作　　者： (陈峰）;

机构地区： 中国建设银行金融市场部

出　　处： 《中国货币市场》 2017年第8期52-55,共4页

摘　　要： 地方债作为债券市场的重要品种，正越来越受到投资者的关注。进入2017年以来，随着地方债发行利差的扩大、发行价格与估值价格的趋近，以及二级市场交易的逐步活跃，地方债发行市场化程度大幅提高，债券发行价格更能体现出风险和收益比。未来，随着地方债发行市场化、规范化程度的提升，地方债的地位有望与其发行量和托管量相匹配，成为继国债、政策性金融债之后又一金融市场价格基准。 Local government bonds, as an important bond variety in the bond market, are attracting more and moreattentions from investors. Since early 2017, with the expanding of the issuing premium of local government bonds, the approaching of issuing prices to valuation prices, and the gradually heated up in the secondary market trading, the issuance of local government bonds has been more market-based, and the bond pricing has been improved to reflect risks and returns better. In the future, with the further improvement of the marketization and standardization of the local government bond issuance, the importance of local government bonds is expected to enhance to match its issuance and deposit scale, and the local government bond price will become another price benchmark in the financial market following Treasury bonds and policy financial bonds.

关 键 词： 债券发行价格 市场化程度 地方政府 政策性金融债 地方债 债券市场 市场交易 市场价格