债券发行

Bond rating services has been existed for more than one hundred years, while, in China, it is an extremely new industry. There are three main levels in this paper.

债券评级业务的已经兴起一百多年，但是对于我国来说还是一个刚刚起步20多年的新兴事业，提高我国债券评级方法对发展我国债券评级业务素质，促进我国企业债券的发行都具有积极意义。

Registered bonds may be transferred from one owner to another only by endorsement on the bond certificate, and the issuing corporation must maintain a record of the name and the address of each bondholder.

已登记的债券可能被转移，从一名业主到另一个只有通过对债券证书，发行公司必须维持一个纪录的名称和地址，每一个债券持有人。

By using the financial data of domestic bond issued during 1998 to 2008, I compile the statistic of the target year and the relative years with GMM and LS to evidentially analyze through comparison the decisive factors of the term structure of liabilities in order to propose suggestionson how to develop China's bond market.

文章利用增量法对我国企业在1998年～2008年发行各类债券的债券属性和财务数据进行了统计，分别计算前后一年及当年的数据，运用GMM和LS对影响当年债务期限的因素进行实证分析，并通过对比分析得出影响各类企业债券期限的选择因素以及提出对我国企业债券市场发展的建议。

Convertible bonds is a kind of corporate bonds that underwriter issues in accordance with legal procedure and could be converted into shares of issue company in certain period based on agreed conditions. And it is kind of compound financial instruments that is intervenient of fixed income security and common bonds.

可转换公司债券是指发行人依据法定程序发行，在一定期间内依据约定的条件转换成股份的公司债券，是介于固定收益债券和普通股票之间的复合性金融工具。

Vigorously develop the corporate bond market, and actively promote the development of the bond market to solve the bottleneck problem of large listed companies through the bond market financing, improve the IPO pricing system, set up exploration to meet the market demand for a variety of different distribution patterns.

大力发展公司债券市场，积极推动债券市场的发展来解决，通过债券市场融资的大型上市公司的瓶颈问题，改进新股发行定价制度，探索建立一套以满足不同市场的不同需求分布模式。

Convertible bond possesses three basic properties of bond, options and convertibility. It has the function of optimizing capital structure, but this function is not made full use of by Chinese listed company issuing Convertible bond, which, in a sense, affects optimization of capital structure of listed company .

可转换债券具有债券，期权及可转换三个基本属性，从理论上讲，可转换债券具有优化资本结构的功能，但这一功能并未被我国发行可转换债券的上市公司充分利用，这在一定程度上，影响了上市公司资本结构的优化。

Under the condition that when rate obeys binomial distributing, bonds pricing theory and revenue rate of non-risk bond of China, the author computes the catastrophe bond launching price and various-rate price.

并在利率服从二项分布的假设条件下，根据债券定价原理，利用地震损失分布与我国无风险债券的收益率，推导计算出了地震巨灾债券的发行价格与不同利率途径下地震债券的时点价格。

Whatever their weaknesses, we should add, many zero-coupon and PIK bonds will not default.

不过这些债券有多少缺点，但我们却必须承认许多零息与 PIK 债券应该不会还不出钱来，事实上我们自己也投资了一些，而且若是债券市场情况再变差一点，我们可能还会买的更多，(当然我们从来就不会考虑去买那些新发行债信又差的垃圾债券)，就本质而言，没有一项财务工具是不对的，只是有一些含有相当高程度的可能伤害在里面。

When the name of the owner is registered with the issuing corporation, the bond is a registered bond.

如果债券持有人需要在发行债券的公司登记其姓名，那么这种债券就是记名债券。

Morgan Stanley, which is rated single-A and has issued nearly $25 billion under the program, sold a guaranteed bond last week with an interest rate of just 2.25%.

拥有A评级的摩根士丹利已经根据这一项目发行了将近250亿美元债券，该行上周发行的政府担保债券的收益率仅为2.25%。

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。