The National People's Congress Standing Committee (NPCSC): Resolutely curb the hidden debts of new local governments! Special debt should be kept under pressure and compliance audit should be strengthened.
Official website, the National People's Congress Network, released opinions and suggestions on the budget implementation report this year. It is worth noting that in terms of effectively preventing and resolving major risks, the announcement lists the following opinions and suggestions: It is suggested to investigate the necessity and feasibility of budget adjustment as soon as possible, and submit it to the National People's Congress Standing Committee (NPCSC) for examination and approval according to law if necessary. Since the beginning of this year, local governments have been under great pressure to repay debts and control hidden debts. It is suggested to further strengthen the compliance audit of local government special debts and projects. Strengthen overall planning at the provincial level and resolutely curb the hidden debts of new local governments.
General Office of the State Council: Make good use of the local balance limit of more than 500 billion yuan of special debts according to law.
The General Office of the State Council issued the 10th national plan for deepening the reform of key tasks of video teleconference by "simplifying administration and decentralizing power, combining administration with management, and improving services". The plan pointed out that the local balance limit of special bonds of more than 500 billion yuan should be revitalized according to law, and key projects should be supported by policy development financial instruments. In the process of using special debt funds and developing financial instruments, we should pay attention to innovative mechanisms and play a role in inciting social capital. Guide commercial banks to expand medium and long-term loans and provide sufficient financing for key projects. Guide policy development banks to make full use of the quota of policy development financial instruments and the new credit line of 800 billion yuan, and give priority to supporting the construction of special bond projects. Encourage credit funds of commercial banks to increase medium and long-term financial support for important projects in accordance with the principle of marketization through syndicated loans, government and social capital cooperation (PPP). Relevant departments and regions should conscientiously do a good job in guaranteeing the delivery of houses, preventing unfinished business and stabilizing expectations, make good use of special loans for guaranteeing the delivery of houses, compact the main responsibility of project implementation, guard against risks and maintain the stable and healthy development of the real estate market. At the same time, the targeted support for other consumer areas is launched in combination with the actual situation.
Hong Kong issues social responsibility bonds for the first time.
10 year 10 On October 26th, Hong Kong Mortgage Corporation announced that it had successfully issued social responsibility bonds in the institutional investment market for the first time in accordance with its newly established social responsibility, green and sustainable financial framework and the $30 billion medium-term bond issuance plan.
Xianyang City, Shaanxi Province: It is forbidden to illegally add hidden government debts, and resolutely put an end to vicious bond defaults and evasion of debts.
According to the Notice of Xianyang Municipal People's Government on Printing and Distributing Opinions on Regulating the Investment and Financing Behavior of State-owned Capital Investment and Operation Companies, it is pointed out that state-owned capital investment and operation companies are not allowed to borrow debts from government departments. Government departments shall not provide any form of guarantee commitment for the financing of state-owned capital investment and operation companies. State-owned capital investment and operation companies should follow the principle of prudence and fully consider factors such as financing channels, financing term, financing cost and risk control. It is not allowed to blindly borrow money in actual investment projects, change the use of funds in violation of regulations, carry out financing trade, provide financing channels for third-party projects and enterprises, and assume repayment responsibilities. It is not allowed to fraudulently issue bonds, falsely disclose information, manipulate market prices, and strictly control off-balance sheet financing. State-owned capital investment and operation companies should consolidate the main responsibility of debt, resolve existing debts and repay new debts through their own development, never allow illegal new government implicit debts, and resolutely put an end to vicious bond defaults and debt evasion and other illegal acts.
Breaking through 600 billion, the issuance scale of tier 2 capital bonds of commercial banks surpassed last year.
According to the announcement of China Money Network, Bank of China (60 1988) issued Tier 2 capital bonds with a total amount of 60 billion yuan on October 24th, 2022. This is the second tier 2 capital bond issued by China Bank this year. In the first three quarters of this year, the issuance scale of tier-2 capital bonds has exceeded 600 billion yuan, reaching 636.765 billion yuan, a substantial increase 1 14.2 1% compared with the same period of last year, which has exceeded the annual issuance level of 20021.Among them, the six major banks have issued 420 billion yuan.
