Macro market:
[central bank] from March 14 to March 18, the central bank conducted 140 billion yuan reverse repurchase and 200 billion MLF operations. As 50 billion yuan reverse repurchase and 100 billion MLF expired that week, the central bank realized a net investment of 190 billion yuan. This week (from March 21 to March 25), the central bank will have 140 billion yuan of reverse repo due in the open market, including 10 billion yuan, 10 billion yuan, 10 billion yuan, 80 billion yuan and 30 billion yuan due from Monday to Friday. Meanwhile, the new LPR interest rate will be announced on the 21st, which is worthy of attention.
[finance] from March 14 to March 18, a total of 82 interest rate bonds were issued on the Monday market in Japan, with a total actual issuance of 510.05 billion yuan and a net financing of 368.54 billion yuan, including 127.82 billion yuan of government bonds, 175.72 billion yuan of local government bonds and 65 billion yuan of government bonds. 78 interest rate bonds are waiting to be issued in the subsequent primary market, with a planned issuance amount of 336.11 billion yuan. The secondary market fluctuated greatly on Tuesday. Throughout the week, treasury bond futures closed up, treasury bond yields rose and fell, with the short end rising and the medium and long end falling. In terms of the closing price of treasury bonds, 0.0%, 0.5% and 0.05% in 10, 01 and 30 years, respectively. The yields of treasury bonds fluctuated throughout the week. The yields of one-year, three-year, five-year, 10-year, 20-year, 30-year and 50-year treasury bonds changed by 4.0bp, 5.1bp, - 4.6bp, - 2.3bp, - 1.4bp, - 1.2bp, - 1.0bp to 2.16%, 2.36%, 2.52%, 2.79%, 3.20%, 3.38% and 3.47% respectively compared with the closing of last weekend.
[finance] from January to February, the national general public budget expenditure was 3822.7 billion yuan, a year-on-year increase of 7%. Meanwhile, the budget expenditure of national government funds was 1404.2 billion yuan, a year-on-year increase of 27.9%.
[finance] during the week from March 14 to March 18, commercial banks issued a total of 637.39 billion yuan of interbank certificates of deposit, with a slight increase in circulation compared with last week. In terms of term, 1M, 3M, 6m, 9m and 1y varieties issued RMB 56.02 billion, 1896.5 billion, 1098.8 billion, 168.8 billion and 264.96 billion respectively. In terms of issuers, state-owned banks, joint-stock banks and small and medium-sized banks issued 75.41 billion yuan, 343.20 billion yuan and 218.78 billion yuan respectively. Affected by the tax period in that week, the capital balance was tight, and the short-term repo rate decreased. Dr001, dr007, dr014 and dr1m were 1.99%, 2.06%, 2.32% and 2.46% respectively. The average daily volume of inter-bank pledge repo was 4.65 trillion yuan, a decrease of 0.38 trillion yuan compared with last week (5.03 trillion yuan last week).
[enterprise] during the week from March 14 to March 18, 312.2 billion yuan of credit bonds were issued, up slightly by 21.4 billion yuan from last week. When the issuance cost of credit bonds in the Monday market decreased month on month, the weighted coupon rate was 3.44%, compared with 3.49% last week; This week, the issuance period of credit bonds in the primary market of credit bonds decreased month on month, with a weighted issuance period of 2.34 years, compared with 2.66 years last week. When the yield of credit bonds in the secondary market was differentiated on Tuesday, the quantile level of credit spread of urban investment of all maturities and grades was differentiated.
[residents] from March 14 to March 18, the transaction area of new houses in 30 large and medium-sized cities was 1.78 million square meters, a decrease of 10% month on month and 55% year-on-year. Among them, the first tier, second tier and third tier cities are now down month on month. The transaction area of second-hand houses in major cities was 800000 square meters, a decrease of 13% month on month and 58% year-on-year. Among them, the transaction area of first tier, second tier and third tier cities fell month on month. In that week, the land supply area of Baicheng was 15.96 million square meters, the land transaction area was 10.08 million square meters, and the supply-sales ratio was 1.58. The amount of land transfer is 12 billion yuan.
