Original Title: Daily News | S&P Index Rise Overnight, U.S. Treasury Selling Eases; U.S. Bond Market Remains Stable
Source: Dollar Bond Tracking
A picture of the daily bond market
Chart Of The Day
Excluding short-term Treasury bonds, the Fed’s purchases of Treasury bonds far exceed those issued by the Treasury Department in the past 12 months.
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Source: Zhibao
Yesterday’s key review
Market Recap
Market overview:The US Senate will begin debating the US$1.9 trillion aid bill this week. US manufacturing activity rose to a three-year high in February, and construction spending in January hit its highest since 2002. The U.S. stock market S&P 500 index rose sharply on Monday, setting the biggest one-day gain since June last year. The month-long sell-off in the U.S. bond market eased, and another vaccine was approved by the U.S. and fiscal stimulus measures boosted people’s rapid economic growth Expectations of recovery. The largest reform measure in the history of the Hang Seng Index Company has been implemented: the number of constituent stocks of the Hang Seng Index will be increased to 80 by mid-2022, and the final number will be fixed at 100.
In terms of Chinese dollar bonds, the investment-grade index rose 0.12%, and the high-yield index rose 0.14%.
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High-yield aspects:The overall trend of the high-yield market is relatively stable.Blu-ray Real Estate plunged 3~4pt, recovering the increase.Suning Group announced that the equity transfer introduced Shenzhen state-owned assets all the way to the top, and then some profit understanding appeared, and the overall closed up 3~4pt.
Investment grade aspects:The overall credit spread of Chinese-funded US dollar investment-grade bonds did not change much, and narrowed slightly at the opening, but widened again in the afternoon.Huarong’s overall curve performed well, with strong buying orders, and the overall curve narrowed by 5-10bps.
1. Global market overview
Global Market Review
Table 2: The performance of global major asset classes (updated this morning)
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Table 3 (1): Performance of major interest rate varieties in China and the United States (updated this morning)
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2. U.S. dollar debt secondary market
Secondary Market Review
1. The secondary transactions of active coupons
(1) Investment-grade active coupons
The overall credit spread of Chinese-funded US dollar investment-grade bonds did not change much, and narrowed slightly at the opening, but widened again in the afternoon. Huarong’s overall curve performed well, with strong buying orders, and the overall curve narrowed by 5-10bps.
Table 4: The rise and fall of investment-grade active bonds
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(2) High-yield active coupons
The overall trend of the high-yield market is relatively stable. Blu-ray Real Estate plunged 3~4pt, recovering the increase. Suning Group announced that the equity transfer introduced Shenzhen state-owned assets all the way to the top, and then some profit understanding appeared, and the overall closed up 3~4pt.
Table 5: The rise and fall of high-yield active coupons
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(3) Other active coupons
The prices of other active coupons have not changed much.
Table 6: The rise and fall of other active bonds
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3. New USD bond issuance market
New Issue Market
1. New debt pricing
[Pricing]Issuer/Guarantor:Taian Chengfa
Issuance structure: guarantee
Duration: 364 days
Scale: US$100 million
IPT: 4.60% area
FPG： 4.50%
Issuer/Guarantor Rating (M/S/F): Unrated
Expected debt rating: Unrated
JGC, JLMs & JBRs: CICC,Guotai Junan
JLMs & JBRs ：Bank of China
2. New announcement
Nothing.
3. Announced
Nothing.
Note: The data in this article comes from Bloomberg, WIND, and USD bond tracking research. This article is for information only and does not constitute investment advice.
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