债券互换

In a bond swap, you buy one bond on one market and sell it at the same time on another. This is called arbitrage.

在债券互换交易中，你可在一个市场上购买一种债券，同时又在另一个市场上卖出，这叫套利。

Extensive and profound research has been conducted into the relationship between events of change in capital structure, such as stock issuance, bond issuance and debt-equity swap, and corporate value in the West.

西方对发行股票、发行债券和债－股互换等资本结构变化事件与公司价值之间的关系进行了广泛而深入的研究，尽管对不同资本结构变化事件引起的股价反应有不尽相同的理论解释，但几乎都与公司负债率变化引起的税收效应、财富转移效应和信息效应有关。

Bond Swap A strategy whereby an investor sells a bond and at the same time purchases a different bond with the proceeds from the sale.

债券互换一种投资策略，投资者出售一种债券，同时利用出售的收益买入另一种债券。

It carries a thorough discussion of the realistic significance and profound influence which caused to the Chinese monetary market of the interest rate swap. The article believes that the interest rate swap will provide a effective way of financing for Our Enterprise, speeds up the development of our commercial banks, meets the demand of interest rate swap on bond market, has positive influence to our interest rate reform. Secondly, this chapter discussed the restriction factor and the countermeasure of interest rate swap from the aspects of money market interest rate index, the fluidity and the market access.

它首先对我国发展利率互换所具有的现实内涵、推出利率互换对中国金融市场产生的深远影响进行了比较深入的探讨，文章认为利率互换可以为我国企业提供了一种有效的融资方式、有利于我国商业银行更好地发展、满足债券市场对利率互换的需求并将进一步促进我国的利率市场化；其次，结合我国的实际情况从利率互换工具本身、交易主体和宏观环境三个方面，探讨了我国开展人民币利率互换后的风险防范问题；最后，本章还从货币市场利率指数问题、流动性问题、市场准入问题等几个方面探讨了我国利率互换市场发展的制约因素及对策。

The inadequacy of specific hedges, something known as "basis risk", also came as a shock to many. A corporate bond and a cash-collateralised credit-default swap written on the same company ought to offset each other—if the company looks likely to default, the bond will fall and the swap rise.

由于具体的套期保值不当造成的基差风险也让很多人大为震惊，同一家公司的企业债券及其现金担保的信用违约互换（cash-collateralised credit-default swap，CDS）11本应相互抵消：比如，如果某公司可能资不抵债，那么其债券价格将下降，而CDS的价格会上升。

However, yesterday GM failed to gain the near 90 percent of bondholder support to accept a debt-for-equity swap.

不过，昨天通用汽车公司未能获得近百分之九十的债券持有人支持接受债转股互换。

The auctions will involve "cash settlement", rather than a physical exchange of the underlying bonds, which is needed because the value of swaps far exceeds the face value of those bonds.

拍卖将包含"现金结算"而非优先债券的实物交易。他因互换价值远超过这些债券的账面价值而存在。

Conceived in the 1990s as a hedging tool, CDSs soon took off as a way to speculate on the likelihood of a firm going bust without having to trade its underlying bonds.

信用违约互换作为防止经济损失的工具，产生于90年代。不久，CDSs就成为对某公司破产的可能性进行投机而不必买卖该公司债券的一种手段。

The case against buyers of sovereign CDSs is that by driving up the price of insuring against default, they cause spreads on underlying cash bonds to widen, making borrowing more expensive and bringing default—and a big payout—closer.

反对主权信用违约互换购买者的理由是，抬高了对违约保险的价格，这引起优先现金债券的利差扩大，使贷款成本加大，使得违约风险更近——因为贷款成本加大而产生一大比支出。

In this paper study the pricing of Credit Default Swap, and its reference bond has the structure of credit ranks.

研究了参考债券具有信用等级结构的信用违约互换的定价。

However, as the name（read－only memory）implies, CD disks cannot be written onorchanged in any way.

然而，正如其名字所指出的那样，CD盘不能写，也不能用任何方式改变其内容。

Galvanizes steel pallet is mainly export which suits standard packing of European Union, the North America. galvanizes steel pallet is suitable to heavy rack. Pallet surface can design plate type, corrugated and the gap form, satisfies the different requirements.

镀锌钢托盘多用于出口，替代木托盘，免薰蒸，符合欧盟、北美各国对出口货物包装材料的法令要求；喷涂钢托盘适用于重载上货架之用，托盘表面根据需要制作成平板状、波纹状及间隔形式，满足不同的使用要求。