Bond index scaled new heights
As the new loans exceeded expectations, the central bank increased the money withdrawn from circulation intensity. Last week, bond index hit record highs, corporate bond index continued low volatility.
Data show that the Shanghai index last week, government bonds closed at 122.12 points, or 0.35%, turnover of 1.726 million in hand; on the card prices index closed at 131.94 points, debt, or 0.07%, turnover of 2.192 million in hand.
Tenji fund managers Yun pointed out that the expiration of the open market last week reached 210 billion yuan of funds, the central bank last Tuesday, Thursday recouping 130 billion yuan, respectively, and 153 billion yuan, 73 billion yuan last week, a net withdrawn from circulation. Yun view, mainly because the new loans exceeded expectations in September, as well as significant increase in Waihuizhankuan factors.
Last week, the National Development Bank tender three-year fixed-rate bonds, 20 billion yuan bonds will be first tender results show that the final bond issue coupon rate of 2.93%, far more than the previous market expectations of 2.8% of the forecast value, and beyond 2.90 % of the predicted maximum. Meanwhile, the first tender subscription rate is only 1.14 times, but also shows lack of institutions to participate enthusiastically.
In addition, last week issued a 30-year bond rate 4.18% bid, the previous market expectations at the ceiling, above the secondary market for nearly three basis points, the total issued 24.0 billion, a total of 37.7 billion to obtain effective subscription, subscription ratio of 1.57 times lower than that released in April this year, 30-year bond.
A good recovery with the current economic situation, HSBC Jintrust Fund think that the market adjustment of monetary policy may exacerbate concerns, Outright selling pressure and further increased CBF higher return rate accelerating trend, the recent bond secondary market is expected to be to maintain this trend, trading sexual opportunity for relatively small.
Yun said that last week the central bank to increase strength and withdrawn from circulation and more than GEM IPO circumstances, the Stock Exchange on the 7th repo rate fell slightly, indicating very strong capital market, but market trends point of view, the inter-bank and Exchange bond yields have emerged in the post-holiday up, mainly on the economy rebound after the market inflation expectations strengthened the bond with the main demand reduction and the impact of the bond IPO, resulting in an overall yield curve shift. Overall, the future should pay attention to new listings of the vote exchange rates, high rates of corporate bonds pledge.
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