Song Qinghui CDs may be the risk of hedge funds to subscribe for bonds or will rise – Sohu Finance vidown

Song Qinghui: CDS can hedge the risk mechanism of bond purchase willingness or rising financial – Sohu "CDS can hedge the risk, even if the break just against many financial institutions are not capital, institutional subscription bonds will or will increase." Song Qinghui, a famous economist, told the daily economic news reporter. On each reporter Deng Liping China version of the credit default swap (CDS) officially launched. As the most common credit derivatives in foreign financial markets, the introduction of the product, the impact on China’s bond market can not be ignored. The last two years, the rapid development of the credit bond market, at the same time, the bond default event is also growing, rigid payment is gradually broken, the market needs risk mitigation tools to hedge risk. In the industry view, the bond market defaults lead to increased demand for risk mitigation tools, it is an opportunity for the development of CDS. "CDS can hedge the risk, even if the break just against many financial institutions are not capital, institutional subscription bonds will or will increase." Song Qinghui, a famous economist, told the daily economic news reporter. After the breach of the bond market gradually since 2014 China’s first public offering of bonds 11 super day debt default, the rigid payment China bond market is gradually broken, the bond market default case is gradually increasing. According to the Financial Times reported that 1~8 months of this year, the total maturity of credit debt amounted to 12 trillion and 600 billion yuan, more than the same period last year more than 2 times. At the end of August, a total of 22 issued 44 bonds, the main event of default, than the same period last year (9) increased by nearly 4 times. Cover the short financial, ultrashort finance, tickets, corporate bonds, private debt and other directional tools and all varieties of bonds, the default principal of about 26 billion 500 million yuan. In the main breach, but also from private enterprises to the state-owned enterprises and the central enterprises and other well-known enterprises. Guangxi Nonferrous Metals Group (hereinafter referred to as Guangxi nonferrous metals) declared bankruptcy. Previously, Guangxi nonferrous metals has only the number of bills and continuous breach of contract; the supernatant in the website recently announced that the Northeast Special Steel in September 26th will be 700 million yuan payment of principal and interest repayment of short financial uncertainty, previously, the northeast special steel has appeared 8 times of bond defaults. "The recent bond market credit risk prone, from private enterprises to the central enterprises, from the private to the public offering, the bond market" break just against "advancing quickly, various institutions have the dispersion of credit risk demand, the market is very need to release the credit risk of the tool, an opportunity which is the development of CDS." China Merchants Securities analyst Sun Binbin believes. To the northeast special steel as an example, if a CDS in the bond issuance process, then the creditor year to CDS the seller to pay a fee, but when the Northeast Special Steel contract, the seller will be in accordance with the agreed payment to creditors. In the case of the bond has just been traded, the operation of CDS is obviously useless, but has just been broken, the role of CDS has begun to highlight. Tube kiyotomo Minsheng securities, Li Qilin believes that with the gradual break China rigid bond payment, credit debt risk will face market pricing, risk exposure is相关的主题文章: