央行月内两提 加快推动柜台债券市场发展

The central bank raised two proposals in the month to accelerate the development of the counter bond market

本报记者 昌校宇 杨 洁

Our reporter Chang Xiaoyu Yang Jie

8月份以来，监管部门两次部署加快推动柜台债券市场发展。记者通过摸底多地柜台债券发行机构了解到，地方债销售火爆，多数一日售罄；国债也受到投资者欢迎。少数价格敏感型投资者则对柜台债缺乏兴趣，更青睐银行理财、基金定投等产品。

Since August, the regulatory authorities have deployed twice to accelerate the development of the counter bond market. The reporter learned from the over-the-counter bond issuers that local debt sales are hot and most of them are sold out in one day; Treasury bonds are also popular with investors. A few price-sensitive investors lack interest in over-the-counter bonds, and prefer products such as bank wealth management and fund fixed investment.

接受《证券日报》记者采访的业内人士表示，当前，我国柜台债券市场总体保持稳健发展，在地方债加速发行的背景下，柜台债券市场也有望扩围。

Industry insiders interviewed by Securities Daily said that at present, China's over-the-counter bond market has generally maintained steady development, and under the background of accelerated issuance of local bonds, the over-the-counter bond market is also expected to expand.

不过，专家也表示，目前，柜台债券市场仍面临投资债券品种有限、收益率相对较低、中小投资者认识不足、信息披露不充分等问题，有待在监管部门的支持下进一步完善。

However, experts also said that at present, the over-the-counter bond market is still facing problems such as limited types of investment bonds, relatively low yields, insufficient understanding of small and medium-sized investors, and insufficient information disclosure, which need to be further improved with the support of regulatory authorities.

央行两次表态

The central bank expressed its position twice

推动柜台债券市场发展

Promote the development of over-the-counter bond market

8月1日，央行召开2022年下半年工作会议提出，“加快推动柜台债券市场发展”；8月10日，央行发布的2022年二季度中国货币政策执行报告提出，健全高效联通的多层次债券市场体系，加快商业银行柜台债券市场发展，提高债券市场流动性，形成更加连续有效的二级市场价格。

On August 1, the central bank held a working meeting in the second half of 2022 and proposed to "accelerate the development of the over-the-counter bond market"; On August 10, the central bank released the second quarter of 2022 China Monetary Policy Implementation Report, proposing to improve the multi-level bond market system with efficient connectivity, accelerate the development of the commercial bank counter bond market, improve the liquidity of the bond market, and form a more continuous and effective secondary market price.

“监管加快推动柜台债券市场发展意在进一步满足市场多元化投融资需求。”中诚信国际研究院助理总监汪苑晖对《证券日报》记者表示，当前，存款利率、理财产品收益率持续下行，且理财产品打破刚兑，购买以利率债为主要品种的柜台债持有到期后能确保稳定收益，且能通过中途交易获得溢价机会，为合格中小投资者提供风险可控的标的，有利于增加财产性收入。

"Supervision accelerates the development of the counter bond market and is intended to further meet the diversified investment and financing needs of the market." Wang Yuanhui, assistant director of China Chengxin International Research Institute, told the Securities Daily reporter that, At present, the deposit interest rate and the yield of wealth management products continue to decline, and wealth management products break the exchange rate. After the purchase of over-the-counter bonds with interest rate bonds as the main variety expires, stable income can be ensured, and premium opportunities can be obtained through midway transactions, providing qualified small and medium-sized investors with controllable risks, which is conducive to increasing property income.

据中央国债登记结算有限责任公司最新披露的数据显示，截至7月末，银行间市场投资者持有债券规模为89.5万亿元，主要为商业银行、信用社、保险机构、证券公司等机构投资者和非法人资管产品等，而以个人投资者参与为主的柜台债市场持有规模仅为0.73万亿元，占比不足1%。

According to the latest data disclosed by the Central Treasury Bond Registration and Settlement Co., Ltd., as of the end of July, the scale of bonds held by investors in the interbank market was 89.5 trillion yuan, mainly for institutional investors such as commercial banks, credit cooperatives, insurance institutions, securities companies and unincorporated asset management products, while the scale of over-the-counter bond market held mainly by individual investors was only 0.73 trillion yuan, accounting for less than 1%.

