【Zheshang Bank FICC Fixed Income】Primary Issuance of Credit Bonds 20240131 Today, 47 first-class credit bonds were issued, including 15 ultra-short-term financing and short-term financing, 28 medium-term bills, and 4 PPNs, with a total issuance scale of 45.1 billion yuan. In the open market, the central bank carried out a 7-day open market reverse repurchase operation of 544 billion yuan, and the winning interest rate was 18%, 463 billion yuan of reverse repurchase expires today, and the net investment in a single day is 81 billion yuan. With the help of continuous net investment in the open market, the cross-month capital pressure was limited, and R001 rose 22BP to 201%, R007 remained at 2Around 30%, the overall ease of non-silver across the month. In terms of credit level, the bidding multiple is high, and the institutional sinking qualification is extended.
Ultra-short & short
15 (159.)700 million).
Chengtou short-term bonds have entered the absolute return pricing model.
In terms of AA+, 270 days of 24 Xining Chengtou SCP001 is cut off at the lower limit of 28%, 138%, the former "urban investment Internet celebrity" turned around gorgeously; 270 days 24 Jimo Chengtou SCP001 intercepted at 269%, 548 times; 210 days of 24 Zhenjiang traffic SCP001 intercepted in 27%, 244 times, with a valuation of 265%。
In terms of AA, 270 days of 24 An City Huaiyin SCP001 intercepted at 27%, 251 times; 24 Dazu Yongsheng CP001 is guaranteed by Dazu Industrial, intercepted at 287%, 353 times.
Medium ticket
28 (264.)300 million).
In terms of AAA, the 24-year 24 China Resources Leasing GN001 (carbon neutrality bond) in 2+1 years is cut off at 26%, 55 times, with a valuation of 273%, with a lot of bank participation; Shanxi Construction Investment and Development Perpetual two-way callback, A 2+N term 1 billion scale, cut off at 35%, 384 times, B 3 + N term 2 billion scale, cut at 397%, 215 times; 4 years of 24 Wuhan Chengtou MTN001 intercepted in 278%, 408 times, near the valuation; 24 Jizhong Energy MTN003 (Science and Technology Innovation Notes) issued 3+N years of sustainability, with a scale of 1 billion, issued in 388%, 345 times, 2-year perpetual valuation of 371%。
In terms of AA+, the lower limit of 24 Zhuzhou Hi-Tech MTN002 in 5 years has been opened from 4% to 35%, and finally truncated at 359%, 557 times, 3-year mid-term ticket valuation of 355%；3+2 years of 24 Star City Development MTN001 intercepted at 275%, 7 times the whole market, and the valuation is at 285%。
In terms of AA, 3+2 years of 24 Xinxiang investment MTN001 cut off at 298%, 539 times, with a valuation of 3around 1%; 3+2 years of 24 Weining Investment MTN001 cut off at 317%, 331 times, with a valuation of 335% around.
ppn
4 (2.7 billion).
AA+ main body, 3 years of 24 regular traffic PPN001 intercepted at 295%, 436 times, near the valuation; 2+1 year 24 Qingdao Haichuang ppn001 intercepted at 379%, with a high valuation of more than 20bp.
Summary
At the end of January, the equity market continued to be sluggish, and the bond market as a whole was warm. Following yesterday's interest rate breaking through the historical low, today's short up and long down, 1-5Y years up 1-2bp, 7-10Y down about 1bp, 30Y continues to shine today, 2300009 down 31 bp to 2662%。At the current point in time, monetary policy easing is expected to continue, interest rate cuts may exceed expectations, and the market may still have expectations for interest rates to continue to fall. The "shortage of income-generating assets" in the credit market is intensifying, market funds are loose but not cheap, and the interest rate spread and term spread of urban investment are close to the lowest quantile in history, and some institutions "can't buy, can't afford to buy, dare not get on the car, and dare not get off the car". Keep an eye on policy changes; Continue to pay attention to capital and risk market changes; Pay attention to changes in institutional behavior.
Tomorrow, 31 new short-term financing medium notes will be issued, with a total amount of 2594.4 billion yuan.
Bookkeeping results
---scp&cp---
2.7%] 24 Dantou CP002, AA+, 1Y, 600 million.
【2.7%] 24 Gao Chun Jing Kai SCP002, AA, 074y, 400 million
【2.87%] 24 Dazu Yongsheng CP001, AA, 1Y, 300 million
【2.69%] 24 Jimo Chengtou SCP001, AA+, 074y, 400 million
【2.59%] 24 Slender West Lake SCP001, AA+, 041y，2.3.8 billion
---mtn---
【2.78%] 24 Wuhan Chengtou MTN001, AAA, 4Y, 2 billion
【3.17%] 24 Weining Investment MTN001, AA+, 2+1Y, 700 million
【3.59%] 24 Zhuzhou Hi-Tech MTN002, AA+, 5Y, 5+200 million
【3.20%] 24 New Binjiang MTN002, AA, 3+2Y, 300 million
【2.75%] 24 Star City Development MTN001, AA+, 3+2Y, 4500 million
【3.97%] 24 Shanxi Construction Investment MTN002B, AAA, 3+NY, 2 billion
【2.74%] 24 Jiangbei New Area MTN002, AAA, 3Y, 700 million
---ppn---
【2.95%] 24 Chang Traffic PPN001, AA+, 3Y, 500 million
【3.79%] 24 Qingdao Haichuang PPN001, AA+, 2+1Y, 1 billion
【3.23%] 24 Haizhou Bay PPN001, AA, 3Y, 700 million
Hosted by the Capital Operation Center of Zheshang Bank, "FICC of Zheshang Bank" covers market research and policy interpretation of fixed income, credit, quantitative, foreign exchange, ** and bulk commodities and other businesses, and is committed to creating a business exchange platform with both academic and interesting interests.