The central bank launched a 132 billion yuan 7-day reverse repurchase operation, the bond market rebounded, and the increase in treasury bond futures expanded.
On November 17, in order to maintain reasonable and sufficient liquidity in the banking system, the central bank launched a seven-day reverserepurchaseoperate. On that day, 9 billion yuan of 7-day reverse repurchases expired, and a net investment of 123 billion yuan was realized, which was larger than the previous operation.
Affected by the news, the bond market stopped falling and rebounded, and treasury bond futures continued to rise. The 10-year main contract rose 0.5%, the 5-year main contract rose 0.32%, and the 2-year main contract rose 0.12%.
Yesterday, the bond market stepped on it again, and the 10-year national bond 19 once fell to 2.795. However, as the redemption pressure continued to release, credit bonds began to plummet, driving the long-term interest rate to continue to rise. The market plummeted again in the afternoon. After the long-end interest rate rose dropped significantly.
Guojun’s solid income Qin Han team pointed out that the recent plunge in the bond market was caused by multiple negative resonances, especially the selling pressure caused by the concentrated redemption of financial management, which is the price of growth in the process of net value transformation of financial management, and will sooner or later Appear.
For most investors, they were still worried about low interest rates, low spreads and low volatility. After this round of rising interest rates, the difficulty of allocation/trading in the bond market in 2023 has been greatly eased. Maybe the bad things will eventually become good thing.
CITIC Securities believes that the wave of wealth management and debt redemption 2.0 may have arrived, and the negative feedback effect will dominate the market in the short term. CITIC Securities believes that this wave of redemption is mainly caused by the sharp retracement of the net value of asset management products caused by the sharp correction in the bond market. So the wave of redemptions is not expected to last long.
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