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11月份债券市场主要特点为:债券市场结束振荡下行进入快速上升通道;国债总指数领涨;1～10年期国债收益率全面下降;高等级企业债收益率呈平坦化;企业债信用利差走势出现明显分化。下一阶段,在货币政策预期企稳的情况下,流动性将支撑债券市场继续走强,国债收益率曲线短端以及中短期信用债券有可能受到投资者的特别关注。因此,初步判断,收益率曲线或陡峭化下移,而信用利差有望全面会企稳甚至下降。
The main features of the bond market in November were as follows: the bond market ended its downward spiral into a fast-rising channel; the total bond index led the rise; the yield of 1-year 10-year bond fell across the board; the yield of high-grade corporate bonds was flat; the corporate bond credit spread The trend showed a clear differentiation. In the next phase, liquidity will support the bond market to continue strengthening as monetary policy is expected to stabilize. Short-term bond yield curves and medium and short-term credit bonds are likely to receive the special attention of investors. Therefore, the initial judgment, the yield curve or steep down, while the credit spread is expected to stabilize or even decline.