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银行间债券市场在跌宕起伏中走过了2006年上半年,回顾半年以来债券市场的变化,以3月份为分界线,利率呈现明显的波折走势,特别是进入5月份后,系列紧缩性货币政策连续出台,导致市场预期发生了本质的变化,而这种变化将在很长一段时间中主导利率的走向。一、发行市场认购热情趋于萎缩截至2006年6月30日,国家财政部共计发行记账式国债9期,筹资规模达到2859.8亿元,其中一季度3期共计1000亿元,二季度发行提速,发行6期共计1859.8亿元。而根据财政部公开信息,2006年跨年度国债供应量将会超出8000亿元,上半年发行量仅完成35.73%,下半年的发行压力依然较大。
In the ups and downs of the inter-bank bond market in the first half of 2006, reviewing the changes in the bond market in the past six months, with March as the dividing line, the interest rate has shown a clear trend of twists and turns. In particular, after entering May, the series of tightening monetary policies Continuous introduction, resulting in the expected market has undergone an essential change, and this change will dominate the interest rate for a long period of time. First, the subscription market enthusiasm for the distribution market tended to shrink As of June 30, 2006, the Ministry of Finance issued a total of nine bookkeeping treasury bonds, the scale of financing reached 285.98 billion yuan, of which a total of three quarters of a total of 1000 billion yuan, the second quarter of the release speed Issued a total of 185.98 billion yuan six issues. According to the Ministry of Finance public information, in 2006 the supply of multi-year treasury bonds will exceed 800 billion yuan, the first half of the circulation was completed only 35.73%, release pressure in the second half is still large.