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May 03 2021, 4:05 AM
April 29 2021, 2:46 AM
May 03 2021, 4:05 AM
(Bloomberg)
(Bloomberg)
Fears of a selloff in Chinaâs sovereign bond market have proved wrong, with traders now bracing for the pressure to build through May.
Instead of surging higher this month, benchmark 10-year yields are comfortably below their half-year average and little changed from late March, thanks to a slowdown in debt issuance by municipal authorities.
Traders had been bracing for a seasonal increase in local bonds at a time when Chinaâs commercial banks the biggest buyers in the market typically funnel funds to clients to meet tax payments. Banks would then offload sovereign notes so they could snap up the riskier but more lucrative munis. That failed to happen in April, and thereâs now concern of a bigger liquidity crunch next month.