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2011年4月份债券市场主要特点为:中债净价总指数振荡走高;各类债券指数普涨,企业债表现突出;国债收益率曲线连续第三个月陡峭下移;高等级企业债收益率曲线全面下移,10年以内期限下移幅度较大;高等级企业债信用利差出现一定幅度下降。目前,多方迹象显示,债券市场已现转弱迹象,或将进入振荡期。在这一阶段,国债收益率曲线将经历由陡峭化下移到平坦化转动的转变,多数期限的信用利差将出现下降,但中期信用利差变化则面临一定不确定性。
The main features of the bond market in April 2011 were: the oscillation of the total index of net debt in the securities market; the rise of various types of bond stocks and the outstanding performance of corporate bonds; the yield curve of the national debt declined steeply for the third consecutive month; the rate of return of high- The overall downward trend of the curve, within a period of 10 years to move down a larger margin; high-grade corporate bonds credit spreads to some extent decline. At present, multiple signs show that the bond market has shown signs of weakening, or will enter a period of oscillation. At this stage, the yield curve of treasury bonds will undergo a shift from steepness to flattening, with the credit spread for most of the periods declining. However, the changes in the credit spreads in the medium term are subject to certain uncertainties.