

10月18日央行行长潘功胜表示,预计年底前视市场流动性情况,择机进一步下调存款准备金率0.25-0.5个百分点,预计21号公布的贷款市场报价利率(LPR)也会下行0.2-0.25个百分点。
9.86Y 2400101 2.1175-2.12
19.82Y 2400005 2.3-2.3225
29.59Y 2400001 2.2575-2.299
29.94Y 2400006 2.2675-2.29
4.76Y 240208 1.8275-1.8775
10月17日,道琼斯工业平均指数和黄金价格双双刷新历史新高,这其实显示市场避险情绪和投资者信心的同步上升。道指在强劲企业财报和经济数据的推动下,攀升至创纪录水平,黄金价格则受地缘因素和全球央行降息潮的影响大幅上涨,再次成为投资者的避风港。
今日市场短融交投情绪一般,成交主要集中在AAA和AA+的短融产品。
24华安证券CP001(AAA,6D)成交在1.90%,低于中债估值2.00bp;
23富和建设CP001(AA,14D)成交在2.28%,低于中债估值4.54bp;
24潞安SCP004(AAA,39D)成交在2.07%,低于中债估值11.68bp;
24陕西建工SCP003(AAA,53D)成交在2.49%,低于中债估值0.33bp;
24长寿开投SCP001(AA+,95D)成交在2.4%,低于中债估值10.39bp;
24百业源SCP002(AA+,185D)成交在2.29%,低于中债估值0.14bp;
24京能洁能SCP003(AAA,189D)成交在2.02%,高于中债估值2.34bp;
总体来说,今日信用债短融成交收益率较前一交易日有一定程度的下调。
21六合国资MTN002 (AA+, 7D),成交在2.02%,低于中债估值10.33bp;
21南通高新MTN002 (AA+, 10D),成交在2.02%,低于中债估值11.39bp;
19陕煤化MTN006 (AAA, 38D),成交在2%,低于中债估值18.65bp;
21晋能电力MTN014 (AAA, 38D),成交在2.1%,高于中债估值9.49bp;
23上饶城投MTN001 (AA+, 128D(休1)),成交在2.37%,低于中债估值10.48bp;
20阜阳建投MTN001 (AA+, 151D),成交在2.29%,低于中债估值3.68bp;
22盛裕投资MTN002 (AA, 184D+2Y(休1)),成交在2.33%,低于中债估值0.04bp;
22抚州投资MTN001 (AA+, 225D+2Y(休3)),成交在2.34%,高于中债估值0.38bp;
22扬州经开MTN001 (AA+, 249D),成交在2.26%,低于中债估值7.82bp;
22淮北建投MTN004 (AA+, 304D),成交在2.4%,低于中债估值3.91bp;
23金龙湖MTN001 (AA/AA+, 311D),成交在2.33%,低于中债估值5.91bp;
23北部湾MTN005 (AAA, 1.01Y),成交在2.35%,高于中债估值0.59bp;
21川铁投MTN002 (AAA, 1.25Y(休1)),成交在2.12%,低于中债估值3.07bp;
23甬交投MTN001 (AAA, 1.32Y+N),成交在2.23%,低于中债估值0.72bp;
23芜湖建设MTN001 (AAA, 1.44Y(休2)),成交在2.25%,低于中债估值0.38bp;
21苏国信MTN004 (AAA, 1.65Y),成交在2.07%,高于中债估值0.34bp;
21中石化MTN001 (AAA, 1.77Y),成交在2.05%,高于中债估值0.93bp;
21湘高速MTN004(乡村振兴) (AAA, 1.81Y+2Y),成交在2.17%,低于中债估值0.3bp;
24青岛水务MTN002(蓝债) (AA, 2.48Y),成交在2.5%,低于中债估值4.55bp;
24电网MTN001 (AAA, 2.86Y(休2)),成交在2.14%,低于中债估值0.7bp;
24邮政MTN008 (AAA, 2.86Y(休2)),成交在2.15%,高于中债估值2.36bp;
24上海电气MTN002 (AAA, 2.93Y),成交在2.28%,低于中债估值5.93bp;
22国盛MTN004 (AAA, 3.01Y),成交在2.22%,高于中债估值1.15bp;
24汇金MTN001 (AAA, 4.44Y),成交在2.25%,高于中债估值1.74bp;
24汇金MTN003 (AAA, 4.59Y(休1)),成交在2.23%,低于中债估值0.39bp;
24津城建MTN019B (AAA, 4.59Y),成交在2.88%,低于中债估值5.81bp;
24洪市政MTN004 (AAA, 4.65Y),成交在2.35%,低于中债估值0.32bp;
24津城建MTN026 (AAA, 4.72Y),成交在2.95%,低于中债估值0.16bp;
24国新控股MTN001A (AAA, 9.5Y),成交在2.51%,低于中债估值7.4bp;
24诚通控股MTN011A (AAA, 9.5Y),成交在2.57%,高于中债估值5.77bp;
24诚通控股MTN010A (AAA, 19.47Y),成交在2.8%,高于中债估值0.02bp;
今日公司债&企业债交投情绪活跃,市场成交集中在中长债,部分成交如下:
22温港城债(AA/AA+,123D+2Y)成交在2.3%,低于中债估值27.39bp;
24产建D1(AA,140D)成交在2.33%,低于中债估值4.52bp;
