The People’s Bank of China has released a raft of data on the country’s bond markets for the month of September.
PBOC data indicates that a total of 4.3 trillion yuan in bonds were issued in September, including 324.7 billion yuan in sovereign bonds, 748.5 billion yuan in local government bonds, 450.1 billion yuan in financial bonds, 553.9 billion yuan in corporate bonds, 225.0 billion yuan in asset-backed securities, and 2 trillion yuan in interbank certificates of deposit.
As of the end of September the bond market balance was 83 trillion yuan, including a sovereign bond balance of 13.8 trillion yuan, a local government bond balance of 18 trillion yuan, a financial bond balance of 20 trillion yuan, a corporate bond balance of 17.8 trillion yuan, an ABS balance of 2.5 trillion yuan, and an interbank CD balance of 9 trillion yuan.
September saw 74.7 trillion yuan in interbank money market transactions, for a YoY rise of 10.82% and an on-month decline of 19%.
This included 60.3 trillion yuan in pledge-style repos for a YoY increase of 5.18%, and an on-month decline of 20.39%; 1 trillion yuan in outright repos, for a YoY drop of 66.88% and an on-month decline of 15.07%, as well as 13.4 trillion yuan in interbank borrowing, for a YoY surge of 91.93%, and an on-month decline of 12.39%.
The weighted average month rate for interbank loans in September was 2.59%, for an increase of 30 basis points compared to the preceding month. while the weighted average month rate for pledge-style repos was 2.60%, for an increase of 35 basis points compared to the preceding month.
The interbank bond market saw 14.7 trillion yuan in spot transactions in September, for a daily average of 700.9 billion yuan, or a YoY increase of 51.15% and an on-month decline of 2.77%.
Exchange bond market spot transactions were 476.5 billion yuan in total, for a daily average of 25.1 billion yuan, and a YoY increase of 19.5% as well as an on-month increase of 11.13%.