On April 15, Treasury bond futures suddenly plunged intraday, with the five-year TF1606 falling 0.32% today and the ten-year T1606 falling 0.27%; the frequency of defaults in the credit bond market has increased recently.
This may be due to the general decline in the income of pure bond funds this week. Investors have turned to treasury bonds, thus pushing up the income of treasury bonds. In the past 1 to 2 weeks, the increase in 10-year treasury bonds and financial bonds has been 10-15 BP.
Among them, the 10-year Treasury bond yield has risen sharply compared with the beginning of the year!
However, judging from the market outlook, the entire bond market seems to be shrouded in gloom, and winter has not yet passed.
When pure bonds fell, I suddenly found that the income of the bond funds bought by my friends suddenly shrank significantly. Many pure bond funds had even returned to zero in the past three months.
After excluding bond QDII, fixed-issue bonds and convertible bonds, only the pure debt funds with the lowest risk were observed. Among the 334 pure debt funds that disclosed their performance, 285 experienced net value declines this week, accounting for 85.33%!
85.33%!
!
Did you wake up and find that the bond funds you bought to avoid suspicion also started to suffer losses?
Although this still cannot wipe out most of the fund's income, as of April 14, there are still 291 pure debt funds this year with income less than 1%. If this continues, how can we complete the agreement on performance comparison benchmarks?
The picture below shows 40 pure debt funds that have suffered losses this year, with the highest loss approaching 10%!
My fellow bond traders say this is a vicious cycle with no end in sight!
More and more investors are choosing to redeem products before expiration, and many blind people follow the trend at a speed that makes people afraid to avoid them.
Therefore, in terms of the overall bond market, many fund managers generally believe that the bond market will continue to adjust in the short term and are cautious about this year's bond market.