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2011年3月份债券市场主要特点为:中债净价总指数前升后降,全月小幅上涨;各类债券指数普涨,国债表现突出;国债收益率曲线继续陡峭下移;高等级企业债收益率曲线继续上移,但上移幅度有所收窄;信用利差升幅出现明显下降。未来一段时间,基本面、政策面与资金面均较为有利,债券市场有望进入上升通道,但从以往情况来看,上升幅度不会太大。同时,考虑到近期央行加息将对债券市场形成拖累,4月份债券市场有可能小幅走高,国债收益率曲线陡峭化以及信用利差走高将持续。
The main features of the bond market in March 2011 were as follows: the total index of net debt in the securities market rose and then dropped, rising slightly throughout the month; the various types of bond indices rose broadly and the outstanding treasury bonds performed; the yield curve of the treasury bonds continued to decline steeply; the high- Yield curve continues to move up, but the rate of increase has narrowed; credit spreads decreased significantly. In the near future, the fundamentals, policies and funds will all be more favorable. The bond market is expected to enter a rising channel. However, in the past, the increase will not be too large. Meanwhile, taking into account the recent central bank rate hike will drag on the bond market, the bond market may be slightly higher in April, the steep curve of bond yields and credit spreads will continue to rise.