对中长期债券的一点看法——我们在银行间债券市场上认真博弈了吗?

Opinions on Medium and Long-Term Bonds

2001年银行间债券市场上,财政部和政策性银行发行了大量中长期固定利率债,票面利率呈下行趋势,二级市场的现券交易却相对清淡。但作为经营短期货币信货业务的商业银行却争相购入大量长期固定利率债券,本文分析了目前这种状况的成因及弊端。

In 2001, large amount of fixed rate medium and long-term bonds were issued by the Ministry of Finance and policy banks, and the coupon rate manifested a declining trend. Meanwhile, the cash bonds transaction in secondary market is rather slack. The commercial banks, though engaged in short-term credit business, bought in considerable amount of fixed rate medium and long-term bonds. The article briefly analyzes the causes and disadvantages of the situation.