本报讯 Wind资讯显示，7月份一般短期融资券发行967亿元，超短期融资券发行798亿元，双双创年内新高。公司债较6月却大幅降温，169.5亿元的发行量不足上月的一半。

Report from our correspondent Wind information display，In July, generally short-term bond 96.7 billion yuan，The short-term bond 79.8 billion yuan，Both gen years high。The company debt is June's sharp drops in temperature，16.95 billion yuan of circulation of insufficient half last month。

　　“AA以上大企业放开了短融发行限制，不计入协会债务考核；另外，债券市场融资成本比贷款低。短融的发行放量也挤压了中票和公司债的市场。”中邮证券固定收益部李卓向记者分析，他预计下半年短融的发行量仍会小幅上升。“第一，大企业流动资金将以短融替代贷款；第二，二级市场低于贷款利率还要持续一段时间。”

“AA above big enterprise to release the short melt issue limit，Not included in the association debt assessment；In addition，The bond market than loan financing cost low。Short the harmony of rare in the extrusion also issued tickets and company debt market。”Mailed in fixed income securities department LiZhuo analysis to the reporter，He is expected to short the harmony of the second half will still a modest increase circulation。“The first，Big enterprise liquidity will be short melt alternative loans；The second，The secondary market interest rates lower than the loan to continue for some time。”

　　6月下旬，银行间市场交易商协会正式通知银行间债券市场各主承销商，凡公开市场评级在AA(含)以上的发行人，将不区分企业性质，允许其短期融资券、中期票据发行额度互不占用。

In late June，Interbank market traders association official notification market of the bond between the bank at the main underwriter，Every open market rating in the AA(contain)The publisher of the above，Will not distinguish characteristics of the enterprise，Allow the of short-term financing bonds、Note issuance quota each other is not take up the middle。

　　此前有市场人士认为，短期内新政对扩容影响有限，因为供给能否增加不仅取决于政策限制，更取决于企业的融资意愿。现在看来，此举有助于银行间债市扩容，且高等级发行人的融资意愿并不弱。7月份，神华集团发行面额200亿元、期限不到9个月的超短融，利率3.09%，中国联通(600050,股吧)发行150亿元，一年期的短融，利率3.45%，而目前银行6个月至1年期贷款年利率为6%。

There have been people who see the market，In the short term for a limited impact on the new expansion，Because supply can increase depend not only on the restrictions，Depends more on enterprise's financing will。Now it seems，This will help the bank bond market expansion between，And high grade of the issuer financing will not weak。July，Shenhua group value, 20 billion issue、Deadline not 9 months of ultra short melt，Interest rate 3.09%，China unicom(600050,Shares it)Issue $15 billion，One-year short melt，Interest rate 3.45%，And at present bank, 6 months to one-year loan interest rate of 6%。

　　此外，7月份地方政府债发行942亿元，为6月发行量翻番。国信证券预计，8月地方政府债超过仍将700亿，利率债整体发行量在4150亿左右，净融资在2900亿左右。

In addition，In July, the local government debt issue $94.2 billion，For June circulation double。Expressed securities is expected to，August local government debt more than will still 70 billion，Interest rate debt in 415 billion or so overall circulation，Net financing at around 290 billion。

　　记者 王金萍

Reporter WangJinPing