以牺牲商业银行利益为代价发行地方债,无助于地方政府融资向市场化、可持续的模式转型,背离了地方债试点的初衷截至11月21日,已有上海、广东和浙江三省市地方债完成了招标,深圳市的22亿元地方债也将在11月28日推出。出乎我们意料的是,已成功发行地方债的沪粤浙三地,其债券竞标利率随发行时间的推移而逐渐 Issuing local bonds at the sacrifice of the interests of commercial banks will not help to shift the financing of local government to a market-oriented and sustainable model, which has deviated from the original intention of the pilot project of local government bonds. As of November 21, there are three provinces and municipalities in Shanghai, Guangdong and Zhejiang Local bonds completed the tender, Shenzhen 2.2 billion yuan local debt will be launched on November 28. To our surprise, the bond bidding rates in Shanghai, Guangdong and Zhejiang, which have successfully issued local bonds, gradually decreased with the issuance of bonds