March Bond Issuance in China Hits 6.2 Trillion Yuan

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Issuance of bonds in China totalled 6.2 trillion yuan (approx. USD$960 billion) in the month of March according to the latest data released by the People’s Bank of China (PBOC) on 28 April.

This included:

  • 464 billion yuan in government bonds,
  • 477.15 billion yuan in local government bonds,
  • 973.89 billion yuan in financial bonds,
  • 1.6 trillion yuan in corporate bonds,
  • 101.44 billion yuan in loan asset-backed securities,
  • 2.6 trillion yuan in interbank certificates of deposit.

As of the end of March the bond market trusteeship balance was 120.1 trillion yuan, including:

  • A 20.3 trillion yuan government bond trusteeship balance,
  • A 26.0 trillion yuan local government bond trusteeship balance,
  • A 28.7 trillion yuan financial bond trusteeship balance,
  • A 28.8 trillion yuan corporate bond trusteeship balance,
  • A 2.3 trillion yuan loan asset-backed security trusteeship balance,
  • A 11.9 trillion yuan interbank certificate of deposit trusteeship balance.

The Chinese interbank money market saw 100.8 trillion yuan in transactions in March, for a YoY decline of 6.13%, and an on-month rise of 65.72%.

This included:

  • 88.3 trillion yuan in pledged repo transactions, for a YoY decline of 3.28% and an on-month rise of 66.4%,
  • 500 billion yuan in buy-out repo transactions, for a YoY decline of 30.09% and an on-month rise of 82.1%,
  • 12.0 trillion yuan in interbank loan transactions, for a YoY decline of 22% and an on-month rise of 60.25%,
  • 29.4 trillion yuan in exchange standard bond repo transactions, for a YoY rise of 23.68%, and an on-month rise of 45.1%.

In March the interbank loan monthly weighted average interest rate was 2.01%, for a decline of 5 basis points compared to the previous month.

The pledged repo monthly weighted average interest rate was 2.01%, for a decline of 9 basis points compared to the previous month.

The Chinese interbank bond market saw 19.0 trillion yuan in spot transactions in March, for a daily average of 827.32 billion yuan and a YoY decline of 25.51%, as well as an on-month rise of 29.91%.

Exchange bond market spot transactions were 2.0 trillion yuan, for a daily average of 85.56 billion yuan, and a YoY decline of 2.71%, as well as an on-month rise of 3%.

As of the end of March the interbank bond index was 205.5 points, for rise of 1.2 points compared to the previous month.

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