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2011年9月份债券市场主要特点为:中债净价总指数前期振荡盘整,下旬快速拉升;多数债券指数上行,仅企业债指数继续下探;国债收益率曲线陡峭化下行;高等级企业债收益率曲线全面上行;企业债信用利差大幅上行。10月份,市场需求正逐渐恢复,利率产品价格存在继续上涨的动力,这一上升态势也得到了基本面因素的支持。国债收益率曲线有可能继续下行,但幅度较为有限,我们看好中短期产品。信用产品市场则较为脆弱,信用利差将继续上行,若未出现较大的风险事件,涨幅有收窄可能。
The main features of the bond market in September 2011 were as follows: the initial oscillation of the total net debt in the debt consolidation moderated in the second half of the year and the rapid rise in the latter part of the bond market. Most of the bond indices went up while only the corporate bond index continued to plummet. The yield curve of the national bond went steeply downward. Yield curve fully upward; corporate bonds credit spread substantially higher. In October, the market demand is gradually recovering, and the prices of interest rate products continue to rise. This upward trend has also been supported by fundamental factors. Treasury yields curve may continue down, but the rate is more limited, we are optimistic about short-term products. Credit products market is more fragile, credit spreads will continue upward, if there is no greater risk events, gains may narrow.