减记债结构性设计与案例

The Structural Design of Bonds that Can be Written Down

在我国资本市场实践中,减记债是今年才出现的新品种。但目前国内鲜有研究这一债券品种的文献,也难以找到相对准确的减记债概念。本文主要分析了减记债出现的背景,界定其含义,并对减记债的结构性条款设计、国内外已发行的减记债案例,及其带来的监管挑战进行探讨。

Bonds that can be written down emerged as a capital market tool in China this year. Since they are so new to this market, there are very few studies available and it is diffcult to assess their market impact. This article offers a defnition of these bonds, analyzes the environment that led to their emergence and discusses their design. It also looks at some case studies of these bonds issued both at home and abroad, and the regulatory challenges they have created.