论文部分内容阅读
2009年1月份债券市场出现了较大幅度的调整,市场主要特点为:长期债券指数大幅下调;国债收益率曲线陡峭上移;高等级企业债调整幅度小于国债,信用利差走低;低等级企业债信用风险加大;市场制度建设取得一定进展,上市商业银行获准进入交易所市场。下一阶段,债券市场将会继续保持调整态势,国债收益率曲线有可能继续陡峭上移;企业债券也将难以保持1月份相对良好表现;中长期债券表现有可能继续弱于短期债券。
In January 2009, the bond market witnessed a relatively large adjustment. The main features of the market were: the long-term bond index dropped drastically; the curve of the yield of treasury bonds rose steeply; the adjustment of high-grade corporate bonds was smaller than that of national bonds and the credit spread was lower; Debt credit risk increased; the construction of the market system has made some progress, listed commercial banks allowed to enter the exchange market. In the next stage, the bond market will continue to adjust its posture and the bond yield curve may continue to rise steeply. Corporate bonds will also be hard to maintain the relatively good performance in January. Medium and long-term bonds may continue to weaker than short-term bonds.