债券风险、偿债保障与投资人保护

Bond Risk, Debt Service Guarantee and Investor Protection

虽然随着我国债券市场不断发展,债券的发行日益规范,但与发达国家相比,我国债券的发行条款并没有发挥应有的作用。结合我国情况,境外发行债券常使用的偿债保障条款对完善我国债券发行文件、增强投资者保护均有一定的价值,就已暴露的风险事件而言,目前完善交叉违约条款、控制权变更条款和核心资产划转条款的必要性显得尤为突出。

Although China's bond market has developed and regularized significantly, compared to developed countries, the bond covenant terms do not play the role that they should. The commonly used debt service guarantee terms in other countries have important implications for completing China's bond issue documentations and improving investor protection. As for exposed risk events, addressing the 'Cross Default Clauses', 'Control Rights Transferring Clauses', and 'Core Asset Transferring Clauses' seems more necessary than ever.