sqa-hnd投资学-公司债

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1、HDNAwardFinancialServiceHOY636FinancialServicesGradedUnit3Candidatename:WangYiqianSCN:177153435Tutor:ZhangJuDuedate:31October2017Contents1.0Briefintroductionthecorporatebonds22.0Corporatebondanalysis33.0Corporatebondfundanalysis64.0IntroductionofRetailbondsandM

2、inibonds84.1Retailbonds84.2Minibonds85.0Relatedelementsandattentionsofpurchasingcorporatebonds91.0BriefintroductionthecorporatebondsAcorporatebondsisadebtsecurity，itcanbeissuedbythepubliccompaniesandprivatecompanies.Thecouponispaidusuallytwiceyearly,itshouldbec

3、learlystatedinthepurchasecontractandthemainreferenceindexofthecouponrateistheprevailingmarketinterestrate,theratioofcorporatebondsinthesameperiodsameandsameindustry,thecreditratingoftheissuingcompany,andthefinancingpurpose.Itisworthnotingthatiftheprevailingmark

4、etinterestratecontinuestofall,thebondholders'couponincomewillexceedexpectations.Thevalueofthebondsdeterminedbythepaymentabilityofthecorporateandtheprofitabilitydeterminestheabilityofpayment.And,iftheissueamountofcorporatebondsexceedsitscreditrating,thecompanyne

5、edsprovidefixedassetsansecurity.Inordertopreventmonopoliesandoligopolisticcorporatebondsfromthebondmarket,furtherensurestheconsistencyofthefinancialenvironment;thegovernmentencouragestheissuanceofinnovativecorporatebondswhichareretailbondandminibond.Themainchar

6、acteristicsofthetwotypesofinnovativecorporatebondsarethehigherriskandtheprincipalisnotrepaidafterthefailureoftheoperationofthecompanies,butthereturnsarehigh,anditissimilartothecharacteristicsofthestockandtheinvestormainlyaresmallinvestors.Therearetwowaysforfina

7、ncingincludingissuingcorporatebondsorissuingstocks.Publiccompaniesaremorelikelytoissuesharesduetothecashflowarisingfromthepaymentofthecouponandtherepaymentofprincipalatmaturity.Butcomparedwiththestock,theriskofissuingcorporatebondsislower,becausetherepaymentofp

8、rincipalwhenthematurityofcorporatebondsandthepurchaseofstockequityinvestmentcan’tbeguaranteed,sothecorporatebonds’incomeisrelativelystableorhigh.Besides,thebondholdershavepr