上周五1年期国债收益率下破1%,为2009年来首次。昨日短端国债利率继续下探,国开债也表现强势。近日短端的下行从收益角度看颇为“异常”,目前1年期IRS利率为1.4%,这意味着1年期国债持有到期的收益不如出回购。即便考虑利率下行可能带来的资本利得,由于久期短,也没有太大空间。 从数据上看,近日短端利率债的买入主力是大行,我们认为这背后更多体现的是一些非市场化因素,具体看: 第一,监管对大行债券投资...
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