The biggest debt-to-equity swap in recent years has stimulated a "reluctance to sell" sentiment in the urban investment bond market.

Jinshi data news on November 11th, a private sale fund bond trader told reporters that in the early trading session, they tried to inquire about buying high-coupon AA+ level local government bonds, but sellers are generally "reluctant to sell." In their view, one reason for the high reluctance of domestic investment institutions to sell is that more and more investment institutions expect the probability of a reserve requirement ratio cut in the fourth quarter to quietly rise in order to increase the issuance of government bonds, and bonds will usher in a new round of rising prices due to the loose Liquidity of funds. If the monetary easing measures land earlier than the new issuance of government bonds, both government bonds and local government bonds will further loosen due to the loose funds and experience a pump in prices, and the market is waiting for a new round of rising bond prices to come. (Each Economy)