地方自治体における債券運用の取組みに関する一考察

～松山市公営企業局を事例として～

抄録

Although Japanese local governments appear to be reluctant to invest in bonds, they should consider investing in bonds with high rates of return if they have surplus funds. However, interest rates in Japan have remained low, making it difficult to undertake bond investments. Therefore, this study aimed to provide a framework for local government officials engaged in bond management. Specifically, it examined investment methods that can serve as a guideline for bond investing in a low-interest-rate environment. The main conclusions obtained from the analysis of fixed-income government bonds are as follows. The break-even point analysis revealed that selling before maturity is more advantageous than holding to maturity when the final yield is negative, and this condition does not change even if the yield curve changes. Moreover, if a bond has a negative interest rate for its remaining life, the owner should consider selling it rather than hold it until maturity.