论文部分内容阅读
一、收益率曲线平坦化上行,国债金融债利差放大(一)国债品种收益率曲线变化一览2006年4月30日至2006年5月31日的收益率统计数据显示,在整体5月份中,国债收益率曲线的波动幅度明显小于金融债,呈现微幅平坦化转折的格局。在相对弱市环境中,国债品种因其免税优势明显抗跌(参见图1)。数据显示,在5月份中,国债收益率曲线围绕7年期发生了平坦化转折变动。7年以下的国债品种收益率微幅上行,1～3年期品种上行幅度略大,在3～8个基点范围,而3～7年期品种的收益率仅小幅上行1～2个基点。相比于中短期国债品种,长期国
First, the flattening of the yield curve upward, the spread of bonds and financial bonds to enlarge (A) bond yields curve changes in the list April 30, 2006 to May 31, 2006 yield statistics show that in May as a whole , The volatility of the curve of bond yields was significantly lower than the financial bonds, showing a pattern of slight flattening transition. In a relatively weak market environment, the national debt varieties significantly defensive because of their tax-free advantage (see Figure 1). Data show that in May, the bond yield curve around the 7-year flattening change occurred. Yields of bond products under 7 years went up slightly, with the upward range of 1-3 years rising slightly, ranging from 3 to 8 basis points, while the yields of 3-7 year varieties only slightly up 1-2 basis points. Compared to the short-term bond varieties, long-term