发展信用债,关键在于改革招标方式。近日,关于中国银行间市场交易商协会(下称“交易商协会”)打算取消信用债发行价格在估值中枢上加点保护措施的消息成为业界关注焦点。市场分析人士指出,在当前债券市场日益成熟之际,交易商协会决定取消信用债发行价格在估值中枢上加点保护的措施,主要目的在于尽量减少行政管控,同时,也有利于降低部分企业的债务融资成本,背后更大的意义在于,从侧面促进利率市场化。 The key to developing credit bonds lies in the reform of the bidding methods. Recently, the news about the announcement by the China Association of Banks Market Dealers (hereinafter referred to as the “Association of Dealers”) that it intends to cancel the issue price of credit bonds with some protection measures in the valuation center has become the focus of attention in the industry. Market analysts pointed out that the current maturity of the bond market, the Dealers Association decided to cancel the issuance of credit bonds in the valuation of the central point of protection measures, the main purpose is to minimize administrative control, but also help to reduce the part of the business Debt financing costs, the greater significance behind this is to promote the market-oriented interest rates from the side.