2015年四季度债市机会与风险并存

Opportunities and risks for bond market in Q4 2015

2015年三季度，资金面基本与二季度持平，国债收益率曲线平坦化，信用利差和等级利差均收窄。展望后市，机会与风险并存，预计四季度资金面仍将宽松，利率债收益率将震荡下行，但对于信用债，更需要关注风险因素，预计信用利差和等级利差小幅拓宽。

In Q3 2015, the liquidity was basically the same as that in Q2, the T-bond yield curve turned flat, and both the credit spread and the inter-rating spread narrowed. Looking ahead, opportunities and risks will coexist in the bond market. It is predicted that the liquidity in Q4 would remain abundant, the interest rate bond yields would go down with fluctuations, the risk factors would dominate the credit bond market, and the credit spread and the inter-rating spread woud enlarge slightly