Macro market:
[central bank] from April 6 to April 8, the central bank conducted a total of 30 billion yuan of reverse repo, and a total of 610 billion yuan of reverse repo expired, resulting in a net return of 580 billion yuan. This week (from April 11 to April 15), the central bank has a total of 40 billion yuan of 7-day reverse repo due. Except Tuesday, the other four days have a total of 10 billion yuan of reverse repo due. In addition, 150 billion yuan of MLF will expire on Friday. We can pay attention to the continued scale of MLF and whether the interest rate will be adjusted.
[finance] from April 6 to April 8, the net supply of interest rate bonds increased by 106.4 billion yuan month on month. The demand for import and export bank bonds, treasury bonds and CDB bonds is average. As of April 8, 97 billion yuan of treasury bonds are planned to be issued in the coming week, up month on month; The issuance of central government bonds was 50.8 billion yuan, down from the planned issuance of local government bonds. On Tuesday, the yield of one-year treasury bond fell 3bp to 2.07% and the yield of 10-year Treasury bond fell 2bp to 2.75%; The yield of one-year CDB bonds fell 3bp to 2.22%, and the yield of 10-year CDB bonds fell 3bp to 2.99%.
[finance] from April 6 to April 8, the volume and price of interbank certificates of deposit fell together. The issuance of interbank certificates of deposit was 2030 billion yuan, a month on month decrease of 103.2 billion yuan, maturity of 323.2 billion yuan, net financing of - 120.2 billion yuan and a month on month decrease of 77.4 billion yuan; The interest rate of one-year inter-bank certificates of deposit issued by joint-stock banks decreased 8bp to 2.49% month on month. At the beginning of the month, the capital interest rate showed differentiation, with the average value of R001 rising 5bp to 1.85%, and the average value of R007 falling sharply 55bp to 2.11%; The average value of dr001 goes up 13bp to 1.79%, and the average value of dr007 goes down 12bp to 1.98%. 3mshibor interest rate, 3M certificate of deposit issuance interest rate and fr007-1y swap interest rate all went down first and then up, and 1m, 3M, 6m and 1y rediscount interest rates of state-owned bank notes continued to decline.
[enterprise] from April 6 to April 8, the amount of credit bonds issued in the primary market was 100.9 billion, including 3.1 billion corporate bonds, 6.3 billion corporate bonds, 22.8 billion medium-term notes, 29.5 billion short-term financing bonds, 2.6 billion directional instruments and 4.3 billion asset-backed bonds. When the issuance of three bonds was postponed or cancelled this week, the planned issuance amount was 1.9 billion yuan, a decrease from 4.4 billion yuan the previous week. In terms of medium-term notes, the yields of AAA, AA +, AA and AA grade three-year medium and short-term notes decreased by - 5bp, - 4bp, - 5bp and - 2bp respectively to 2.97%, 3.21%, 3.52% and 5.90%.
[residents] from April 6 to April 8, the transaction volume of the new housing market was 2.75 million square meters, with a monthly year-on-year decrease of -58.05%, a decrease of 14.79pct compared with the previous month; The accumulated inventory was 143530000 square meters, the second-line de urbanization accelerated, the first-line de urbanization slowed down, and the speed of the third line and below was the same. The second-hand housing market traded 980000 square meters this week, with a monthly year-on-year decrease of - 41.40%, down 8.43 PCT compared with the previous month. The land market traded 17.36 million square meters this week, with a total turnover of 42 billion yuan. This week, the Shenwan real estate index was + 1.64%, down 9.18 PCT from last week, ranking 5 / 31, ahead of the Shanghai and Shenzhen 300 index by 2.70 PCT.
