香港通胀指数债券(iBond)的模式设计与市场分析

Pattern Design and Markets Analysis of Hong Kong iBonds

为繁荣债券市场和管理通货膨胀,香港特区政府自2011年开始发行通胀指数债券(iBond),iBond兼具了可流通债券与储蓄债券的双重特征,对这一独特模式的深入分析和科学评判有助于经验的总结和措施的改进。鉴于此,本文首先指出香港在管理通胀时的被动地位,除遏制楼价和纾困利民措施之外,iBond提供了一个新的选择。其次,在与美国TIPS和I系列储蓄国债比较的基础上,总结出香港iBond独特的模式设计。最后,较为系统地剖析了香港iBond的一二级市场并最终提出有针对性的建议。

To promote the further development of bond market and manage inflation, the Hong Kong special administrative region(HKSAR) government first issued inflation indexed Bonds(i Bonds) in 2011. It is advantageous to gather experience and improve measures under the in-depth analysis and scientific judgment of i Bonds' dual characteristics, which is similar to the marketable and saving bonds. It is rather passive for the HKSAR government to control inflation owing to the lack of independent monetary policies, and fortunately i Bond provides a new choice besides property prices curb and bail-out policies. After detailed comparison with TIPS and series I saving bond, this essay sums up the unique pattern design of i Bond. On the basis of in-depth analysis of the primary and secondary markets, it presents several corresponding suggestions.