The first period of the year, the successful issuance of the bid rate lower than market expectations

Xinhua Shanghai, January 27 (reporter Yang Yinen, Huayadi) in order to raise financial funds, support the national economy and Social Development, the Ministry of Finance in the morning of January 27 tender issued the first period of 2010 accounting fixed rate of interest-bearing bonds, the issue amount of 26 billion yuan, the period of 2 years, the bid rate of 2.01%. The tender results show that the 2.01% per cent bid rate for this issue is lower than the general expectation of 2.03% to 2.07% in the previous market. Including the National Sea Securities, BOC International, the first venture securities, Rich Dian Bank, Huizhou Merchants Bank, Weifang Agricultural credit, Shanghai Securities and other brokerage institutions to give the forecast interval of 2.05%-2.1%, 2.02%-2.07%, 2.01%-2.06%, 2.03%-2.08%, 2.02%　　-2.05%, 2.05%-2.08%, 2.03%-2.08%. Analysts say the current issue is the first time the Treasury has restarted 2-year Treasury bonds since 2006, short-term bonds, in the case of higher interest rate expectations, hedge funds increased demand for short-term debt, 2-year Treasury bonds before the pre-tax yield better than the same period of financial debt and the central vote, holding 1 years later become 1-year bonds, less risk,　　It will inevitably be sought after by hedge funds.　　In fact, 2-year bonds have not been issued for four consecutive years, and 2010 should be renewed in line with aggressive fiscal policy to increase net government debt to meet the need for a widening deficit. As of January 26, the yield on 2-year fixed-rate bonds between banks was about 2.075%, and the two-tier market had less than 2 years of debt, the data showed.　　On the bilateral front, the 1.46-year "080011" offer is in 1.6%-1.66%, and the 2.24-year "070005" offer is in 2.33%-2.38%. "There is still plenty of cash on the market and there is no place to go until the loans are limited by major banks, so it has to increase bond investment, which directly leads to a downward spiral in the yields on this issue," said Chen Liang, a fixed income analyst at CNOOC. ”