When some city investment withdrew from the market-oriented transformation of government financing platform,
The Financial Association said that since the beginning of this year, some city investment platforms have announced their withdrawal from government financing platforms, and some city investment platforms have already withdrawn or are considering resolving implicit debts. At the beginning of this year, some provinces have begun to carry out pilot projects to clean up hidden debts. Many cases of hidden debt accountability reported during the year also show that the regulatory attitude is still strict under the requirements of debt resolution. Next, the work of cleaning up high-cost debts and reducing the debt risk level is expected to be gradually implemented.
Interpretation: Judging from the attitude of urban investment supervision and the implicit debt control policy, Huaan Securities (600909) believes that in the long run, no matter from the attitude of various departments or the introduction of various policies, there should be no doubt about the general direction of debt-to-equity swap at present, and it will continue to support the scarcity of urban investment bonds as high-quality credit bonds.
Guangdong will issue 2 billion yuan of offshore local government bonds in Macao.
Guangdong Province will issue offshore RMB local government bonds in Macau on June 28th 10, with an estimated scale of RMB 2 billion and a term of three years, which will be issued to institutional investors. This is the second time that Guangdong Province has issued overseas RMB local government bonds in Macao after issuing bonds in June+10 last year.
The Bank of Canada unexpectedly slowed down the rate hike at the beginning of the economic recession.
On Wednesday (65438+1October 26th) local time, the Bank of Canada announced that it would raise interest rates by 50 basis points, which was lower than the market expectation of 75 basis points. As Canada's economy is on the verge of recession, the central bank unexpectedly slowed down the pace of raising interest rates. After raising interest rates by 50 basis points, Canada's policy interest rate reached 3.75%. Since March this year, the Bank of Canada has raised interest rates by 350 basis points, which is one of the fastest tightening cycles in its history.
Interpretation: TiffMacklem, governor of the Bank of Canada, said: "The austerity phase is coming to an end, and we are getting closer and closer to the goal, but we are not there yet." He added that the level at which interest rates will rise will depend on how monetary policy slows down demand, how to solve supply challenges and how to deal with inflation and inflation expectations.
The Bank of Japan once again increased the scale of bond purchases, adding 350 billion yen on the basis of previous plans.
The Bank of Japan once again increased the scale of bond purchases, adding 350 billion yen on the basis of previous plans to curb the yield of Japanese bonds that frequently exceeded the policy ceiling. At the same time, the Bank of Japan also proposed to buy 10-year government bonds indefinitely with a yield of 0.25%, and to buy 400 billion yen of commercial paper from 10 to 3 1.
Open the market:
The central bank announced that in order to hedge the impact of factors such as the peak tax payment period, the issuance and payment of government bonds, and maintain the stability of liquidity at the end of the month, on June 26th 10, a 7-day reverse repurchase operation of 280 billion yuan was conducted by way of interest rate bidding, and the winning bid rate was 2.0%. Today, the 2 billion reverse repurchase expired, so the net investment on that day was 278 billion yuan.
Credit bond event:
■ Standard & Poor's downgraded the credit rating of a long-term car rental issuer to "B-", expecting to remain "negative";
■ 100% creditors successfully passed the "20 Evergrande 0 1" extension;
■ Rongxin Group: The meeting of holders of "20 Rongxin 03" will consider the proposal to adjust the interest payment arrangement;
■ Rongxin Group: 8.75% principal and interest of senior notes due on October 25th, 2022 10 have not been paid.
■ Zhengbang Technology (002 157): At present, there is no restructuring plan to alleviate the pressure of cash flow by reducing production capacity and selling assets.
■ "20 Jinke Real Estate MTN00 1" bonds will hold the second holders' meeting to adjust the principal and interest payment plan.
