Penghua CSI 0-4 Year Local Government Bond ETF

603353

159816

511520

IGSB

511010

159651

GOVT

VCLT

The ongoing Iran war is causing a bond selloff as bond yields rise due to uncertainty and increasing oil prices, now above $109 a barrel. Federal Reserve Chair Jerome Powell's final press conference is approaching, with expectations that central banks will hold interest rates steady amid inflation concerns. The bond market is reacting negatively to rising oil prices, which could hurt consumer spending and economic growth. Despite concerns, investors remain optimistic about a resolution to the conflict, but there is significant uncertainty regarding inflation and its impact on bonds.

Dow Jones

HSPC

BP p.l.c.

Vanguard Total Bond Market ETF

United States Oil Fund LP

Vanguard Intermediate Term Bd

Pro Ultr Bloomberg Crude Oil

VanEck Oil Services ETF

iShares US Oil & Gas Expl & Prod

ISHRS S&P Glb Engy

SPDR Energy Select

VanEck Oil Refiners ETF

Us Brent Oil

SPDR Bloomberg 1-3 Month T-Bill ETF

Fullgoal Chinabond 7-10 Year Policy Bank Bond ETF

iShares Trust iShares 1-5 Year Invest Grade Corp Bond ETF

iShares Barclays 1-3 Yr Treasury

SPDR O&G Ex & Prd

iShares US Oil Equip & Svcs

Guotai SSE 5-Year China Treasury Note ETF

Pingan Chinabond-0-3 Year CDB Bond ETF

iShares barclays 20+ Yr Treasury Bd

Schwab 5-10 Year Corp Bond ETF

ISHRS Us Trsry Bd

Vanguard Long Term Bd

F GX OIL

Vanguard Short Term Bd

VG Energy

iShares 0-3 Month Treasury Bond ETF

iShares iBoxx  Invt

SPDR O&G Equip

iShares 7-10 Year Treasury Bond ETF

S&P 500

NASDAQ Composite Index

Factset Research

Iran war is fueling a bond selloff ahead of Fed Chair Jerome Powell's final press conference

511020

02817

09177

02829

03199

China Development Bank issued a 3-year bond with a size of 5 billion yuan at an interest rate of 1.4900%, compared to an expected rate of 1.4800% and a bid multiple of 4.08 times; it also issued a 7-year bond with a size of 2 billion yuan at an interest rate of 1.6945%, compared to an expected rate of 1.7100% and a bid multiple of 6.02 times

Wallstreetcn

Ping An CSI 5-10Y CGB ETF

PP CGBOND

PP CGBOND HDG-U

PP CGBOND-R

PP CGBOND-U

ISHARESCGB

China Merchants CSI Treasury and Policy Bank Bond 0-3 Years ETF

ICBCCSOP CGPB

GX CN PB BOND

ICBCCSOP CGPB-R

CBON

CNYA

China is tightening approvals for overseas borrowings, causing companies to seek cash as US$100 billion in bonds are due this year. The National Development and Reform Commission (NDRC) is taking four to six months for approvals, double the previous time, with some cases extending to nine months. This delay is due to increased scrutiny on repayment details. Companies are turning to short-term bonds to avoid defaults, complicating their cash flow management. The NDRC's stricter measures aim to control rising debt from weaker enterprises and local government financing vehicles (LGFVs).

Businesstimes News

VanEck China Bond ETF

ISHRS MSCI China

JPMorgan Chase

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

China delays foreign debt sales with US$100 billion of bonds due

02819

Xinjiang recently issued multiple local bonds, including 15-year general bonds, 7-year general bonds, 10-year and 15-year other special purpose bonds, a 20-year other special purpose bond, and a 7-year ordinary special purpose bond. The total issuance size reached 11.963 billion yuan, with offering rates ranging from 1.6800% to 2.3200%. Marginal multiples varied between 1.24x and 13.11x, reflecting strong market demand for these bonds

