引言债券基本概念和债券场-yiqianlu陆奕骞.ppt

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Corporate Bonds Secured debt Financial assets Personal property Real property Unsecured debt Debenture bonds 信用债 Subordinated debentures 次级债 Corporate Bond Markets U.S. Biggest and most diverse 4 segments：公用事业、运输业、工商业、金融业 Semiannual sinking funds, and deferred call features Medium Term Notes 偿还期 9 个月至30年，甚至更长 在 SEC注册 Sold on a ‘best efforts’ basis Price risk is borne by the issuer Commercial Paper 270 天或以下 二级市场很小 Sold at discount Backed by unused credit lines