■ Jianhe International Holdings: repurchased 5.625% senior notes due in 2024, totaling 29.844 million US dollars.
■ Dragonair Real Estate: Offer for exchange of US$ 65.438+58 billion bills due in 2022.
■ China, Hellenborg: hlbcnh110/08/23 agreed to seek the necessary consent.
■ Shenzhen Stock Exchange: It accepts 654.38+0.5 billion yuan of small public debt developed by China Shipping Enterprises, and the funds raised are used to support housing enterprises to take risks and repay interest-bearing debts.
■ "17 Wenhua Media (000793)MTN00 1" holders' meeting passed the proxy extension proposal;
■ CSI Pengyuan: Concerned that Zunyi Honghuagang Urban Construction was listed as the executor, with a total execution target of 594,633,700 yuan.
■ Bao Yongqing, the former general manager of the management department of Shuifa Group Co., Ltd., was expelled from the party for serious violation of discipline and law.
■ Hainan Airport facilities, a subsidiary of Hainan Holdings, were punished;
■ Hebei Securities Regulatory Bureau has taken regulatory measures to issue a warning letter to Hebei Bank;
■ Hunan Securities Regulatory Bureau issued warning letters to Jingfeng Medicine (000908), Ye Wuxiang and Huang Hua;
■ Dealers Association warned Shanghai Pudong Development Bank (600,000) and Wansheng Chengtou.
Market dynamics:
Bond market | Reverse repurchase continues to increase to ease financial constraints, and the central bank has invested 278 billion.
On Wednesday, the reverse repurchase continued to increase, and the opening of funds was relatively tight, which eased in intraday trading. Treasury futures closed up across the board, with the main contract 10 rising by 0.21%; The yields of interest rate bonds among major banks generally declined, and short-term bonds performed better. Shibor short-end varieties are more upward. Overnight varieties rose by 1.2bp to 1.775%.
Money market | The repo rate in the inter-bank bond market has generally declined, and the situation of inter-bank capital shortage has eased.
The shortage of funds has eased, and the repo rate in the inter-bank bond market has generally declined. Among them, the 7-day repo rate has dropped by 2 1.6bp to 2.359%. On the same day, the People's Bank of China launched a seven-day reverse repurchase operation by way of interest rate bidding. The winning bid rate is 2.00%, and the transaction volume is 280 billion yuan.
The interbank repo rate was flat across the board. FR00 1 newspaper 1.90%, unchanged from the previous trading day; FR007 reported 2.20%, the same as the previous trading day; FR0 14 reported 2.20%, which was the same as the previous trading day.
The fixed interest rate of inter-bank repurchase is mixed. FDR00 1 newspaper 1.79%, down 0.5 1 basis point; FDR007 reported 2.0 168%, up 1.68 basis points; FDR0 14 reported 2. 10%, which was the same as the previous trading day.
Shibor short-end varieties are more upward. Overnight varieties go up 1.2bp to 1.775%, and seven-day varieties go up 1 1.9bp to 1.995%, 14 days down1.6bp.
European bond market | European bond yields fell collectively, and French 10-year bond yields fell by 5. 1 basis point to 2.64 1%.
European bond yields fell collectively, with UK 10 bonds falling by 5.3 basis points to 3.566%, France 10 bonds falling by 5. 1 basis points to 2.64 1% and Germany 10 bonds falling by 5.7 basis points to 2./Kloc.
US bond market | Most US bond yields closed down, and the 30-year US bond yield fell by 12.3 basis points to 4. 143%.
U.S. bond yields generally closed down, with three-month U.S. bond yields dropping by 1.04 basis points to 4.066%, two-year U.S. bond yields dropping by 7 basis points to 4.4 18%, three-year U.S. bond yields dropping by 8.5 basis points to 4.384%, and five-year U.S. bond yields dropping by 7.6 basis points to 4./kloc-0. The yield of 10-year US bonds fell 10 basis point to 4.01/0/%,and the yield of 30-year US bonds fell 12.3 basis points to 4. 143%.