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2011年7月份债券市场主要特点为:市场情绪出现一定恐慌,中债净价总指数创年内新低;企业债成为市场全面下探过程中的重灾区;国债收益率曲线整体上行,1～3年期利率倒挂;高等级企业债收益率曲线继续平坦上移;企业债信用利差大幅上涨。8月份,通胀与加息将是市场面临的主要风险,与此同时,流动性已初步实现回暖,目前收益率恐慌性上涨也存在回调需求。由此,市场将进入振荡区间,但存在小幅反弹的可能,国债收益率曲线将出现陡峭变化,信用利差在地方政府债务风险出现解决迹象之前将维持高位,甚至可能上升。
The main features of the bond market in July 2011 were: a certain panic in market sentiment and a record low of the total net debt index in the year; the corporate bonds became the hardest hit in the overall exploration of the market; the overall yield curve of treasury bonds went up by 1 to 3 years Interest rate reversed; high-grade corporate bond yield curve continued to move flat; corporate bond credit spreads rose sharply. In August, inflation and interest rate hike will be the major risks facing the market. At the same time, liquidity has initially recovered and the demand for callbacks has also risen due to the panic of rising yields. As a result, the market will enter the oscillation range, but there is a slight rebound may occur, the Treasury yield curve will be steep changes, credit spreads remain elevated until the local government debt crisis signs of settlement, and may even rise.