underwriters will undoubtedly want good performance this year in order to continue in the future

In just 10 days, Shanghai, Guangdong and Zhejiang to pilot their own deep four bond "speedy" is complete. Yesterday swtor power leveling, the Shenzhen tenders issued in two stages this year government bonds, bid bonds interest rates continued to work with the same period hung upside down. At this point, not only the pilot and four bond itself successfully with the $ 200 billion debt issuance this year ' Iceman '. Not out of the market expected, amounted to $ 2.2 billion of debt in Shenzhen yesterday continued lowInterest rate structure. Notice display, 3 and 5 years in Shenzhen yesterday bid rate of the debt and 3.03%, respectively. Separately below the bid the day before yesterday, the same duration Government bond 9 and 6 basis points. From November 15 form Shanghai bond issue, to Shenzhen bond tender yesterday, just 10 days, Shanghai, Guangdong and Zhejiang pilot was successfully completed by all four deep bonds on their own. And with the Ministry of financeCompared to previous agent bond, bond issuance costs are greatly reduced. According to reporter statistics, Treasury Agent 8 issue local bonds this year, the successful bidder interest rates higher than Treasury bonds valued at least 10 basis points. But the pilot and four bond tender results for display on their own, in addition to 5 year Shanghai bond rates and bond valuation outside the flat over the same period, the rest of the successful bidder interest rates significantly lower than in the bond proceedsRate. Zhejiang bonds of interest rates the lowest, 3 year and 5-year bonds the bid interest rates were substantially below their treasuries in Zhejiang valuations 13 basis points. Market analysts believe that the local debt bonds popular on their own this year, more for a number of non-market factors. On one hand, because the Syndicate were around on its own formation, and a syndicate of commercial banks, the end of the financialDeposits of the Chase, quotas on itself is not much local debt of commercial banks in droves. More critical is that if future roll out throughout the country to issue bonds on their own, faced with financing demand of Governments, underwriters will undoubtedly want good performance this year in order to continue in the future, "eating" local debt investment-banking "big cake". From the secondary has been listed on the Shanghai bond market performance,Sold for scarce, indicating that as in the previous Treasury agent issuing local bonds, liquidity of local debt remain high, body mostly held to maturity. In fact, local debts reflected local government credit, qualification should not only be weaker than bonds, and should fully reflect the various differences in economic and financial situation and solvency. So the market believe that the pilot and four of this yearValuation of debt interest rates significantly lower than national debt unsustainable in the future, issuing credit pricing interest rate should be determined to a reasonable level of return. At this point, the lines of 200 billion yuan of debt this year was full. Financial researcher Zhao Qingming said, next year to extend local governments issue bonds in their own country, not only requires further perfecting local debt rating system and market-oriented price formation mechanisms,Legal support of the budget Act also needs to be. Gold-line statement: Gold-line reproduced above, does not indicate that confirm the description for investor use only and does not constitute investment advice. Investor actions accordingly, and at your own risk.