银行间市场信用债承销做市联动机制建设——从一二级价差谈起

Analysis of Primary and Secondary Spreads of Credit Bonds and Construction of a Linkage Mechanism

经过多年发展,我国已建成世界第二大债券市场,但市场的流动性和稳定性仍有不足,价格发现功能也因此受限。在现有框架下提升债券市场质量,一二级联动提供了一个可选路径。从国外实践和国内现实条件看,活跃债券做市业务,推进承销做市一体化有其必要性和可行性。本文从银行间市场信用债一二级定价利差出发,探究高价差产生原因,指出信用债流动性不足是主要症结所在,提出通过建立承销做市联动机制或可促进流动性的基本逻辑,并从联动策略、能力建设、激励考核和配套支持等方面提供了推动承销做市联动机制的具体建议。

After years of development,China has built the second largest bond market in the world.The quality of the market has been improving,but liquidity and stability are still lagging,limiting the effectiveness of the price discovery function.To enhance the quality of the bond market under the existing framework,a linkage of the primary and secondary market provides an optional path.From the perspective of foreign practices and domestic realities,it is necessary and feasible to promote the integration of underwriting and market making.Starting from the pricing spreads between the primary and secondary markets of interbank credit bonds,this paper delves into the causes of high spreads,pinpointing inadequate liquidity as the primary culprit.It analyzes the current conditions for enhancing liquidity through the linkage between the primary and secondary markets,and highlights the deficiencies of marketmaking institutions that hinder the substantial progress of this linkage.Finally,this paper explores the viable paths for improving market efficiency.