Macro market:
[central bank] from April 18 to April 24, the central bank conducted a total of 60 billion yuan of reverse repo, and a total of 60 billion yuan of reverse repo expired, so it realized zero delivery and zero return. The price of LPR remained stable in April: 3.70% for one-year LPR and 4.60% for varieties over five years. Wang Yiming, member of the monetary policy committee of the people's Bank of China and former deputy director of the development research center of the State Council, said that at present, the epidemic should be effectively controlled, especially in early May, and greater macro policies should be implemented to hedge the impact of the epidemic, so that the economic growth rate in the second quarter can return to more than 5%.
[finance] from April 18 to April 22, 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 improved. The national debt is planned to issue 170 billion yuan in the next week, down month on month; Local government bonds are planned to issue 84.62 billion yuan, down month on month. On Tuesday, the yield of one-year treasury bond fell 2.87bp to 1.97%, and the yield of 10-year Treasury bond rose 7.82bp to 2.84%; The yield of one-year CDB bonds decreased by 5.07bp to 2.11%, and the yield of 10-year CDB bonds increased by 8.77bp to 3.08%.
[finance] from April 18 to April 22, the volume of inter-bank certificates of deposit increased and the price fell. Interbank certificates of deposit issued 677.49 billion yuan, an increase of 67.37 billion yuan month on month, maturity of 378.91 billion yuan, net financing of 298.58 billion yuan, an increase of 276.46 billion yuan month on month; The interest rate of one-year inter-bank certificates of deposit issued by joint-stock banks decreased by 11.5bp to 2.38% month on month. The capital level was relatively loose, with the average value of R001 falling 9.29bp to 1.27%, and the average value of R007 falling 8.32bp to 1.72%; The average value of dr001 fell 6.42bp to 1.26%, and the average value of dr007 fell 10.95bp to 1.54%. 3mshibor interest rate, 3M certificate of deposit issuance interest rate and fr007-1y swap interest rate all fell, and 1m, 3M, 6m and 1y rediscount interest rates of state-owned bank notes continued to decline.
[enterprise] from April 18 to April 22, the amount of credit bonds issued in the primary market was 4121165 billion, including 14.95 billion corporate bonds, 126.02 billion corporate bonds, 102 billion medium-term notes, 110.6 billion short-term financing bonds, 16.96 billion directional instruments and 41.72 billion asset-backed bonds. When the issuance of three bonds was postponed or cancelled this week, the planned issuance amount was 2.15 billion yuan, the scale was the same as that of 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 changed by + 3.9bp, -0.1bp, -4.1bp and -4.1bp respectively to 2.99%, 3.15%, 3.40% and 5.78%.
[residents] new house transaction data from April 17 to April 23: the transaction area of new houses in 30 large and medium-sized cities was 2.0614 million square meters, with a month on month increase of + 14.9% and a year-on-year increase of - 51.6%. The transaction area of second-hand houses in 16 cities was 1514800 square meters, with a month on month increase of + 5.3% and a year-on-year decrease of - 31.8%. The land supply and construction area of 100 large and medium-sized cities was 245323 million square meters, with a year-on-year increase of - 38.9% and a month on month increase of + 64.85%. The land transaction and construction area was 139056 million square meters, with a year-on-year increase of - 42.9% and a month on month increase of + 41.4%. This week, the Shenwan real estate index was - 9.20%, ranking 31 / 31.
