on chinas corporate bond market calling for breach of contract bonds.（在中国的公司债券市场要求违约债券。）.docVIP

On China’s corporate bond market calling for breach of contract bonds. China’s bond market resumed the issue of treasury bonds from 1981 to the present, through twists and turns to explore, now entered a stage of rapid development. In addition to traditional government bonds, central bank bills, financial bonds, the People’s Bank in 2005 launched a short-term inter-bank market financing tickets, breaking the dominance of corporate bonds, ordinary corporate bonds as the main sharp rise in the number of start, greatly promoted China’s bond market, the market process. In 2007, China Securities Regulatory Commission introduced a corporate bond and convertible Bond trading based on the introduction of detachable bonds and exchangeable convertible bonds, the NDRC began to relax regulation of corporate bond issuance .2008, re-launched the People’s Bank of more market-oriented mode of operation of medium-term notes. In addition to credit assets and corporate assets to support the issuance of asset-backed securities also began to develop since 2005. As a result, corporate debt financing instruments directly from a single corporate bond spread to short-term bonds, medium term notes, corporate bonds, corporate bonds, convertible bonds and diversified asset-backed bonds coexist. At present, the formation of the inter-bank bond market, market, exchange market and commercial banks are three basic sub-counter market, including a unified market stratification of the market system. Among them, the inter-bank bond market, the market is the absolute subject, the stock and bond trading volume of the total market share of 90% or more. As of the end of 2008, the stock of bond market reached 15.11 trillion yuan, an increase of 2.78 trillion yuan, up 22.5% of its market value accounting for 50% of GDP, of which corporate bonds in the main share of total debt stock to 11.6 %, compared with 2007 increased by 2.3 percentage points. the issue size, in 2008 the main enterprises of al