信用债券

He said that the letter Soochow excellent sound of the Bond Fund Notes will be closely linked to the choice of "excellent","the letter" word, that is the preferred choice of high credit rating of bonds to make full use of their own in-house study of a combination of external reference to the ratings, should be selected investment And in line with the requirements of the bond credit rating.

他说，这封信东吴的优秀债券基金债券声音将密切相连的选择"优"，"信"字，这是对债券的信用等级高的首选，使自己的充分利用的外部参考评级组合内部研究，应选择的投资和与债券信用评级的要求。

We use the approximate distribution comes from probability generating function of CreditRisk+ to value the CDO under the single sector factor and multi-sector factors scenarios. For single sector factor model, we discuss the sensitive analysis of CDO fair spread by different default probability, default correlation and loss given default. For multi-sector factors model, we exam the CDO fair spread based on different sector correlation assumption, such as Gamma distribution in moment match method, multivariate Gamma distribution and compound Gamma distribution.

本文在信用风险加成模型之下，利用机率产生函数的近似分配评价抵押债务债券，并考虑单一部门因子与多个部门因子，单一部门因子中，在不同违约机率、违约相关系数和违约损失率下，探讨抵押债务债券公平价差之敏感度分析；多个部门因子中，在不同相关性部门因子分配假设下，如动差配适法的伽玛分配、多维伽玛分配、复合伽玛分配，探讨抵押债务债券公平价差之方法结果比较。

Credit risk premium is the differences between the yields of corporate bonds with credit risk and Treasury bill relatively with no credit risk.

信用风险溢价是指具有信用风险的企业债券的收益与相对无信用风险的国债的收益之间的差异。

And main part remaining concentrate the major part that the marketplace having resolved our country corporate bond by analytical,"experimental plan" appearing personally develops on two aspect: main body problem of corporate bond financing and corporate bond credit problem.

通过分析，《试点办法》的出台解决了我国公司债券市场发展的大部分问题，剩下的主要集中在两方面：公司债券的融资主体问题和公司债券信用问题。

As Wall Streeter Ray DeVoe says:"Fools rush in where angels fear to trade." We will engage in arbitrage from time to time - sometimes on a large scale - but only when we like the odds. o Leaving aside the three convertible preferreds discussed in the next section, we substantially reduced our holdings in both medium- and long-term fixed-income securities.

除了后面会提到的三项可转换特别股投资之外，我们大幅减少在中长期的固定收益债券部位，尤其是长期部份，大概就只剩下华盛顿公用电力系统债券，去年我们处分了部份当初以相当低折价买进的低收益债券，处分价格与一般信用评等佳的债券差不多，是 www.buffettism.com 巴菲特研究中心

it has great significant to build credit spreads index which shows the yield spread between treasury bonds and corporate bonds. credit spreads index is not only the criterion of notes pricing for brokers and investors, but also the measure of corporate credit.

构造国债收益率和公司债收益率之间的差距即信用利差指数具有重要的意义，不仅为券商和债券投资者提供债券定价依据，还可以度量发债公司的平均信用水平，为宏观经济的运行提供参考。

This chapter firstly probes into theconception, mea ning, lega l system of credit, then getting the conclusion that thecorporation bond is typica l credit carrier.

但通过它反映公司债券的信用级别，也构成公司债券的信用基础，是不可替代的。

A kind of bastardized fallen angel burst onto the investment scene in the 1980s -"junk bonds" that were far below investment-grade when issued. As the decade progressed, new offerings of manufactured junk became ever junkier and ultimately the predictable outcome occurred: Junk bonds lived up to their name. In 1990 -even before the recession dealt its blows -the financial sky became dark with the bodies of failing corporations.

不过到了1980年代大量假冒的失翼的天使充斥着整个投资界，也就是所谓的垃圾债券，这些债券在发行时企业本身的信用评等就不佳，十几年下来垃圾债券越来越垃圾，最后真的变成名符其实的垃圾，到了1990年代在经济衰退引发债权危机之前，整个投资界的天空已布满着这些假冒失翼天使的尸体。

However, it is worth reminding that the current need to pay attention to the risk of short-term if the first is the sharp rebound in the stock market may siphon off some of the funds to bond funds brought pressure stage; Second, some of the economic downturn decline in corporate profits could lead to corporate bond credit spread expansion of corporate bonds so as to bring about structural adjustment bond.

不过，值得一提的是，目前需要注意短期风险，如果第一个是在股市大幅反弹，可能会抽走部分资金，以债券型基金带来的压力阶段，其次，公司利润下降的经济衰退可能导致一些公司的债券信用企业债券的蔓延扩展，以实现结构调整的债券。

Include to restore and change a tradition to run the Chinese agriculture bank of the target, supported rural goods economy energetically, raised capital to used cooperation of credence of benefit; country to restore nominal collaboration finance to organized positional; to unlock the control to civilian credence, allow civilian freedom leasehold, allow to establish civilian collaboration finance to organize; to allow a variety of financing means to coexist, included deposit, loan, bond, stock, fund, note discount, fiducial, rent wait for a variety of credit methods.

包括恢复并改变传统运作目标的中国农业银行，大力支持了农村商品经济，提高了资金使用效益；农村信用合作社恢复了名义上的合作金融组织地位；放开了对民间信用的管制，答应民间自由借贷，答应成立民间合作金融组织；答应多种融资方式并存，包括了存款、贷款、债券、股票、基金、票据贴现、信托、租赁等多种信用手段。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。