【名称及出版时间】:国信证券-短期融资券及中期票据投资报告 价格指导将价格指向何方-091125
【来源】:国信证券
【文件格式】:PDF
【页数】:13
【内容提要】:
发行利率:具有上涨空间,但空间有限........................................3
一、二级市场间利差:终将向均衡值回复......................................6
信用利差:处于高位........................................................7
收益率预测:小幅上行......................................................8
期限选择:短期为主........................................................9
投资建议.................................................................10
图表目录
图1:11月短融市场收益率.........................................................................................3
图2:短融市场多项利率对比.......................................................................................3
图3:发行利率走势(8月).......................................................................................4
图4:发行利率与指导利率对比(8月) .....................................................................4
图5:短融一、二级市场利差(AA级)......................................................................5
图6:价格指导对短融发行的影响................................................................................5
图7:价格指导对中票发行的影响................................................................................5
图8:短融一、二级市场间利差走势(AAA级)..............................................................6
图9:短融一、二级市场间利差走势(AA级)................................................................7
图10:短融与央票利差走势........................................................................................7
图11:短融二级市场收益率走势(8月)........................................................................8
图12:短融二级市场收益率走势(11月)......................................................................8
图13:短融与央票利差走势........................................................................................9
图14:分期限收益率变动对比.....................................................................................9
图15:短融收益率曲线分时段对比............................................................................10
图15:短融收益率曲线分时段对比............................................................................10