Prices of China's special treasuries on exchange drop after debut surge
Updates prices and details
SHANGHAI, May 23 (Reuters) -Prices of the first batch of China's 1 trillion-yuan ($138 billion) ultra-long special treasury bonds CN2400001= dropped on Thursday to near face value in the exchange markets, a day after a wild rally on their debut.
The 30-year special bonds CN102267=SZ dropped more than 13% on the Shenzhen stock exchange on Thursday, prompting a 30-minute suspension by the bourse before a resumption of trade.
The first batch of the special bonds began trading on the Shanghai and Shenzhen exchange markets on Wednesday, with their prices surging to much higher levels than face value and the interbank market prices, triggering multiple trading suspensions on both bourses.
The bonds traded in Shenzhen and Shanghai were priced around 100.80 yuan and 100.39 yuan, respectively, versus a par value of 100 yuan, as of 0315 GMT on Thursday. The implied yields for the bonds are 2.53% and 2.55%, respectively, close to the interbank market yield.
The first batch of the special treasuries started trading on Wednesday on the interbank market, stock exchanges and the over-the-counter (OTC) bond market, in which individuals can participate via bank outlets.
Banks are the biggest investors in the interbank market and they tend to hold rather than trade such securities.
The exchange-traded bonds had surged as much as 23% in Shenzhen and as much as 25% CN019742=SS in Shanghai on Wednesday.
Since the start of the year, China's treasury bond market has been swept by a record-breaking rally fuelled by investors' flight to safety amid the country's shaky economic recovery.
Yields on China's actively traded 30-year government bonds CN230023= dropped 1 basis point to 2.56% on Thursday.
Reporting by Shanghai Newsroom; Editing by Christopher Cushing and Tom Hogue
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