The Agricultural Development Bank of China (ADBC) issued six batches of financial bonds on Monday amid brisk demand from investors.
The six batches of bonds bear a respective maturity of 1 year, 2 years, 3 years, 5 years, 7 years and 10 years, with yields standing at 2.3111 percent, 2.5833 percent, 2.6519 percent, 2.8815 percent, 3.1462 percent and 3.1880 percent respectively. Insiders disclosed that the subscription ratios of the six batches of bonds reached 3.50, 2.52, 2.67, 2.67, 3.00 and 3.19 times the volumes offered.
Statistics from China Government Securities Depository Trust & Clearing Co. showed that yields on the 1-year, 2-year, 3-year, 5-year, 7-year and 10-year fixed interest rate policy bank bonds traded on the domestic interbank market stood at 2.5005 percent, 2.6944 percent, 2.8068 percent, 2.9524 percent, 3.1832 percent and 3.2320 percent respectively. Analysts attributed the favorable auction result to institutions' allocation demand at year end.
Many researchers voiced that though bond market lacked momentum after undergoing a rally, the bullish run had not drawn to an end. In 2016, bond yields were expected to hit a record high as institutions would initiate a new round of asset allocation at the beginning of the year.
These were the additional issue of the 5th, 12th, 17th, 18th, 19th and 20th batches of bonds offered by the policy bank in 2015.
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