No Data
At the end of the month, there is still a gap in the amount of discounted bills. Under the price reduction by large banks, the 6-month national stock Silver bill interest rate has fallen below 1.2%.
① After the Spring Festival holiday, the sentiment for Bid in the note market among major Banks is relatively low, with many major Banks pressing prices to collect notes, and Volume is also on the decline. ② March, as the "big month for Crediting" for businesses, shows a trend of rising note interest rates again.
The bond market has undergone significant adjustments, facing redemption pressure, with the Fund experiencing nearly 20 billion in net Sell for several consecutive days.
① The increasing pressure for redemption in the bond market is mainly due to the expectations of cuts in reserve requirements and interest rates not materializing. ② From February 17 to 24, the Fund experienced six consecutive days of net Sell, with a total net Sell of 19.53 billion yuan. ③ How to operate in the future market?
Where is the "anchor point" for interest rates amid the correction in government bond Futures?
Guotou Securities believes that the Range of 1.80%-1.94% is a key observation point. If interest rates do not significantly break through this Range, it can be seen as a correction of the previous "overheating"; once it breaks through, caution is needed regarding changes in the market's mid-term expectations for the fundamentals.
The 30-year government bond Futures have fallen for three consecutive days, raising the question: Has the bond market adjusted sufficiently? Should short-term Funds that have turned to losses this year be redeemed?
① The bond market has been hit hard, with 30-year Treasury Futures falling for three consecutive days; ② More than 220 short bonds have already turned negative in ROI this year; ③ What are the reasons for the significant drop? Should redemption be considered?
The dilemma of the "egg collector" has arrived, as the 30-year Treasury Bond ETF continues to decline. What should investors pay attention to?
1. The 30-year Treasury Bond ETFs managed by Pengyang and Bosera have seen a drawdown of 1.84% and 1.49% respectively since February 7, while some short-term bond products have also performed rather mediocre recently. 2. There is still considerable capital choosing to increase positions during the volatile market, with the two 30-year Treasury Bond ETFs having grown over 2.4 billion yuan in scale since February 7. 3. Factors such as the interconnection of monetary easing and government bond supply rhythm may temporarily disrupt the bond market.
Banks are still "lacking liabilities," with this week's funding needs possibly reaching 4 trillion, and the yield curve of interbank certificates of deposit is inverted.
① This week's funding needs include MLF maturities of 500 billion yuan, reverse repos with a maturity of 800 billion yuan, reverse repo maturities of 1,044.3 billion yuan, net payment scale of government Bonds at 500 billion yuan, and tax period outflows potentially exceeding one trillion. ② Against the backdrop of high short-term funding costs, Institutions, especially non-banking ones, may have a weaker willingness to participate in short-term certificates of deposit, and directly lending out funds may be a better choice.