短期融资券信用价差分析

An Analysis of Credit Spreads of Short -Term Commercial Paper

短期融资券的信用价差初具分化趋势,不同评级机构给出同一信用等级的信用价差不同,说明各评级机构在评级标准和评级理念的把握上存在一定的差异。A-1+、 A-1信用等级之间没有形成明显不同的信用价差影射区间。短期融资券的发行利率的大幅上升主要是由于一级市场收益率微薄、流动性风险加剧以及作为定价基准的央行票据利率不断上调等直接原因造成的。

Credit spreads of short-term commercial paper （CP） have been diverging, same credit rating given by different rating agencies often accompanied by different credit spreads. There is not different zone of credit spreads between issuers rated A-1＋ and rated A-1. Issuing interest rates of CP are rising significantly,mainly due to decreasing returns in issu w ing market, liquidity risk, increasing central bank bonds interest rate that plays the role of bench mark interest rate, and so on.