Trading scenario after continuing to increase strongly

The highest yield reached 4,908%, higher than 4,673% last month and also the highest level ever, but more importantly, still lower than 4,910% when released but not yet officially offered for sale.

The ratio of bids to winning bids was at 2,704, up from 2,465 the previous month and the highest level since the period of strong fluctuations in March 2020.

The composition of bidding participants is also stable, with the proportion of foreign buyers accounting for 70.6%, higher than the average of 70.4%, and domestic buyers accounting for 18.4%, dealers are only stuck with goods 11.0%, lower than the average of 6 The previous auction was 12.0%.

The positive auction surprised the market, when most expected the offering sessions would not have many buyers, and brought the 10-year bond yield down to 4.86%, down more than 10bp from the peak. in previous trading sessions.