中信证券首席经济学家明明在接受《证券日报》记者采访时表示，发展柜台债可以提高个人投资者占比，改善目前债券市场以机构为主的投资者结构，个人投资者加入后，还可以增加债券市场的流动性；对于整个金融市场而言，资金配置效率提高，业务方式更加多元，投资者的选择范围更广泛；对于实体经济而言，拓宽资金来源渠道，吸收中小投资者持有的闲散资金，可以更好地从金融市场获取融资支持。

Ming Ming, chief economist of CITIC Securities, said in an interview with Securities Daily that the development of counter bonds can increase the proportion of individual investors and improve the current institutional investor structure in the bond market. After individual investors join, they can also increase the liquidity of the bond market; For the whole financial market, the efficiency of capital allocation is improved, the business methods are more diversified, and investors have a wider range of choices; For the real economy, broadening the sources of funds and absorbing idle funds held by small and medium-sized investors can better obtain financing support from the financial market.

商业银行承销筹备充分

Commercial banks are fully prepared for underwriting

地方债认购热度高

Local debt subscription is hot

今年以来，地方政府债券发行规模加大。东方财富Choice数据统计显示，截至8月18日，年内全国发行地方政府债券规模达58764亿元，同比增长32.2%。

Since the beginning of this year, the scale of local government bond issuance has increased. According to the statistics of Oriental Wealth Choice, as of August 18, the scale of local government bonds issued nationwide during the year reached 5,876.4 billion yuan, an increase of 32.2% year-on-year.

地方政府债券受到投资者广泛欢迎。据青岛市财政局消息，8月10日至12日，青岛市通过商业银行柜台面向广大市民和中小机构投资者发行政府债券2.4亿元，品种为3年期记账式固定利率附息债。8月15日为起息日，利息所得免征所得税和增值税。8月17日起上市流通，到期前可自由交易。

Local government bonds are widely welcomed by investors. According to the Qingdao Municipal Bureau of Finance, from August 10 to 12, Qingdao issued 240 million yuan of government bonds to the general public and small and medium-sized institutional investors through the commercial bank counter, and the variety was a 3-year bookkeeping fixed-rate interest-bearing bond. The interest date is 15 August, and interest income is exempt from income tax and VAT. It will be listed and circulated from August 17, and it can be freely traded before expiration.

某国有大行青岛分行工作人员告诉记者，“本期青岛市政府债券票面利率为2.42%，认购金额为100元，交易门槛低且安全性高，很受投资者欢迎。”

A staff member of Qingdao Branch of a large state-owned bank told the reporter that "the coupon rate of Qingdao government bonds in this issue is 2.42%, and the subscription amount is 100 yuan. The transaction threshold is low and the security is high, which is very popular among investors."

8月24日至8月26日，山西省政府将面向省内个人和中小机构投资者发售4亿元政府债券，100元就能认购。

From August 24th to August 26th, Shanxi provincial government will sell 400 million yuan of government bonds to individuals and small and medium-sized institutional investors in the province, which can be subscribed by 100 yuan.

内蒙古自治区财政厅此前通过商业银行柜台市场发行了地方政府债券5亿元，期限为3年期。记者从某家承销银行处获悉，该债券在开售1小时后该行分销额度就已全部售罄。

The Department of Finance of the Inner Mongolia Autonomous Region previously issued 500 million yuan of local government bonds through the commercial bank counter market, with a maturity of 3 years. The reporter learned from an underwriting bank that the bank's distribution quota was sold out 1 hour after the bond was sold.

“除地方债外，国债同样受青睐，年龄大的投资者为主要购买群体。”上述内蒙古自治区某银行工作人员透露，投资者在选择债券品种时最看重安全性、利率以及提前支取是否会扣除费用等。

"In addition to local debt, national debt is also favored, and older investors are the main buying groups." According to the above-mentioned staff member of a bank in Inner Mongolia Autonomous Region, investors pay most attention to safety, interest rate and whether fees will be deducted for early withdrawal when choosing bond varieties.

某股份制银行金融部负责人告诉《证券日报》记者，为做好分销工作，该行会提前半个月进行全方位的动员部署，通过“线上+线下”的形式，多渠道开展宣传，提前对接意向投资者，为投资者办理好风险测评等准备手续，确保投资者在柜台债发售第一时间顺利认购成功。

The person in charge of the financial department of a joint-stock bank told the "Securities Daily" reporter that in order to do a good job in distribution, the bank will carry out all-round mobilization and deployment half a month in advance, carry out publicity through multiple channels in the form of "online + offline", dock with interested investors in advance, handle risk assessment and other preparation procedures for investors, and ensure that investors can successfully subscribe for the first time in the sale of over-the-counter bonds.

汪苑晖表示，中小投资者参与地方债投资，能在一定程度上降低银行机构的地方债持有量，改善银行资金结构，缓解其持债资金压力，释放更多资金支持实体经济的信贷需求。

Wang Yuanhui said that the participation of small and medium-sized investors in local bond investment can reduce the local bond holdings of banking institutions to a certain extent, improve the capital structure of banks, alleviate the pressure on their bond funds, and release more funds to support the credit demand of the real economy.

