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2010年11月份债券市场主要特点为:中债净价总指数继续加速下行;各类债券指数大幅下挫,短期融资券继续一枝独秀;国债收益率曲线大幅上行,但变动方式由陡峭化转为平坦化;高等级企业债收益率曲线上移,但平坦化方式不如国债明显。12月份债券市场将迎来流动性的回暖,从而告别持续数月的单边下跌状态,但在货币政策收紧比较确定的情况下,也难以实现完全反转,很有可能进入震荡状态,最终小幅收高,收益率曲线出现陡峭化下移,信用利差将有所收窄。
The key features of the bond market in November 2010 were as follows: the total index of net debt in the bond industry continued to accelerate downward; all kinds of bond indices dropped sharply and short-term financing bills continued to outshine others; the yield curve of treasury bonds surged but the mode of change shifted from steep to flattening ; High-grade corporate bond yield curve moved up, but not as flat as the obvious national debt. In December, the bond market will usher in a pick-up in liquidity, thus bid farewell to unilateral decline for several months. However, with the monetary policy tightened more firmly, it is still difficult to achieve a complete reversal and is likely to enter into a turmoil eventually Slightly higher, the yield curve steep down, the credit spread will be narrowed.