20新汶02(AAA,186D)成交在2.16%,低于中债估值3.76bp;
22盛泽01(AA,217D)成交在2.24%,低于中债估值14.85bp;
23港建01(AA/AA+,269D+2Y+1Y)成交在2.84%,低于中债估值10.19bp;
22江阴03(AAA,333D)成交在2.1%,低于中债估值4.71bp;
21星发01(AA+,1.41Y)成交在2.24%,低于中债估值1.17bp;
21郑地02(AAA,1.68Y+2Y)成交在2.24%,低于中债估值2.91bp;
24宝武K1(AAA,2.28Y)成交在2.12%,低于中债估值1.10bp;
24宜春01(AA+,2.39Y+2Y)成交在2.32%,低于中债估值0.16bp;
24狮运01(AA+,2.99Y)成交在2.39%,低于中债估值7.45bp;
24富开01(AA+,4.25Y)成交在2.48%,低于中债估值4.73bp;
24漳龙03(AAA,4.46Y)成交在2.5%,低于中债估值0.48bp;
今日公司债&企业债平均成交收益率较上一个工作日有所波动,整体低估值成交。
今日商金债市场情绪活跃,市场主要关注3Y-5Y的银行永续和二级资本债,基金、理财和券商为市场主力交投方。部分热门成交展示如下:
23D(休1) 2128035.IB 21华夏银行02 1.95 AAA
29D(休2) 2128041.IB 21广发银行小微债 2.01 AAA
147D 2228019.IB 22兴业银行01 1.92 AAA
151D+N 2028006.IB 20邮储银行永续债 2.02 AAA
301D 2220062.IB 22河北银行绿色债 2.01 AAA
1.43Y+N 2128011.IB 21邮储银行永续债01 2.15 AAA
1.79Y+N(休1) 210316.IB 21进出16 2.15
2.02Y+5Y(休1) 2128032.IB 21兴业银行二级01 2.12 AAA
2.06Y 212380023.IB 23光大银行债03 2.01 AAA
2.26Y+5Y 2228004.IB 22工商银行二级01 2.11 AAA
2.35Y+N 2228011.IB 22农业银行永续债01 2.225 AAA
2.35Y+N 2228011.IB 22农业银行永续债01 2.22 AAA
2.49Y+5Y 2228024.IB 22工商银行二级03 2.12 AAA
2.58Y+1Y 312400001.IB 24工行TLAC非资本债01A 2.14 AAA
2.84Y+5Y(休1) 092280065.IB 22工行二级资本债03A 2.19 AAA
2.84Y+5Y(休1) 092280065.IB 22工行二级资本债03A 2.20 AAA
2.87Y+N 092280083.IB 22建行永续债01 2.27 AAA
2.88Y+N(休1) 092280086.IB 22农行永续债02 2.26 AAA
3.06Y+5Y 092280134.IB 22工行二级资本债04A 2.205 AAA
3.42Y+5Y 232380006.IB 23中行二级资本债01A 2.23 AAA
4Y+N 242380019.IB 23邮储永续债01 2.295 AAA
4.02Y+5Y 232380069.IB 23建行二级资本债02A 2.245 AAA
4.04Y+5Y 232380073.IB 23农行二级资本债03A 2.29 AAA
4.08Y+5Y 232380076.IB 23建行二级资本债03A 2.29 AAA
4.08Y+5Y 232380076.IB 23建行二级资本债03A 2.28 AAA
4.2Y+5Y 092303005.IB 23口行二级资本债02A 2.23
4.29Y+5Y 232480001.IB 24中行二级资本债01A 2.27 AAA
4.29Y+5Y 232480001.IB 24中行二级资本债01A 2.265 AAA
4.29Y+5Y 232480001.IB 24中行二级资本债01A 2.24 AAA
4.3Y+5Y 232480006.IB 24建行二级资本债01A 2.265 AAA
4.3Y+5Y 232480004.IB 24农行二级资本债01A 2.255 AAA
4.41Y+N 242400005.IB 24农行永续债01 2.36 AAA
4.52Y+5Y 232480011.IB 24农行二级资本债02A 2.26 AAA
4.52Y+5Y 232480011.IB 24农行二级资本债02A 2.27 AAA
4.52Y+5Y 1928012.IB 19工商银行二级04 2.27 AAA
4.59Y+5Y 232480020.IB 24兴业银行二级资本债01 2.37 AAA
4.72Y+5Y(休1) 232480033.IB 24建行二级资本债02A 2.27 AAA
4.86Y+N 242400020.IB 24交行永续债01BC 2.365 AAA
4.86Y+5Y 232480061.IB 24工行二级资本债01A(BC) 2.27 AAA
4.86Y+5Y 232480061.IB 24工行二级资本债01A(BC) 2.25 AAA
4.9Y+N 242400025.IB 24北京银行永续债01 2.40 AAA
总体来看,商金债整体成交收益率较前日上行。截至收盘,二级多成交在估值+1.5bp到估值+2bp左右,永续多成交在估值+2bp到估值+2.5bp左右。
