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财政部定向发行6000亿元特别国债 全额续作维稳流动性

2017-08-23 11:18:10   新华网

市场关注的2007年特别国债到期续作方式确定。22日财政部网站公布,2007年第一期6000亿元特别国债将于2017年8月29日到期兑付。财政部将采取滚动发行的方式,向有关银行定向发行6000亿元特别国债。对此,人民银行研究局局长徐忠表示,此次特别国债滚动发行基本上比照2007年的做法,不会对金融市场和银行体系流动性产生影响。

公开资料显示,十年前发行的约1.55万亿元特别国债中,将有6964亿元左右今年面临到期。其中,定向发行的6000亿元将于8月29日到期。公开发行的964亿元将分别于9月24日、11月5日和12月17日分三次到期,届时续作方式值得关注。

  平滑续作 流动性不受影响

据财政部网站消息,此次拟发行的特别国债期限为7年期和10年期,利率参考市场水平确定。同时,中国人民银行将面向有关银行开展公开市场操作。

对此,徐忠认为,第一,财政部新闻稿中提到人民银行将同时面向有关银行开展公开市场操作,这表明财政政策与货币政策将协调配合,维护特别国债滚动发行过程中金融市场的稳定。第二,特别国债参考市场利率发行,且7年期特别国债发行利率略低于10年期,既尊重市场,又反映了合理的期限溢价,有利于增强国债收益率的市场基准性。

而在具体续作方法上,他预计央行将于发行当日启动现券买断工具,通过债券二级市场从金融机构买入此次滚动发行的6000亿元特别国债。

他认为,财政部在一级市场面向有关银行发行特别国债,当日央行在二级市场购入特别国债,不会对债券一级市场发行和二级市场交易形成挤出效应。综合而言,可实现财政债务总额不变、人民银行资产负债表不变、相关金融机构资产负债表不变、银行体系流动性不变。

兴业研究称,这一续作方式有两方面优势,首先,由于购买国债的资金来自央行,续作国债不会对市场流动性产生冲击。其次,不会对债市产生明显冲击,因为由央行购买特别国债,可以避免加剧下半年利率债供给的压力。

  下半年利率债供给压力仍存

2007年,为改革外汇储备管理体制,国家设立中国投资责任有限公司(下称中投公司)。当年财政部共发行2000亿美元特别国债,购买央行的外汇储备并注入中投公司作为资本金。

公开资料显示,2007年特别国债共计发行1.55万亿元,其中定向发行1.35万亿元,公开发行约2000亿元。

展望2017年下半年的利率债市场,中金固收研究团队表示,除去特别国债,接下来利率债供给压力仍偏大。一方面下半年国债净增压力较大,另一方面由于上半年地方债已发行占比也偏低,后续发行压力略大。

不过总体来看,受访业内人士表示,此次财政部在到期前一周公布续作方式,提前与市场进行充分沟通,并采取定向滚动发行的方式,体现出呵护流动性、减少对市场冲击的意图,预期对整体市场影响不大。

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