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过去两个月,债券市场经历了大幅的波动,现在仍处于弱势状态,分级债基也难有良好的表现。在过去两个月中,债券利率整体呈上升态势。进入6月下旬,由于多方面因素致使资金面骤然紧张,利率大幅上行,此后随资金面缓解逐渐回落。至7月,债券利率维持上升态势,至7月下旬,除一年期利率,其他利率均已超过6月下旬高位,直至月末才有所下降。受利率上升影响,分级债基净值普遍下跌。截止7月31日,仅四支债基净值上涨,涨幅最高的鹏华丰利分级和德邦企债分级,涨幅也仅有0.30%;大部分债基净值下跌,跌幅最高的浦银安盛增利分级和信达澳银稳定增利,跌幅都超过了7%,分别为7.55%和7.05%。过去两月,分级债基的走势与利率波动呈现反向相关。进入6月下旬普遍出现下跌,6月末7月初小幅回升后,分级债基普遍重拾跌势,至7月末才出现回升势头。
In the past two months, the bond market has undergone sharp fluctuations. It is still in a weak state now and graded bond companies can hardly have a good performance. In the past two months, the bond interest rate as a whole is on the rise. Into the end of June, due to many factors led to a sudden nervous capital side, the interest rate sharply upward, then with the capital side to ease gradually eased. By July, bond interest rates had been rising. By the end of July, all other interest rates except the one-year interest rates surpassed the high levels in late June and declined only until the end of the month. Affected by the rise in interest rates, the net value of classified debt bases generally dropped. As of July 31, only four of the net debt base rose, the highest increase in Peng Huafeng grading and Nadu corporate bonds grading, or only 0.30%; most of the net debt base fell, the highest decline in Pu silver AXA Grading and Cinda ABN AMRO steady gains, down more than 7%, respectively, 7.55% and 7.05%. In the past two months, the trend of graded debt base has been inversely related to interest rate volatility. Into the late June generally decline, a slight rebound in late June early July, graded debt base generally regain the decline, only to pick up the momentum until the end of July.