经济学人—中国债券市场定价风险(下)
来源: | 作者:passion | 发布时间: 2017-02-08 | 9229 次浏览 | 分享到:

据华创证券统计显示，中国未偿债务的平均支付利率已从去年近7%跌至为今年6%，这使得借款人还债的负担更为轻松。


Besides, with growth sluggish, the central bank will probably keep interest rates low.
除此之外，随着经济增长放缓，中国人民银行可能会维持低利率政策不变。


Shi Lei, head of fixed-income research at Ping An Securities, expects yields to come down by as much as half a percentage point over the next year.
石磊是平安证券固定收益调研部的负责人。他预计明年的收益将会下降0.5%。


Spreads between interest rates on corporate bonds and government ones are also starting to widen again.
同时，公司债券和政府债券两者利率的差幅也将再次扩大。


Their compression had been spurred by the stock market crash in July, when much of the money that fled stocks ended up in bonds of all ratings.
两者的利率差在此前6月份股市崩盘中逐步缩小——当时（投资者）将资金抽离股市，再度投放于各级债券市场。


Chen Kang of SWS Research believes that now the stock market has rebounded, investors are starting to differentiate again between private and government-backed issuers.
陈康系上海申银万国证券研究所的一名分析师，他认为如今股市已经回升，投资者也开始再次区分私人和政府担保的债券发行方。


Whether those government-backed issuers deserve their low yields is another question.
有政府作担保的债券发行人是否就应获得低收益则是另一问题。


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