论文部分内容阅读
4月份债券市场主要特点为:中债总指数呈“U”型走势,整体趋弱;中债各类型指数均小幅下跌,长期债券指数跌幅居前;国债收益率曲线呈平坦化,总体小幅上升;高等级企业债收益率曲线各期限大幅上涨;信用利差全线上涨。下一阶段,债券市场可能迎来一波小幅上涨行情,收益率曲线或者会呈现陡峭化下移趋势,预计中短期收益率会有所下降,但下降幅度不会太大,而长期收益率受通胀预期增强影响下行幅度会相对较小,信用利差有可能继续扩大。
The main features of the bond market in April were as follows: the total index of China’s debt stood at the trend of “U ”, and the overall trend weakened; various types of bonds index edged down while the long-term bond index dropped the most. The yield curve of the national bond was flattened, A slight increase; high-grade corporate bond yield curve rose sharply across the period; credit spreads rose across the board. The next stage, the bond market may usher in a wave of slight rally, the yield curve may show a steep downward trend is expected to short-term yield will decline, but the decline will not be too large, while the long-term yield by Downside inflationary expectancy impact will be relatively small, credit spreads are likely to continue to expand.