债券结构化发行:模式、问题及建议

Structured Bond Issuance:Modes,Problems and Suggestions

在债券市场违约频率上升、风险偏好有所下降、债券发行难度有所加大的背景下,结构化加杠杆发债方式应运而生,但在信用分层影响下,部分市场化融资能力不足的市场主体结构化发债所对应的资管产品出现流动性困难。文章梳理了债券结构化发行的几种常见模式,通过某融资平台案例分析结构化发行存在的问题,并提出相关政策建议。

A structured and leveraged bond issuance method has emerged in the context of rising default frequency,decreasing risk appetite,and an increased difficulty in bond issuance in the bond market.However,in face of credit hierarchies,the issue of liquidity difficulties arose for some asset management products corresponding to the structured bonds issued by some market players with insufficient market-based financing capabilities.The article sorts out several common modes of structured bond issuance,analyzes the problems of structured issuance through the case study of a financing platform,and puts forward relevant policy recommendations.