论文部分内容阅读
自2004年市场化筹资启动,农发行的债券发行总量已达4409.7亿,其中2006年发债总量达到2000亿,较2004年的408亿增长4倍,成为全国银行间市场上第3大发债主体;债券平均发行利率一直控制在2.6%以下,低于再贷款利率60个基点以上。为了顺应农发行市场化筹资大势,本刊与农发行总行资金计划部合作,于2006年第3期开辟了“聚焦债券”专栏,连续刊载10篇相关文章,到这一期划上了圆满的句号。这些文章既有对实践工作的经验总结,也有对理论应用于实际工作的构想,为农发行进一步发展市场化筹资起到了一定的参考作用。其中我国银行间市场分析报告通过回顾近年的债券市场走势,对银行间债券市场中央行紧缩货币政策相继出台、债券市场不断震荡调整、资金阶段性紧张等因素进行分析研究,剖析引起市场变化的内外原因,为有关决策和工作安排提供参考;有关农发行发债实际业务的文章对资产负债管理指导下的债券发行思路、农发行贷款定价管理和利率风险管理、金融债券市场化发行方式、债券发行成本的确立标准等课题进行了深入研究和探讨;关于票据交易、人民币利率互换交易、资产证券化业务的论文研究农发行开办资金交易和证券发行新业务品种的必要性与可行性,为将来进一步扩展资金交易业务范围,增加市场化筹资手段提供了前瞻性的研究成果和技术储备。希望通过专栏这个窗口,全系统的广大读者已经初步了解到金融市场的基本知识,间接感受到金融市场的竞争、挑战和智慧。
Since market-oriented fund-raising started in 2004, the total amount of bond issuance by the ADBC reached 440.97 billion, of which the total issuance of bonds in 2006 reached 200 billion yuan, a four-fold increase from the 40.0 billion in 2004 and the third largest in the national inter-bank market Bond issuers; the average bond issuance rate has been controlled below 2.6%, below the re-lending rate of 60 basis points or more. In order to comply with the general trend of the ADBC’s market-oriented fund-raising, in collaboration with the Capital Planning Department of the Agricultural Development Bank, this issue opened the column entitled “Focusing on Bonds” in the third issue in 2006 and published 10 articles in a row, period. These articles have not only summed up the experience of practical work, but also put forward the concept of applying theory to practical work, which has played a certain reference role in further developing the market-oriented fund-raising by the ADBC. Among them, the inter-bank market analysis report of our country reviews the trend of the bond market in recent years, analyzes and studies the tightening monetary policy of the central bank in the inter-bank bond market, the continual shock adjustment of the bond market and the tense fund stage, The article provides reference for the related decision-making and work arrangement; the article about the actual business of issuance of bonds by ADB provides a summary of the issuance of bonds under the guidance of asset and liability management, the management of loan pricing by ADB and the management of interest rate risk, the issuance of financial bonds by market, The establishment of standards and other issues of cost conducted in-depth research and discussion; on the paper transactions, RMB interest rate swaps, asset securitization thesis research the Agricultural Development Bank to start a new type of securities trading transactions and the necessity and feasibility of the securities for the future Further expand the scope of the business of capital trading, increase market-based financing provides a forward-looking research results and technical reserves. Hope that through the window of this column, the readers of system-wide have initially learned the basic knowledge of financial markets and indirectly felt the competition, challenges and wisdom of financial markets.