美国市政债券保险的运作及启示

市政债券是国外市政建设融资的重要方式,市政债券保险可以增强债券信用等级、降低发行者融资成本以及降低投资者风险。市政债券保险体现了保险市场与资本市场的联动效应,可以有效降低债券风险,可以扩大保险人(再保险人)的风险承担能力和业务领域,促进我国市政债券的发展。我国企业债券也可借鉴市政债券保险的经验,着力提高信用等级,实现长足发展。

Municipal bonds are important financial tools for infrastructure construction in foreign countries. Municipal bond insurance can improve credit rating of the bonds, lower financing cost of the issuers and investment risks. The mere existence of the municipal bond insurance shows how the insurance market and the capital market can collaborate with each other. It can not only reduce the bond risks but also strengthen the underwriting capacity of insurers and reinsurers and expand their business scope. If introduced to China, it can promote the development of the domestic bond market. The concept of municipal bond insurance can also be introduced to corporate bonds to improve the latter＇s credit rating and promote its long-term development.