On May 27, the three major indices collectively opened higher, and intraday trends diverged. Recently, the equity market has adjusted back. On the other hand, the fixed-income market has performed steadily. The SSE City Investment Bond Index and the SSE 5-year local government bond yield have generally increased.
At the same time, relevant ETF yields performed well. As of May 24, the return rates of urban investment bond ETF (511220) and five-year local bond (511060) in the past year were 4.4% respectively.42.9millionjackpot.62%、4.31%。worth noting42.9millionjackpotWhat is more, the scale of the Urban Investment Bond ETF (511220) reached 8 billion yuan for the first time, with the latest scale of 8.090 billion yuan and the latest share of 790 million shares.
The Urban Investment Bond ETF (511220) closely tracks the Shanghai Stock Exchange Urban Bond Index, and the 5-year local bond (511060) closely tracks the Shanghai Stock Exchange's 5-year local government bond index. The Shanghai Stock Exchange local government bond index series is selected from the local government bonds listed on the Shanghai Stock Exchange. Select eligible bonds as index samples to reflect the overall performance of the corresponding local government bonds. The series also includes the Shanghai Stock Exchange 10-year local government bond index, which is tracked by the 10-year local bond ETF (511270).
Recently, against the background of continued tightening of financing, the urban investment bond market has continued to net financing.
According to Xinhua Finance, analysts believe that against the background of unbalanced supply and demand, with the interpretation of the "asset shortage" market, the yield of urban investment bonds is expected to drop further. The weighted issuance face value of urban investment bonds during the week (May 13-May 19, the same below) was around 2.38%, down about 30BP from the previous week; the effective subscription multiple in the primary market was 2.53 times, remaining at a relatively high level, especially for 3-to 5-year bonds, subscription sentiment continues to rise.
The Dongfang Jincheng report pointed out that in April, the decline in the yields of major ratings and maturities of urban investment bonds exceeded that of state-issued bonds of the same maturity, and credit spreads were fully compressed. The sinking of investor qualifications and the long-term strategy go hand in hand, the grade spread fluctuates at a low level, and the 3Y-1Y term spread of the main rated city investment bonds continues to narrow.
The Minsheng Securities report showed that the transaction volume of publicly offered credit bonds during the week was 918.1 billion yuan, and the weekly transaction volume was a new high this year. Urban investment bonds contributed an important increase.
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