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Demand for tenders for country debt is warmer

April 18, 2018 02:49
Author: Ma Shuang
source: China Securities Journal
edit:Oriental Wealth Network

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The three issues of financial bonds issued by China Development Bank on the morning of the 17thinterest rateBoth are lower than the valuation of China Bonds, and the five-year and seven-year varieties of subscriptions all exceeded 3, indicating that the tender demand in the primary bond market is still warm.

China Development Bank’s tenderAdditionThe three bonds are fixed-bond debts, including the issuance of new bonds for the fourth, sixth and fifth financial bonds in 2018. The durations are 5 years, 7 years and 10 years, respectively. The issuance scale is respectively 8 billion yuan. 6 billion yuan and 12 billion yuan. According to market sources, the China Development Bank issued a new 5-year issuance bond yield 4.3088%, bid multiple 3.16; 7-year yield of 4.5616% successful bid, bid multiple of 3.13; 10-year yield of 4.5035% successful bid, bid multiple of 2.53.

Judging from the issuance pricing, the country won the bid to open bondsinterest rateBoth are below the level of the secondary market and the yield curve of the China Bond maturity curve shows that on April 16th,bankIn the interim market, the national bond yields with payable periods of 5 years, 7 years, and 10 years were 4.3999%, 4.6399%, and 4.5510%, respectively. From the perspective of subscription multiples, except for the 10-year tender multiple of less than 3, the five- and seven-year tender multiples all exceeded 3, indicating that the demand for institutional allocation remains strong. (Ma Shuang)

                (Editor: DF309)

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