在银行间市场引入债券预发行制度的思考

A proposal for interbank bond market to introduce when-issued trading system

债券预发行制度作为债券正式发行前先行买卖交易的行为，具有一级市场价格发现和稳定市场预期等作用，在成熟市场国家或地区已较为普遍。随着国内债券市场的快速发展和金融市场化改革步伐的加快，债券预发行制度的引入亦应有所考虑。文章对国外预发行制度的内涵和基本运行规则进行了研究，在分析国内市场环境的基础上，从监管、引入路径、基本规则设计等方面提出了引入预发行制度的基本设想。

The bond when-issued trading is trading prior to the official bond issue, which serves the functions of primary market price discovery and stabilization of market expectations, and is quite common in the mature markets. Following the rapid development of China＇s bond market and the acceleration of financial marketization reform, consideration should be given to the introduction of the bond when-issued trading system. The article studies the content and basic rules of overseas when-issued trading system and analyzes Chinese market environment to give basic ideas on regulation, introducing channel and basic operational design for the introduction of the when-issued trading system.