本息拆离:一种可行的国债创新品种

STRIPS:A feasible and innovative bond variety

国债本息拆离具有分散市场风险、增加市场流动性、提升对交易者的效用等优点,它的推出将促进市场机能的完善,也符合众多市场参与者的内在要求。在业务的设计框架上,应考虑在鼓励优良机构参与、依托国债发行并以长期附息国债为主、及适应居民个人需求的前提和基础上开展国债本息拆离业务。

STRIPS is a bond variety that can disperse market risk, improve market liquidity arid enhance effectiveness for traders. The introduction of STRIPS will help improve market functions end meet the demands of marketparticipants. The framework desugn for STRIPS should take into consideration the prerequisites arid bases of developing the business; that is, to encourage participation of qualified institutions, to issue STRIPS based on T-bond issuance and focus on long-term coupon bonds, and to meet the demand of individual residents.