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近来银行偏好于票息更高的信用债,保险公司获准增加了一些投资类别。近来债券收益率节节走高,屡次突破心理防线,经历过债市多年风雨的行家也直呼看不懂。在政府摸底地方平台债务、企业债屡遭降级、信用风险整体上升的情况下,利率债的避险效应本该体现出相对的安全性,但现实不尽然。从10年国债收益率的历史均值角度看,4%左右的收益率本来就不低,大体处于75%分位,而今年通胀、货币政策、资金面、权益市场的分流等方面都不算很大的负面因素,10年国债也存在交易性机会,因此不少投资者寄望
Banks have recently favored credit coupons with higher coupons, and insurers are allowed to add some investment categories. Recently, bond yields steadily higher and higher, repeatedly breaking the psychological defense, experienced many years of debt market experts also can not understand. In the context of the government’s understanding of the local platform debt, corporate debt has repeatedly been downgraded, the overall rise in credit risk, the hedge effect of interest rate debt should reflect the relative safety, but the reality is not always true. From the historical average of 10-year bond yields, the rate of return of about 4% is not low at all and is generally at 75%, but this year’s inflation, monetary policy, capitalization and the diversion of equity markets are not very good Big negative factors, 10-year treasury bonds also have trading opportunities, so many investors hope