关于买断式回购关问题的探讨.docVIP

关于买断式回购有关问题的探讨 蔡国喜 日前，财政部、中国人民银行和证监会联合就国债买断式回购业务有关事宜发布通知，同日中国人民银行又公布了《全国银行间债券市场债券买断式回购业务管理规定》，该规定于5月20日起开始施行，买断式回购将率先在银行间市场面市。 1、关于定义 根据三部委通知和人民银行规定，买断式回购是指债券持有人（正回购方）将债券卖给债券购买方（逆回购方）的同时，交易双方约定在未来某一日期，正回购方再以约定价格从逆回购方买回相等数量同种债券的交易行为。 三部委通知和人民银行规定的出台结束了去年以来市场对于买断式回购的定义之争。争论主要集中在：一种定义为两次买断的方式，将回购利息包含在第二次购买的价格中；定义为融资方式8、关于回购结算价格与回购利率之间的关系 回购利率、首期交割全价与净价、到期交割全价与净价和回购期间支付的票面利息有明确的换算公式，即在到期交割价格中对支付的票面利息予以相应扣除，公式如下： 其中为首期净价，首期债券应计利息； 为到期净价，到期债券的应计利息； i为回购利率； w为回购天数/365； 为回购期内待返售债券发生的利息支付； v为回购首期交割日到债券付息日的天数/365。 上述公式采用复利计算，但由于回购利率为货币市场利率，可采用单利近似计算，上述公式变为： 根据上述公式，可得 到期资金清算额=首次资金清算额（1+回购利率回购期限/365）-回购期间债券付息额(1+回购利率债券付息日到回购到期日的天数/365)。 如在回购期间没有发生债券利息支付，则上述公式中回购期间债券付息额为0。 蔡国喜 010-8808633 caiguoxi@ 粗浅认识，欢迎探讨 I signed with the Bank of the qilu Bank loan contract (contract) conventions, and I use scheme, I would request the loans (in words) until I opened personal settlement account with your Bank (account), uses loan for 。 Loan operation, business unit name: account number: loan funds from these personal settlement account into the account of a payment. Loans in accordance with the following payment methods to pay. One, lender trustee payment. Delegate qilu Bank loan funds of the borrower to meet the stipulation of the contract the following borrowers, counterparties, commitment funds, regulatory compliance, legal, and willing to take the pay disputes, loss and other consequences of the delegate. Payee account number Bank name amount purpose II, borrowers own payment methods. Qilu Bank according to the borrowers withdrawal request to loan funds disbursed directly to the borrowers account, and independently by the borrower payments to borrowers who meet the stipulation of the contract transactions. I guarantee to your bank contracts and other prove of material submitted by real and effective. When in accordance with one payment, I agree with the above account with your bank loan funds that are not used for stop payment management,stop paid confirmed book r