hot bond market continues to put on on Thursday, investor enthusiasm, active trading overall yield further down.
Central Bank on Thursday issued a $ 50 billion in March Central ticket and $ 60 billion in the period of 91-day repo operations, full week back to 230 billion yuan, net return $ 49 billion. Under the current funding situation of the prevalence of such scale amount of withdrawal does not have a real impact on the cost of capital, will reduce market expectations of increased deposit reserve rate. Recent open market operations of the Central Bank repeated short term limits, is intended to ensure steady supply of funds for the year, which also eased investor concerns about the future funding of surface tension.
Thursday issued of two support country open debt are get has super high of subscription multiples, especially used number tender of 7 years containing right Shibor floating income debt, because tender interest rate lower than market judgment, value highlight, almost all 70 home underwriting mission members are for has 1 billion yuan of full purchase, then a level half market the coupons to 100.45 Yuan around of price sold, market enthusiasm visible as evidenced by. Secondary market, the term variety yields modest dispense, 100,019 into 10-year government bonds in 3.85%, than the day before falling 3BP;5 100,312 into that within three year financial bonds, down 5BP.
credit market more fiery, coupons were made by the new crazy Rob, one or two further expanded market premium. Performance comparison of outstanding tickets types including AA level 11 jisco CP01, secondary settlement at 4.4% level, premium over grain and MTN2 in the 40BP;3-year AAA/AAA-level 11, contract 5.7%, premium 16BP;5-year Thai MTN2 in AA/AA-level 11 of the new deal in the vicinity of 5.88%, 35BP premium range. Also be cautious in the early institutions continued to wait and see after a few weeks, are beginning to release configuration, huge scale of supply being swallowed by the much larger demand, resulting in yields continued downward.
the author believes that current market attention has shifted from inflation, economic growth to Japan on the situation, Japan earthquakes, nuclear accident caused sharp fluctuations in overseas stock market, from the effects of risk aversion, coupled with plenty of capital, driven by bond market will still have better performance in the short term.
