论文部分内容阅读
当前利率变动正处于敏感区域,在这种情况下进行债券投标,市场心理必然十分微妙。市场的资金状况带动理性投资、债券二级市场收益率引导新发利率、债券的供求弹性影响投资选择、利率预期在很大程度上决定债券的风险与收益。在分析市场资金状况时,也需要参照央行货币政策尤其是公开市场业务操作情况、回购与拆借利率的变动方向以及债券利率的期限结构特点。根据市场资金状况判断利率基本取向债券招标的利率取向在很大程度上取决于市场资金的松紧程度。如果
The current changes in interest rates are in a sensitive area, in which case the bond tender, market psychology must be very delicate. The financial position of the market leads to rational investment. The yield of bond secondary market guides the new interest rate. The elasticity of supply and demand of bonds affects the investment choice. Interest rate expectations largely determine the risks and benefits of the bonds. In analyzing the market capitalization situation, we also need to refer to the central bank's monetary policy, especially the operation of the open market business, the direction of changes in the repo and the borrowing rate and the term structure of the bond interest rate. Judging from the market capitalization of interest rates The basic orientation of the bond tender interest rate orientation depends largely on the tightness of market funds. in case