Bank of Japan announced an additional bond-buying program; China set to tap sovereign bonds to spur infrastructure spending 日本央行宣布額外購債計劃;中國將增發公債以提升基礎設施支出

Bank of Japan announced an additional bond-buying program; China set to tap sovereign bonds to spur infrastructure spending.
 
As Treasury yields fluctuated significantly overnight, the Bank of Japan announced an additional bond-buying program on Tuesday (10/24) to curb the rising JGB yields. Risk sentiment in the Asia bond market improved, but issuing institutions tended to wait and see. In addition, It was reported that China is set to increase the issuance of around 1 trillion Chinese yuan in central government bonds, to spur the infrastructure investment and stimulate the economy. In response to this positive news, China SOE PERP outperformed in the secondary market.
 
Important news
·      To curb the rising JGB yields, the Bank of Japan announced on Tuesday (10/24) an additional bond purchase operation. This marks the fifth time the Bank of Japan has conducted such unscheduled purchases since late July.
·      According to Reuters reports, China is planning to announce an additional issuance of 1 trillion Chinese yuan in central government bonds. By injecting these funds into infrastructure projects, the authorities aim to stimulate economic growth. It has been suggested that the bond issuance will commence as early as October 24th.
 
Secondary market trading
·      CHSCOI 4% PERP bonds traded near 6.38%
·      CHALUM 4.1% PERP bonds traded near 5.88%
·      CHMETL 2.95% PERP bonds traded near 5.60%
 
日本央行宣布額外購債計劃;中國將增發公債以提升基礎設施支出
 
美債收益率於前一晚衝高之後大幅回落,週二(10/24)為抑制日債收益率持續走高,日本央行則是宣布額外購債計劃,亞洲債市的風險情緒較前一交易日改善,惟基準利率於高位震盪,發行機構傾向觀望,本週至今無重大美元券發行。此外,有消息指出,中國即將增發約一兆人民幣之中央政府公債,資金將用於投入基礎建設,以刺激經濟;或受此利好消息影響,中國國企所發行之永續債於次級市場表現相對較佳。
 
重大新聞
·      為抑制日本公債收益率再進一步攀升,日本央行於週二(10/24)再度宣布額度外的購債計劃。為自7月下旬以來,日本央行第五次進行計畫外購債操作。
·      據路透報導,中國即將宣布額外發行1兆人民幣中央政府公債的計畫,以這筆資金注入基礎建設,以刺激景氣。據指出,北京當局希望最快24日稍晚就開始發債。
 
次級市場交易
·      中國建築國際(CHSCOI)4% 永續債收益率約6.38%
·      中國鋁業集團(CHALUM)4.1% 永續債收益率約5.88%
·      中國冶金科工集團(CHMETL)2.95% 永續債收益率約5.60%