. Recent trend and data of interest rate spreads of various maturities of urban investment bonds (AAA).
(*Source: Wind-Spread Analysis)
6. Treasury bond futures closed up across the board.
The main 30-year contract rose 0.3%
The main 10-year contract rose 0.18%
The main 5-year contract rose 0.11%
The main 2-year contract rose 0.07%
(*Source: Wind-Treasury Futures)
News //
1. According to data released by the National Bureau of Statistics, affected by factors such as high temperature and rainy weather, the CPI rose by 0.6% year-on-year in August, an increase of 0.1 percentage points over the previous month. Affected by factors such as insufficient market demand and the decline in the prices of some international commodities, PPI fell by 1.8% year-on-year, an increase of 1 percentage point from the previous month. 2. The Standing Committee of the National People's Congress will start the inspection of the law enforcement of the law on state-owned assets of enterprises, and the inspection team will focus on eight aspects, including: the overall situation of the operation and management of state-owned assets of enterprises and the overall situation of reform and development; corporate governance of state-funded enterprises; the management of the state-owned asset base of the enterprise; supervision of state-owned assets, etc.
Global Macro //
1. The Japan government slightly lowered its real GDP growth in the second quarter of this year, from 0.8% to 0.7% quarter-on-quarter, and from 3.1% to 2.9% year-on-year. The analysis believes that this adjustment will not change the trend of Japan's economic recovery, and the Bank of Japan may still raise interest rates again later this year.
Bond Events //
1. Qiannan Investment: The company was listed as a dishonest person subject to execution because it assumed the guarantee liability and failed to fulfill the payment obligation2. Qinzhou Linhai Industrial Investment: Due to the failure of a number of corporate bonds to use the raised funds according to the agreed purpose, the Guangxi Securities Regulatory Bureau issued a warning letter
3. Xinyuan China: The company has overdue interest-bearing debts, and has added 3 major lawsuits of more than 50 million yuan and has been executed
4. Contemporary technology industry: Failed to pay the principal and interest of "H21 Contemporary 2" on time
Negative Bond Events of the Week:
(*Source: Wind-Negative Bond Events)
The risk of non-standard assets of urban investment this month
(*Data source: Wind-Risk Monitoring RISK)
Upcoming Programs //
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