对债券市场的定性研究

• 机 构: 华泰证券,
• 出 处: 资本市场
• 发表日期: 2014年05期
• 关键词: 企业融资成本 债券利率 波动性 商业银行 定性研究 逆回购 利率上限 电子银行 贷存比 无风险利率

利率市场化对固定收益类资产价格而言短期负面影响居多,利率债收益率中枢缓慢上移;导致债券利率的波动性也在加大;信用债方面企业融资成本短期难以有效下行,资质较差的低评级债券将会面临更大的违约风险。从长期来看,则有利于信用债配置需求的上升。

The market-based interest rate has the short-term negative impact on fixed-income asset prices and the central rate of interest rate bond yields slowly move upward. As a result, the volatility of bond interest rates is also increasing. In the aspect of credit liabilities, the corporate financing costs are hard to be effectively reduced in the short term, Of the low-rated bonds will face greater risk of default. In the long run, it is conducive to the rise in demand for credit debt allocation.