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(Reuters Chinese News inv Red bottoms ited essays issued on people, this article represents only my point of view the)

writer Wang Xiaojian 

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reportedly, the China Securities Regulatory Commission has formally agreed to issue high-yield debt, record-keeping system to register issued by the Shenzhen Stock Exchange and on Exchange operations. The same time, the qualifications of the issuer is limited is located in Jiangsu, Zhejiang, Beijing and Tianjin and Guangdong BBB to AA-, independent innovation capability of enterprises, high-tech enterpris Cheap ball gown es and three rural enterprises. Unlike corporate bonds, the high-yield bond issuers are not limited to listed companies, is basically a clea Prom dresses r delineation of the positioning of the high-yield bonds in the bond market, the formation of a dislocation with the current inter-bank above the AA-mainstream varieties. From the issuance of view, take the registration and recording system to issue high-yield debt, regulators are not involved in the management or approval, broker self-financing. Th Cheap bridal dresses e so called is a big step forward for China securities distribution system reform.

, but have a filing system this sword, an active market also need to  Wedding dresses control what issues it?

how high-yield bond pricing is a primary problems faced by Effective pricing must be brought about by the market mechanism, in the case of the liquidity facility can be protected, high-yield bonds with reference to the current credit debt pricing mechanism to determine. Currently in the market generally independent of the debentures issued issuer credit rating above A + AA-varieties of a certain size, and reasonable pricing. General AA-bond one-year to three years of the species, mostly in the 7% to -8.5%. Most of these compani Cheap prom dresses es for large-scale listed companies or local large and medium-sized state-owned enterprises, the banking system or even government credit support. So if we want to issuers expand the scope of the capability of independent in Wedding dresses novation of enterprises, high-tech companies and three rural enterprise Taking into account the different credit spreads, it is estimated that the BBB-rated bond yields should be about 10-12%. For businesses, plus all issuance costs, wedding dress  financing costs may reach the level of private lending interest rates. This level from the absolute value is not high, especially for these areas of Jiangsu, Zhejiang, Beijing and Tianjin and Guangdong enterprises. But such financing is ofte Cheap Wedding dress n used for short-term liquidity, too long period of high-yield bond issuers may cost too high, there may be liquidity risk for investors.

pricing, there is another problem. High-yield bonds to raise funds to invest in the issue size is not clear whether there are  Wedding dress strict rules. From a historical perspective, the high-yield bonds is an important tool for leveraged buyouts. If this approach is feasible in China, then the financing cost of debt tolerance will be greatly enhanced. The above-mentioned bond pricing and risk management approach to the nature of change. Chinese financing M & A market will be a revolutionary change. However, if the capital investment and distribution of scale to make qualified, th Dresses en the capacity and level of activity in this ma Cheap Wedding dresses rket will be very limited. So in fact the details of policy-relevant operational methods is important, if not, then the filing system may be just an ad for improved control and did not achieve the core objectives of the pricing power returned  Plus size bridal dress to the market.

due to the higher risk of default by the high-yield bonds, but in fact in China, there is no similar data on default rates and asset recovery, the recovery cycle of statistical support. At the same time, without similar credit default sw vintage dresses aps and other tools on the market. So how to manage credit risk The second problem faced by the participants. Through more traditional portfolio risk diversification, there are still problems in practice.

For example, a one billion-scale high-yield bond portfolio, the highest single investment ratio to 5%, then, in the event of breach of contract, it may be the combinatio knockoff christian louboutin pumps n caused a loss of about $ 50 million, while the total portfolio The rate of return of 12%, then a single breach may result in a rate of return above 40% impairment. Here there is a default rate and the combination yields the  plus size prom dresses contradiction. When the portfolio managers need to set the investment objectives, the need to control a single issue of th special occasion dresses e investment ratio of the issuance party dresses  of bonds in each rating level. The lower the percentage, the smaller the risk, but the number of bonds to buy more, workers with more heterogeneous, involving difficulty than the general bond portfolio for the bond's internal risk assessment and a more complex portfolio management, investment management . Investment manager's costs and management fees will be higher. another incidental

question is, if there is breach of contract, will naturally be related to the recovery of non-performing assets, which in turn is a new field. Investment institutions need the help of professionals, particularly lawyers and accountants to help to solve this problem. The asset recovery process may be very long, for the investor to the liquidation and distribution of non-performing bonds, investment banks and investors need to consider the beginning of the business.