2013年中国债券市场发展报告

China＇s bond market developments report in 2013

2013年中国债券市场收益率曲线平坦化上行，高评级信用利差收窄，信用债等级间利差拓宽。展望2014年，资金面仍将维持紧平衡，利率债供给压力将小幅增加，国债收益率曲线小幅陡峭化下移，下半年市场表现好于上半年；在信用债市场，随着下半年市场收益率水平下行和信用债供给的增加，高评级产品利差将会拓宽；中低评级债券受信用风险事件和交易所重启IPO影响，等级间利差也将拓宽。

In 2013, the yield curve of China＇s bond market moved upward with flat shape, the credit spread of high rating products became narrow and the spread of other credit bonds widened. In 2014, the liquidity would still be in tight balance, the supply pressure of interest rate bonds would increase slightly. The T-bond yield curve would turn steep and move downward slightly, and the market performance in the second half of the year would be better than that in the first half. In the credit bond market, as the market yield drops in the latter half of the year and the supply of credit bonds increases, the spread of high rating products would become wide, and the medium to low rating bonds would experience a wider spread as well due to credit risk events and IPO re-launch by the stock exchanges.