我国发展高收益债市场现实路径几何?

A Path Forward for High-Yield Bond Markets

我国2020年以来出台了系列债市监管政策,要求评级要更加有区分度,我国信用评级下调增多,债券市场将产生大量高收益债,个别债券违约影响着整体债券市场的声誉和发展。为维护债券市场总体平稳发展,我国有必要建立起像美国那样的场外交易市场,设置好投资者保护机制,单独建立适合高收益债发行、转让和投资群体的高收益债券交易平台。为保障高收益债券交易平台正常运营,本文设计出一个比较完善的业务模式和平台运转规则,旨在为我国发展高收益债券市场指明实现路径。

Since 2020,China has introduced a series of regulatory policies for the bond market under a strategy of encouraging greater diversity in bond ratings.That has resulted in increased credit rating downgrades and led to a large number of high-yield bond offerings.In some cases there have been bond defaults and these have damaged the reputation and development of the bond market overall.In order to maintain steady development of the bond market,it is now necessary to establish an over-the-counter market such as in the United States.China will set up an investor protection mechanism and establish a separate high-yield bond trading platform to accommodate high-yield bond issues and trading as well as cater to investors in these instruments.In order to promote more normal operations of this high-yield bond trading platform over the longer term,this paper has designed suggested operating rules and a robust business model for the platform.