129773928561250000_215Hexun homepage established mobile phone version of the stock/fund micro-blogging news blog news from national debt debt notice analysis column feature scrolling list of bond market bond index bond curve of the convertible bondAnalysis buy-Enterprise debt index daily return yields subscription rate of introduction to calculate yield to maturity rate Wikipedia Forum blog Sharon hexun.com bond a financial calendar > body font size print RSS on March 27, 2012:24lai source: China economic net credit bond market has experienced rapid development in China, offering variety has reached a considerable degree of the scale. 2011 subject to indirect effects due to poor financing, direct financing of enterprises demand, including short-term financing bonds, credit debt, corporate bonds, and corporate bonds issuing scale blowout, year upTo $ 2.25 trillion. In 2012, high yield bond ready, contribute to the richness and perfection of China's bond market trades, bond investors established the risk awareness and inspection related to intermediary services, promoting the development of bond markets mature and. Short-term financing bills before the introduction in 2005, corporate bonds, usually by State-owned Chinese BankGuaranteed, due to credit risks by banks to reveal all the details, most investors a low degree of attention to the credit rating, rating is up to more decorative effect. With the rapid development of China's credit market, credit rating the degree of attention in China are gradually improving, risks of credit ratings for bonds and pricing guide step by step reflected. The other hand, the 2008 subprime mortgage crisisIn 2011, the sovereign debt crisis in Europe and rating agencies on the bond market and the huge impact of the international financial order, rating agencies to the front, domestic investors and regulators to reassess the role of the credit rating, thereby initiative to strengthen supervision, be combined with financial stability. Popular internationally for high-yield debt is in speculative-grade credit rating, that is, bB and issued by issuers of bonds (investment grade is the credit rating of BBB and above). And for a long time, issuers of bonds market in China is still concentrated in the high credit rating, over 90% issuers of credit rating at AA-minus, and domestic ratings of industry enterprises is difficult to work with the international rating of simple maps. In commercial banksInstitutional investors, insurance asset management company as a representative, as a main investment in the bond market, reflected in risk appetite is extremely risk-averse, default into regulatory institution to avoid the red lines, defaults have yet to appear in the true sense; the bankruptcy liquidation of executable could not be tested in the bond market, the lack of default data to support the credit rating, it is difficult to truly reveal the windRisk and establish trading on price. Introduction of the high-yield bond, help improve credit bond-level distribution system in China, widening the issuers of debt financing, while moderate violations from occurring, you can become the touchstone test rating of quality, to a certain extent on rating the level of competition in the industry, and bad money drives out good money to the restrictions. 2010 year ofQian, State-owned enterprises in China issued main number bond market accounts for around 90%, in 2011, due to the small and medium enterprises issued collection bills, the ratio dropped to 76%, private enterprise than a surge. This is embodiment of management support for private enterprise, on the other hand, is offering a wide range of needs. Intends to push high-yield debt to private small and medium-sizedEnterprises
tera power leveling, private collection, and in the exchange markets, directly to individual investors, on the risk control of the party is a big challenge. At the national level
tera gold, collection of bond principal issued to SMEs, for example, the distribution usually between BBB-to a level, at the high degree of market, barriers to entry are relatively low, full competitionAnd even competitive industry, their business vulnerable to the influence of adjustment of macro-economic policies and industrial policies, individual risk-resistant ability is relatively weak, large fluctuations in operating results. Therefore, issuers of forced disclosure of information become established prerequisites and subsequent risk of trading on price control of the key. Collection of small and medium enterprises bonds issued from experience, to private, unlisted enterprisesLord, their awareness of information disclosure are relatively weak, and timeliness, accuracy of financial and operating information disclosure to ensure, supervise difficult issue whitewash the results, before the issue occurred, which include intermediaries, rating agencies, credit risk analysis and reveal its
tera gold, resulting in considerable difficulty. Due to the bond market for lack of investment in China, institution on the newVariety is always full of enthusiasm, therefore, demand for products with high yield bond is objective, even more worrying is the second level of liquidity in the market. At the current pricing, distribution, through a private placement of high-yield bond issuance rates is expected to exceed 10%, and the release is relatively small, attractive to large institutional investors, this type of bonds in the secondary market liquidityWeak. Interbank market in 2009 has been the single issue of short-term financing bonds of SMEs pilot, but due to the commercial bank as the underwriter and the main investor, does not have much enthusiasm, pilot a few internal digestion, did not achieve the desired results. Cultivation of investors need a process, introduction of the high yield bond market participation should be consideredAcceptance of, step by step. In the system construction of the first implementation of risk education and the protection of investors, market participants to truly understand the risks, while increasing regulatory and investor risk tolerance, and regulators should establish a system of qualified investors, recommended that you choose a clear risk appetite, and have a certain ability to identify risk to participate in high-yield bonds. At the same time, strictInformation disclosure system of the subject and primary underwriter of debt, strengthening the standardization of information disclosure, timeliness, accuracy, and clear provisions for penalty clause accordingly, universal and credit rating risk of revealing role to play. In addition, improve the system of bankruptcy and liquidation, a clear bottom line corresponds to the default risk, create a market participant, intermediary role into full play in platform.Implementation of these systems and practices in place, will contribute to the gradual cultivation of high-yield bond market of China, also contribute to promoting marketization of China capital market interest rates. (Author: joint credit rating Director Chen Dongming) more joint credit report please click on "China economic NET-column joint credit" (address)
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