城投债发行量有增无减,债券评级整体下移,市场风险不容忽视。近日,财政部、发改委、人民银行、银监会联合下达了《关于制止地方政府违法违规融资行为的通知》(下称《通知》),体现出各部委对相关问题较为强硬的监管态度。分析人士指出,本《通知》对地方政府的信托融资、银行表外融资等形式予以限制,将促使更多发行人迁移至债券市场融资。 Urban bond issuance increased unabated, the overall bond rating down, the market risk can not be ignored. Recently, the Ministry of Finance, the NDRC, the People’s Bank of China and the China Banking Regulatory Commission (CBRC) jointly issued the “Notice on Suppressing the Financing of Illegal and Illegal Funds by Local Governments” (hereinafter referred to as the “Circular”), which shows that the ministries and commissions have a relatively tough regulatory attitude toward relevant issues. Analysts pointed out that this Circular restricts the trust financing by local governments and off-balance sheet financing by banks, prompting more issuers to move to bond market financing.