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2010年5月份债券市场主要特点为:债券市场迎来阶段性顶点;央票与短融总指数继续下跌,国债总指数带领其它指数上涨;国债收益率曲线不同时间段分化较快;高等级企业债收益率曲线继续呈平坦化变动;企业债信用利差出现分化。下一阶段,流动性紧张将逐步由短期债券品种向中长期债券产品蔓延,收益率曲线逐步向平坦化上移转变,在这一过程中,利率产品风险将高于信用产品。
The main features of the bond market in May 2010 were as follows: the bond market ushered in a phased summit; the total central bank bills and short-run financial indexes continued to fall, while the total national debt index led other indices to rise; the bond yield curve diverged rapidly in different time periods; high- Bond yield curve continued to flatten changes; corporate bond credit spread differentiation. In the next phase, liquidity tensions will gradually spread from short-term bond stocks to medium-and-long-term bond products, and the yield curve will gradually shift from flattening to upward. In the process, the interest rate products will be at a riskier than the credit products.