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2010年债券市场主要特点为:资金面形势变化致国债发行局面逆转,金融债发行主体类型多元化,地方政府融资平台清理影响企业债发行,中期票据发行遭遇额度瓶颈,超短期融资券横空出世引爆短融一级市场;中债总净价指数呈倒“√”走势,债券指数全面下挫,各类收益率曲线均呈平坦化变动,期限利差大幅缩小,信用利差大幅走低。2011年,预计经济增速放缓不会对未来债券市场产生太大影响,但通胀高企则将带来较大压力并引发持续加息预期,中短期内将有大量流动性注入经济体,数量型调控仍将是央行主要调控方式。
The main features of the bond market in 2010 are as follows: the treasury bond situation has resulted in the reversal of the issuance of government bonds, the diversification of financial bond issuance entities, the liquidation of local government financing platforms affecting the issuance of corporate bonds, and the issuance of medium-term notes have encountered the bottleneck of quota. The total net debt index was inverted. The bond index fell in an all-round way. All kinds of yield curves showed flattening changes, the term spreads narrowed sharply, and the credit spreads dropped sharply. In 2011, it is expected that a slowdown in economic growth will not have much impact on the future bond market. However, the high inflation will bring about greater pressure and lead to the expectation of sustained rate hike. In the short to medium term, there will be a lot of liquidity into the economy. The quantity Type regulation will continue to be the central bank’s main mode of control.