专家建议提高债券市场覆盖面

Experts suggest improving the coverage of bond market

适当匹配个人养老投资需求

Appropriately match the needs of individual pension investment

记者在采访中了解到，当前商业银行柜台业务还面临一些问题。上述某股份制银行金融部负责人表示，“资金市场波动、国债利率下行等因素都会给柜台债业务带来一定影响。”

The reporter learned in the interview that the current counter business of commercial banks is still facing some problems. The person in charge of the financial department of the above-mentioned joint-stock bank said, "Factors such as fluctuations in the capital market and downward interest rates on treasury bonds will have a certain impact on the counter bond business." ”

某国有大行北京地区一网点理财顾问告诉《证券日报》记者，“柜台债对投资者的吸引力没有理财产品大，因其利率相对较低，我们会更倾向于推荐理财产品或基金定投。”

A financial consultant of a state-owned bank in Beijing told the Securities Daily reporter that "counter bonds are not as attractive to investors as wealth management products. Because their interest rates are relatively low, we will be more inclined to recommend wealth management products or fund investment."

“柜台债主要包含国债、政策性金融债、地方债等信用水平高的品种，中小投资者可选择品种（券种、期限等）有限，且收益水平相对低于公司债、企业债等品种。同时，部分中小投资者基础知识储备相比机构投资者较为缺乏，且不同投资者风险承受能力、偏好差异明显，对于中小投资者的风险甄别及权益维护等仍待完善。”汪苑晖表示。

"Counter bonds mainly include treasury bonds, policy financial bonds, local bonds and other varieties with high credit level. Small and medium-sized investors can choose limited varieties (bond types, maturities, etc.), and the income level is relatively lower than that of corporate bonds and corporate bonds. At the same time, compared with institutional investors, some small and medium-sized investors lack basic knowledge reserves, and different investors have obvious differences in risk tolerance and preferences, so the risk screening and rights and interests maintenance of small and medium-sized investors still need to be improved. "Wang Yuanhui said.

谈及在优化柜台债券市场发展的发力点，明明建议，首先，可丰富产品品种，一方面增加一些收益率较高的债券品种提高吸引力，另一方面要扩大整体柜台债的市场，可引导发行一些绿色金融、乡村振兴主题的专项债券；其次，重视信息披露，完善报价服务。进一步缩减报价点差，使价格水平更加合理、有效地跟随银行间二级市场价格波动，从而降低交易性客户的交易成本，提升客户的积极性；此外，加强投资者教育，提高投资者对柜台业务的接受度。鼓励满足条件的客户参与柜台业务，并且做好相关风险提示工作。

Talking about the power point in optimizing the development of the over-the-counter bond market, Mingming suggested that, first of all, it is possible to enrich the product variety, on the one hand, to increase the attractiveness of some bond varieties with higher yields, on the other hand, to expand the overall counter bond market, and to guide the issuance of some special bonds with the theme of green finance and rural revitalization; Second, attach importance to information disclosure and improve quotation services. Further reduce the quotation spread, so that the price level is more reasonable and effective to follow the price fluctuations of the interbank secondary market, thereby reducing the transaction costs of trading customers and enhancing the enthusiasm of customers; In addition, strengthen investor education and improve investors' acceptance of counter business. Encourage customers who meet the conditions to participate in the counter business and do a good job of warning related risks.

在汪苑晖看来，未来可谨慎扩充柜台债券市场品种，如考虑将公用事业类的高等级信用债、部分系统性银行发行的二级资本债、永续债等纳入二级柜台市场，提高债券市场的覆盖面。同时，进一步增加柜台债期限品种，提供更加丰富的投资期限选择，考虑到个人养老的投资需求，可适当增加长期限的债券品种。此外，商业银行还需进一步完善柜台债券市场基础设施建设，通过改进柜台系统功能提高柜台交易的及时性与便利性，适当延长柜台债发售期等措施，吸引更多中小投资者参与，促进柜台债券市场的可持续发展。

In Wang Yuanhui's view, in the future, we can cautiously expand the varieties of the over-the-counter bond market, such as considering the inclusion of high-grade credit bonds in the public utilities category, secondary capital bonds issued by some systemic banks, perpetual bonds, etc. into the secondary counter market to improve the coverage of the bond market. At the same time, further increase the maturity of counter bonds, provide a richer choice of investment term, considering the investment needs of individual pensions, can appropriately increase the varieties of long-term bonds.In addition, commercial banks need to further improve the infrastructure construction of the over-the-counter bond market, improve the timeliness and convenience of over-the-counter transactions by improving the functions of the over-the-counter system, and appropriately extend the issue period of over-the-counter bonds, so as to attract more small and medium-sized investors to participate and promote the sustainable development of the over-the-counter bond market.