The valuation bias is a headache.

⊙ pondering ⊙ after years of development, with the efforts of management and many investors, the efficiency of inter-bank bond market has been improved, but there are still some problems such as unreasonable pricing and valuation deviation. For example, there is a clear pricing bias in the right debt of some investors ' choice right now. The pricing of the right debt of the investors ' choice should be based on the right yield and the option value, even if the option value is not considered, the right rate of return should be equivalent to the fixed rate bond of the same term variety, but the value of the right debt option in the country is negative 20-30bp. such as: 5+5 08 countries Open 18 debt, the right to the remaining period of 4.47 years, the market price of the debt is near 3.04%, but the same remaining term fixed interest rate of the country's current market yield is 2.8%, the Chinese debt valuation of 2.71%, the market yield ratio of the theoretical yield is 24BP higher, is 33BP higher than the middle-debt valuation. 3+7 08 Countries Open 19 debt, the right to leave the remaining period of 2.48 years, the same remaining term fixed interest rate of the current market yield around 1.95%, the Chinese debt valuation of 1.93%, the debt market price is around 2.22%, there is a 27-29bp premium spreads. Even if the right of the remaining period of 1.58 years only 08 countries open 25 debt, there are 22BP arbitrage space. These rights-bearing debt in 2008 was too much hype, the option value of excessive overdraft, in the early years of the decline in the process became abandoned, the fund's crazy reduction so that market investors to the category of debt-containing rights, resulting in its price oversold. But its inherent basic line value still exists, the obvious pricing deviation provides investors with rare investment opportunities.　　If there is a configuration asset support, through the replacement of assets or the use of derivative transactions, can fully achieve the same issuer, the remaining period, the variety of bonds risk-free hedging arbitrage. In addition, the issue of bond market prices and the bias in the valuation of Chinese debt has increasingly made investors headache. Since the financial crisis, the financial institutions have paid more attention to risk control. At present, the accounting price of each financial institution and the internal wind control are all based on the valuation of the middle debt, although the relevant departments have a relatively loose range of the valuation deviation between the transaction prices and the Chinese debt, but the internal control scope of the company is often more stringent. When the management department carries out the wind control inspection, it does not think that the deviation is not in the scope of the policy, but the external accounting firm's audit is stricter, and a little deviation is questioned. The value of Chinese debt and market prices are different, coupled with the lag in valuation changes, sudden changes in the market will inevitably lead to a widening gap between valuation and market prices, easy to trigger wind control and is prohibited from trading. When market prices fall, valuations still refer to the previous day's price, which may be triggered by a bias in the valuation and market price of a single bond, which is then restricted from being able to sell, and may continue until the end of the trend until valuations and market prices get closer to the plan. The same goes for the rally.　　The result is a drop in the end to sell, the rally ended to buy, and investment demand just the opposite. Especially creditDebt valuations are more troubling, and most credit-bond valuations and market prices have been skewed, making wind-controlled institutions lose huge investment opportunities. The above problems need the management and investors to work together, and constantly improve the market mechanism and internal investment and risk control management system, in order to make the market more effective.