corporatebondproductsandderivatives(英文版)(參考版)
2025-01-08 07:37本頁面
【正文】 CorporateBankingand InvestmentCorporate Bond Productsand DerivativesAPEC Finance and Development ProgramFrank KwongDirectorAsia Credit TradingCorporateBankingand InvestmentContentsn Introductionn The Building BlockslAnatomy of a BondlAsset SwapslDefault SwapslTotal Return SwapslCredit Linked NoteslRepackaging2CorporateBankingand InvestmentIntroductionCorporateBankingand InvestmentWhat Are Credit Derivatives?n Credit derivative returns are tied to the performance of a credit risk related measure. These include:ldefault by a counterpartylcredit spreads related to a reference assetn Like other derivatives, credit derivatives allow for the isolation and transfer of a particular type of risk in this case, credit riskn The basic products in the credit derivative market are:lAsset SwapslCredit Default SwapslTotal Return Swapsn By bining these with technologies like repackaging and securitization, tailor made products and risk management solutions are possible CorporateBankingand InvestmentCredit Derivatives New and Not Newn Although credit derivatives traded under ISDA documentation are relatively new, similar products have existed in the mercial banking world for decades:CorporateBankingand InvestmentMarket Participantsn Banks are the largest buyers and sellers of credit protection, accounting for over 50% of market volumen Insurance panies are expected to bee more active in order to improve returns on capitaln Mutual funds and corporations are beginning to view credit derivatives as hedging instruments and/or attractive investment alternatives, particularly in high yield and emerging marketsCorporateBankingand InvestmentWhy Use Credit Derivative Products?n Creating Accessn Tailor credit, maturity, duration, currency and convexity exposures n Provide greater yield than available “cash” alternativesn Limit or reduce credit or default exposures (., buy protection)n Provide leverage (if desired)n Diversify simply into new asset classesn Create insurance products through Credit Default Swapsn Hedge Portfolios of CreditsCorporateBankingand InvestmentBuilding BlocksCorporateBankingand InvestmentBuilding Blocksn Anatomy of a Bondn Asset SwapslCross Currency Asset Swapsn Credit Default Swapsn Total Return SwapsCorporateBankingand InvestmentBuilding BlocksAnatomy of a BondCorporateBankingand InvestmentWhat Do You Get When You Buy a Bond?nInvestment of Capitall Interest rate and currency risknRisk of Defaultl Country Risksn Confiscation, expropriation, restrictions on convertibility/transfer, tax risksl Company Risksn Business risks, industry risks, regional risknLegal / Regulatory Rights and Obligationsl Ownership for Tax Purposesl Ownership for Accounting Purposesl Ownership for Regulatory Capital Purposes (Banks Only)l Ownership for Domicile PurposesCorporateBankingand InvestmentComponents of a Bond Yield* Expropriation / Confiscation* Convertibility / Transfer* Business Ri
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