高收益债券的国际经验和评级技术借鉴

International Experience and Credit Rating Methodology for High-yield Bonds

近期关于我国发展高收益债券的讨论非常多,监管机构也多次召开会议对在我国发展高收益债市场,推出高收益债券产品的构想进行论证。针对这一构想,首先对美国、欧洲和亚洲高收益债市场发展的历史轨迹和现状进行分析,进而深入研究高收益债的产品特征和在我国发展高收益债市场的利弊及五个方面亟待解决的问题,最后对国际信用评级机构的高收益债评级技术进行研究和借鉴,提出了一些政策建议。

Discussion about the development of high - yield bonds can be seen everywhere recently, and regulatory agencies also held several meetings to demonstrate developing high - yield bond market in China and launching high -yield bond products. For this vision, first of all, an analysis is made on the development history and the status quo of high - yield bond market in the USA, Europe and Asia. Then an in - depth study is made on the characteristics of high - yield bond products, advantages and disadvantages over developing high - yield bond market in China, and five problems to be solved. Finally the high -yield bond rating methodologies used by the international credit rating agencies are studied, drawing some policy recommendations.