the successful bidder interest rates higher than Treasury bonds valued at least 10 basis points

In just 10 days, Shanghai, Guangdong and Zhejiang to pilot their own deep four bond "speedy" is complete. Yesterday, 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 yesterdayPattern of continued low interest rates. 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. 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!From November 15 form Shanghai bond issue swtor credits, 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 compared to the Treasury agents before issuing bonds, 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 swtor power leveling。　　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 bond yields.　　With bond issuance rates lowest in Zhejiang, Zhejiang debts of the successful 3 year and 5 years interest rates significantly lower than bond valuation 13 basis points. Market analysts believe that, for this yearLocal debt bonds popular on their own, 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, financial deposits at the end of the Chase, commercial banks in their respective local debt limit do not more well-behaved. More critical is that if future roll out throughout the country to issue bonds on their own, in the face of financing demandGovernments, 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 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 debt againstMap is a 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.　　Therefore, market participants believe that pilot four bond interest rates significantly lower than this year government bond valuation not sustainable in the future, issuing credit pricing interest rate should be determined to a reasonable level of return. At this point, the $ 200 billion this yearDebt line is 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.