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Guidance on the rising range of local bond issuance interest rate was introduced at a time when the market was booming. Its purpose was also to control the irrational behavior in bidding, so as to prevent excessive speculation. With the market entry adjustment demand has also cooled down, the upward margin gradually returned to normal.
They also believe that due to prudent expectations of monetary policy, the long-term yield of the current round of debt market adjustment has increased considerably. Recently, the issuance of local bonds has also suffered more shocks than that of long-term bonds for more than seven years, with the most obvious increase in the rise. In addition, the fluctuation of interest rate is basically non-developed provinces and autonomous regions, and the developed provinces and autonomous regions are still affected very little. Inter-regional spreads are gradually returning to normal, which indicates that the degree of marketization of local bond issuance is also gradually recovering.
Guo Wei, a senior trader at Nanjing Bank's Capital Operating Center, said that the rise in interest rates on local bond issuance was due to market adjustments. Other areas with weak economic strength needed higher premiums themselves. After all, the pricing in the secondary market was different from that in other areas.
A bank trader in the West said, "Because of the mood and expectations of monetary policy, now we are afraid that the policy signals are too confused and the central mother has too many constraints, but we think this year should not be a bear market."
He also believes that the economic fundamentals will not change much in the future and that there is limited room for recovery. Next, as the bond market stabilizes, the decline in local debt demand will be limited.
According to the recent bidding results of local debt, the rising rate is obviously higher than 25-40 bp, mainly in some provinces and regions with weak economic strength, such as Liaoning, Jilin and Heilongjiang in Northeast China, Inner Mongolia, Shaanxi and Hunan, etc. But in developed provinces like Guangdong and Jiangsu, interest rates are still rising at 25 bp.

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