Bond Market Performance
ChinaBond Index Trend Analysis
ChinaBond Composite Index tracking general performance of bond market went up today. The net price index excluding interest revenue rose by 0.0252%; and the total return index including interest reinvested revenue rose by 0.0358%. In addition, the average yield to maturity was 4.5685%. The average market capitalization yield was 4.5481%. And the market value weighted duration was 3.6484.
Sovereign Bonds
Generally speaking, the yields of Sovereign Bonds went down today. The auction outcomes of 1Y/7Y/10Y ADBC Bonds in the afternoon went down as a whole. By the end of the day, except for a few bonds, the yields of SKY waved within 2BP in general; the CDB Bonds, ADBC Bonds and CEXIM Bonds waved within 4BP.
To be more specific, the yield of SKY_7Y was stable at 3.74% caused by the quotation and transaction of 180005, and the yield of SKY_10Y also kept stable at 3.74% due to the quotation and transaction of 180004; the yield of 30Y Government Bond went down by 1BP to 4.17% due to the quotation and transaction of 170022.
The yields of CDB bonds experienced a mixed pattern in general. The yield of 3Y Bond went down by 3BP to 4.49% due to the transaction of 180203. The yield of 10Y Bond dropped by 4BP to 4.67% caused by the transaction of 180205.
Likewise, the yields of ADBC Bonds went mixed as a whole. The yield of 1Y Bond decreased by 6BP to 3.99% caused by the transaction of 180404, and the yield of 5Y Bond decreased by 2BP to 4.63% caused by the transaction of 180403.
Moreover, the yields of CEXIM Bonds went mixed in general. Referring to the transaction of 180302, 3Y Bond dropped by 4BP to 4.5%, and the yield of 5Y Bond decreased by 2BP to 4.63% caused by the transaction of 180303.
Corporate Bonds
The yields for short-term CP and MTN went up today, while the mid-to-long-term bonds went down. To be more specific, the yield of AAA on 3M went up by 13BP to 4.56%, and 6M went down by 2BP to 4.59%; the yield of 1Y Bond rose by 1BP to 4.75%, while the yield of 3Y Bond dropped by 2BP to 4.96%; the yield of AAA on 5Y Bond experienced a decrease of 2BP to 5.15%.
The yields for short-term financial bonds of Commercial Bank Yield Curve, including CD, went mixed. The spot of financial bonds of commercial banks on (AAA 7D/1M/3M/6M/1Y) changed by +12BP, +1BP, -5BP, 0BP and 0BP to 4.28%, 4.26%, 4.20%, 4.47% and 4.70%.
Moreover, the yields for urban construction bonds went down slightly as a whole. Specifically, the yields of urban construction bonds of AAA on 6M/3Y/5Y changed by -1BP, -4BP and -1BP to 4.75%, 5.07% and 5.27%.
In addition, the Exchange Market went mixed as a whole. The yield of highly rated corporate bonds went down by 6BP, while those of corporate bonds and enterprise bonds with middle and low ratings went up by 8BP compared to the last trading day. There were active transactions for 122267 and other bonds today. The trading volume of 122267 and 136210 were at 19.20 million yuan and 17.88 million yuan, respectively. The yields of 122267 and 136210 were changed by +50BP and +141BP, respectively, compared to the last trading day.
Note
Data and Statistics
Foreign Exchange Data: The intermediate value of USD/CNY quotation was 6.2785 today, with CNY increasing by 31 BP, which has been increased for three consecutive days.
OMO: The Central Bank announced that considering the effect of financial expenditure at the end of the month, to stabilize the liquidity, there was no open market operation. With 10 billion Yuan reverse repurchase due, the net withdrawal was 10 billion Yuan.
Money Market: The fund interest rates went down today, with the overnight Shibor went down by 0.15 BP to 2.5920%, 1M Shibor went down by 4.85 BP to 4.3421%.
Treasury Futures: The treasury futures market went mix today. TF1806 went up by 0.03% to 96.975, and T1806 went down by 0.01% to 93.750.
Stock Market: The stock markets went down today. Shanghai composite index went down to 3122.29 by 44.36 points (or -1.40%) and Shenzhen component index went down to 10630.69 by 145.02 points (or -1.35%). GEM index went down to 1835.15 by 9.54 points (or -0.52%).
