What is the Bond Market?

The bond market is a place for issuing and trading bonds, and is an important part of (the financial market). The bond market is an integral part of a country's financial system. A unified and mature bond market can provide investors and fundraisers with low-risk investment and financing instruments; the yield curve of bonds is the benchmark for the return of all financial commodities in the social economy, so the bond market is also a transmission of central bank currency An important carrier of policy. It can be said that a unified and mature bond market forms the basis of a country's financial market.

Bond Market

(Financial term)

Bond market ^[3]

Throughout the world's mature financial markets, there is no shortage of a developed bond market. The bond market occupies such an important position in the social economy,

Since the establishment of the bond market in the 1990s, the bond market has continued to grow. The market value of bonds has exceeded 20 trillion yuan, which is close to the market value of the stock market. In a speech at the 2012 Securities Regulatory Working Conference, management pointed out that "the bond market should be actively and steadily developed" and "significantly increase the proportion of corporate bond financing in direct financing. Research and exploration and pilot launch of high-yield

1. The "big and small years" of the bond market are obvious;

2. Chinese bonds have become a world power;

3. Investors' risk capabilities are constantly being strengthened;

4. Global market differentiation is obvious. ^[6]

Since 2013, the supervisory authorities have increased the investigation and punishment of bond market irregularities, which has aroused widespread concern from the public opinion. Market is also uncertain due to regulatory policy

Potential risks of the continued hot market of urban investment bonds still need to be vigilant

With the continuous expansion of the bond market and the change in the financing structure of the whole society, the role of urban investment bonds in urban infrastructure construction is constantly increasing.

Year-to-date, the issuance of urban investment bonds has continued to be hot, and has been favored by investors. After reviewing the data, the reporter found that from the beginning of the year to February 7, 2013, the average investment bond of the exchange rose more than 1.14%, and trading was very active.

Mou Zhiyang, a fixed-income researcher at Hualong Securities, said: "Since last year, the interest rate of urban investment bonds has shown an overall downward trend. This is due to the decline in the overall social financing interest rate and bond interest rates. The more important aspect is urban investment The decline in debt risk concerns has led to the disappearance of liquidity discounts on urban investment bonds. "