对中国政府债券可能征税的担忧蔓延至主要政策性银行，推高了它们的融资成本。
Concern over a potential tax on Chinese government bonds is spilling over to major policy banks, pushing up their borrowing costs.
据中债数据，中国开发银行10年期债券收益率周四收盘上行3个基点，创今年最大单日涨幅之一。这使其与同期限国债的收益率利差扩大至约9个基点，为六个多月来最大。中国另外两家政策性银行——中国进出口银行和中国农业发展银行的债券收益率也上升。
The yield of China Development Bank’s 10-year notes closed three basis points higher on Thursday, matching this year’s largest daily increase, according to Chinabond data. The move widened their yield spread over similar-tenor government bonds to about nine basis points, the most in over six months. Yields on debt from China’s two other policy lenders, Export-Import Bank of China and Agricultural Development Bank of China, also rose.
政策性银行债券是中国国有政策性银行为融资基础设施和战略性产业而发行的债券。除财政部外，它们是中国境内债券市场最大的发行主体。
Policy bank bonds are notes sold by China’s state-owned lenders to fund infrastructure and strategic industries. They are also the largest issuers in China’s domestic bond market after the Ministry of Finance.
华创证券分析师在研报中写道，周四政策性银行债券抛售主要源于担忧：若取消国债利息收入税收豁免将推高主权债收益率，进而迫使其他债券重新定价。
Thursday’s policy bank bond selloff was largely driven by concern that any move to scrap the interest-income tax exemption on government debt would push sovereign yields higher, forcing a repricing across other debt, Huachuang Securities analysts wrote in a note.
中国央行据报调查银行，若取消主权债券利息收入税收豁免，需求会受何影响。此事凸显中国债券市场的谨慎情绪。虽然尚不清楚是否会征税，但主权债券自此走弱，基准收益率从历史低位反弹。
The moves underscore cautiousness in China’s bond market following a report that the People’s Bank of China surveyed banks on how demand would be affected if the tax exemption on sovereign bond interest income was lifted. While it remains unclear whether a levy will be introduced, sovereign bonds have weakened since, with benchmark yields rebounding from a record low.
天风证券刘杰等分析师在研报中写道，共同基金因政策性银行债券收益率高于国债而青睐前者。
Mutual funds have favored policy bank bonds for their higher yields over government debt, Tianfeng Securities analysts led by Liu Jie wrote in a note.
分析师写道，若主权债券征收利息收入税并推高其收益率，基金在重新考虑资产配置时，对政策性银行债券的需求可能会减弱。
If an interest-income tax is introduced on sovereign notes and pushes up their yields, it is possible funds’ demand for policy notes will be weakened as they reconsider allocations, the analysts wrote.