ABF HK IDX ETF

iShares Inflation Hedged US Aggregate Bond ETF

iShares Barclays Short Treasury

SPIB

511090

The 10-year treasury yield has decisively broken below 1.75%, while extremely loose liquidity conditions combined with a shortage of assets have driven the bond market to rise for three consecutive weeks. However, Huatai Securities and Zhongyou Securities have issued joint warnings: a structure dominated by mutual fund trading desks 'lifting each other up' hides underlying fragility; the central bank's stance remains a sword of Damocles overhead; the 'smoothest phase' may be nearing its end; those who missed the rally chasing the uptrend can only prolong the duration but cannot alter the medium-term risk landscape

- The 10-year government bond yield has dropped below 1.75%, while the 30-year yield nears 2.25%, reflecting strong market conditions driven by excess liquidity and the demand for assets.  
- Recent reports from Huatai Securities and Zhongyou Securities warn that although risks remain controllable in the short term, the market's most favorable phase is nearing an end, with emerging mid-term risks.  
- Key drivers of the current market include sustained liquidity conditions, net inflows into bond funds, the clarity of ultra-long-term treasury bond issuance, and a downward adjustment in bill rates, indicating overall weak credit demand.

SPDR Intermed Term

State Street Corp.

Pengyang Chinabond 30-year Treasury Bond ETF

After Breaking Key Levels, Where is the Bond Market Heading

The dollar index rose by 0.17% as better-than-expected US economic data boosted T-note yields, strengthening the dollar's interest rate differentials. Weekly jobless claims fell to 207,000, and the Philadelphia Fed business outlook survey hit a 15-month high. However, geopolitical concerns eased as the US and Iran considered extending their ceasefire, reducing safe-haven demand for the dollar. The euro fell 0.15% against the dollar, pressured by ECB signals to maintain steady interest rates. The yen also weakened as safe-haven demand decreased. Precious metals declined as the dollar strengthened and T-note yields rose.

nasdaq

Invesco DB US Dollar Index Bullish Fund

Wtree Bbg Usd Bull

iShares Core US Aggregate Bd

Dollar Strengthens as T-note Yields Move Higher

In the context of market fluctuations, funds are shifting towards defensive assets, and bond ETFs have become an important vehicle for risk aversion. Over the past month, due to market volatility and a decline in risk appetite, fund allocation has become cautious, putting pressure on equity assets. Funds have flowed into bond ETFs, with both scale and trading volume increasing, becoming a temporary "safe haven." Institutions believe that the current bond market faces a mix of liquidity and fundamental factors. In the short term, attention should be paid to tax periods and supply pressures, while in the medium term, it is necessary to address inflation expectations and economic recovery. Overall allocation remains defensive, with a focus on short to medium-term coupon strategies as the main line

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ICBCCS CSI AAA Sci-Tech Innovation Corporate Bond ETF

SSE Urban Construction Investment Bond ETF

HFT CSI Short-Term Financing ETF

Bond ETF scale and trading volume increase simultaneously, becoming a temporary "safe haven" for funds

Treasury futures opened, with the 30-year main contract flat from yesterday, the 10-year main contract up 0.01%, the 5-year main contract up 0.04%, and the 2-year main contract up 0.01%

Guotai SSE 10-Year China Treasury Note ETF

511270

159972

Shanxi Province recently issued various types of local bonds, including 10-year general bonds, 20-year special bonds for toll roads, and 10-year and 15-year other special bonds, with a total scale of 5.65 billion yuan and issuance rates ranging from 1.7800% to 2.5600%. The marginal multiples of each bond performed well, especially the 7-year ordinary special bond, which had a marginal multiple as high as 62.81 times, indicating strong market demand for these debt instruments

HFT SSE 10-Year Local Government Bond ETF

Penghua CSI 5 Years Local Government Bond ETF

Penghua CSI 0-4 Year Local Government Bond ETF(159816.SZ)

Iran war is fueling a bond selloff ahead of Fed Chair Jerome Powell's final press conference

China delays foreign debt sales with US$100 billion of bonds due

After Breaking Key Levels, Where is the Bond Market Heading