agencies on current interest rates are approved

Deformed low local debt interest rates hard to continue on Friday, Shenzhen held a tender on 2.2 billion local debt. As local bonds on their own and the ' Iceman ' of the local debt during the year, Shenzhen debt continues hot at the same time, interest rates are not further down than Zhejiang bonds rebounded slightly. Market participants said that under the current interest rate levels, power to further push down local debt interest rates significantlyInadequate. Deformed low pilot local debt interest rates subject to issuer credit qualifications are better reasons, contains a lot of non-market factors, extend the scope of future pilot, local debt pricing will come to a reasonable level of return. Main capital stocks (eleven-twenty fifths) unit fled to cut meat must regret having sudden boom is not likely in a move investors Gospel: hold stocks saved!Debt cools slightly on Friday in Shenzhen, Shenzhen was 2.2 billion local debt tender, 3 year and 5 year tender varieties are the $ 1.1 billion.����As local bonds on their own and the ' Iceman ' of the local debt during the year, debts send heat through to the end, while in Shenzhen, irrational pricing also received some early improvement. According to interbank traders say, Shenzhen debt 3Year bid rate is 3.03%, a 2.24 times times subscribed; bid in a 5-year interest rate 3.25%, a 2.27 times times subscribed. Bond yield curve shows that 24th interbank market for 3 years and 5-year government bond yields and 3.12%, respectively, Shenzhen Treasury their respective debt interest rate compared to the same period by 9 basis points and 6 basis points lower. In this connectionPoint, debt tender scenes that are hot in Shenzhen.����In terms of capital subscription, two varieties are given about 2.2 times times tender, also clearly higher than the 7 year renewal bonds to be issued Wednesday. However, the undeniable is that compared to previous Zhejiang debts, debt tender scenes of Shenzhen cooled. First reflected in the issue fell on stabilising interest rates. To Zhejiang from Shanghai before debt debtLocal bond issuance rates all the way down. Shanghai bond 3 year and 5-year interest rates and 3.1%, respectively, debt lowered to and 3.08% in Guangdong Province on Friday swtor power leveling, a debt further reduced to Zhejiang and 3.01% this week. To Shenzhen when debt, start low interest rates stabilised on Zhejiang debt there 1-2 basis points comparedFloat. Second, the multiples bids fell. Shanghai bond two varieties for both multiples more than 3 times times, Guangdong bond up to 6 times more than double Zhejiang debt purchase multiples have come down but still nearly 4 times times, Shenzhen debt for the first time fell to below 3 times. Finally, hung upside down debts and debt interest rate margin narrowed slightly. On Monday, the Zhejiang debts and debt interest rates once hung upside down by 13 basis points, ShenzhenDebt again narrowed to less than 10 basis points. Market participants pointed out that Shenzhen rally, puts debt interest rates decline, reflects the irrational composition of local debt pricing has been reduced.����However, this does not prevent the "hot" Word to describe it, Shenzhen bond coupon rate is significantly lower than government bonds fact that cannot be ignored. Non-market interest rates caused by abnormal low debt from Shanghai to ShenzhenDebts, four pilot provinces hot local debt field, became the primary market in the near future and beautiful scenery.����In particular, its pricing levels below Treasury benchmark has become the market about the topic. It should be said, as local bond pilot varieties on their own, under the pricing logic of Wu Yi XI Wei GUI, enjoyed a certain amount of issue premium is understandable. And, the first batch of pilot financial forces in four provincesTotal chance, better pricing levels reflect the credit qualifications for its approval.����However, pilot local debt and debt interest rates seriously out of showing that it is likely to imply more of a non-market components. Insiders pointed out that the credit characteristics of local debt and liquidity could not better than government bonds, interest rate cannot be lower than government bonds. However, local debt syndicateIssuer choice, underwriting agency with close ties to the local economy, in order to attract local financial deposits, there may be a tendency to push down the release rates. In addition, with the four pilot provinces gradually advancing this year, local autonomy in the future to issue bonds may spread, faced with financing demand of Governments, underwriters will undoubtedly want to eat cake that block investment banking business. From this point of partial solutionsRelease local governments issue bonds in their own interest rates causes of low distortion. However, you can predict is, local debt interest rates below the national debt is unsustainable.����In fact, after the Shenzhen bond issue results announced on Friday, traders said, agencies on current interest rates are approved, then an earlier bid of power is obviously inadequate. Some analysts said that if the future district administrationGovernment House "independence debt" fully, and local debt repayment from the central budget, is reflected by the 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 next place debt issues credit pricing interest rate should be determined to a reasonable level of return.