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浮动利率国债是我国国债创新品种 ,目前已经有一只浮息国债在国内资本市场上市 ,它的定价成为市场关注的焦点之一。本文对浮息国债定价机制作了独特的研究。在对国债债券收益率曲线分析后推出长期债券的到期收益率预测、并通过对未来银行存款利率预测推出浮息国债的未来平均付息水平后 ,计算出了这只上市浮息国债的理论价值。本文结论是 :市场对固息国债价值高估 ,对浮息国债价值低估。未来浮息国债价格将上升。
Floating-rate government bonds are innovative varieties of our national debt. At present, there is already a floating-rate government bond listed in the domestic capital market, and its pricing has become one of the focuses of the market. This article made a unique study on the pricing mechanism of floating rate bonds. After the analysis of the yield curve of treasury bonds and bonds, we put forward the forecast of the maturity yield of long-term bonds and calculate the future floating-rate bonds by the future average interest payment of floating-rate bonds after we predict the future bank deposit interest rate value. The conclusion of this paper is: the market overvalued the value of fixed bond, underestimated the value of floating bond. Future floating bond prices will rise.