次级债券

举个例子，比如一家银行发行了400亿美元的带有这种内嵌转换特征的次级债券。

As an example , consider a bank that issues $ 40bn of subordinated debt with these embedded conversion features .

在它的强制作用下，承担过度风险的代价将由正确的人选承担&股东与次级债券持有者。

It forces the costs of excessive risk taking on to the right people – the shareholders and subordinated debt holders .

进入金融市场交易的次级债券衍生合约的市场规模被放大至近400万亿美元，相当于全球GDP的7倍之高。

The market size of subprime bond derivative contract access to financial market trading was magnified to nearly 400 trillion dollars , as much as 7 times the global GDP .

次级债券在商业银行资本管理中的运用及其相关建议

Application and Suggestion of Subordinated Bonds in Capital Management of Commercial Banks

商业银行次级债券发行：绩效、挑战与发展策略

Issuance of Inferior Bond of Commercial Banks : Achievement , Challenge and Development Strategy

次级债券补充资本问题研究

A Study of Substandard Bonds Reinforcing Capital

我国集体林权制度的物权与债权研究次级债券、附属信用债券

Study on the Real Right and Obligatory Right of Collective Forest Property in Our Country

2003年年底以来，在监管部门政策推动下，国内银行次级债券得到了空前发展。

Subordinated bonds have gained unprecedented development since 2003 . It benefits from the guide of supervision department .

联邦储备委员会支配着我们的生活，决定我们挣多少钱，存多少钱还有持有度少次级债券！

Federal Reserve dictates how we live , how much money we make , save and sub prime mortgages !

次级债券发行与银行监管市场约束

Issue the national debt ; Sustainability of Government Debt Insurance of Subordinated Bond and Market Discipline of Banking Supervision

此外，各银行还将发售债券和次级债券来进一步充实资本。

That is in addition to sales of bonds and subordinated bonds the banks will use to further boost capital .

中国人民银行对次级债券在银行间债券市场的发行和交易进行监督管理。

The PBC shall be in charge of supervising the issuance and trading of subordinated bonds in inter-bank bond market .

在此背景下，并结合《巴塞尔协议》等国际银行业监管准则及各国具体实践，国内各银行加强了次级债券在资本管理中的运用。

According to Basle Agreement and much of practice , civil banks strengthen the application of subordinated bonds in capital management .

但与国外银行比较，当前国内银行发展次级债券在监管和风险防范等方面还存在需要进一步解决的问题。

However , comparing with foreign banks , civil banks need solve many problems in supervision and risk defense of subordinated bond .

如果发行人破产，先偿付清算人和政府税，然后是高级债券，然后才是次级债券。

In case of bankruptcy , subordinated bond holders are paid after the liquidator , government taxes , and senior bond holders are paid .

次级债券为求偿顺序低于普通债务而高于股权的债务形式，目前普遍为国际各银行所发行。

Subordinated debt is issued by many banks in the world . Its priority is lower than ordinary debt , and higher than equity .

政府隐性担保对商业银行次级债券的风险约束功能的弱化次优抵押贷款相关的债务担保证券发行量急剧下降。

The Government s Recessive Guarantee and the Subordinated Debt s Market Discipline to Commercial Banks Risk-Taking ; The issuance of subprime-related CDOs has plunged .

文章最后就我国应如何提高商业银行次级债券的风险抵御能力，提出了政策建议。

At the last part , some policy-oriented proposals are suggested on promoting the ability of commercial banks to resist the risk of subordinated debt .

这宗次级债券销售在中国的银行间市场得到积极响应，投资者被相对较高的票息和隐含的国家担保所吸引。

The subordinated bond sale was warmly received in the Chinese inter-bank market by investors attracted by the relatively high coupon and an implicit state guarantee .

国内银行几乎完全靠存款提供资金；在六大上市银行的总债务中，优先债券和次级债券平均仅占1%。

Domestic banks are almost entirely deposit-funded ; senior and subordinated bond issuance averages 1 per cent of total liabilities at the big six listed lenders .

要充分发挥次级债券约束商业银行风险作用，就必须消除次级债券持有人对政府隐性担保的预期。

To bring the subordinated debt 's market discipline into full play , we must clear up the investors ' anticipation for the government 's recessive guarantee .

山底下发生次级债券危机什么的，这些信息完全干扰不了他，因为他完全安静了。

Even the subprime mortgage loan crisis or anything else at the foot of the mountain can not disturb him at all , for he is completely peaceful .

在此结论的基础上，本文又结合当前次级债券实际发展状况，对实证结果进行分析并提出政策建议。

Based on the conclusion , this paper also analyzed the test result , considering the development of Subordinated Debt at present , then put forward some political suggestions .

本文从自我积累、财政注资、发行长期次级债券、上市等几个方面入手，分析了充实四大国有商业银行自有资本的途径。

The paper analyses the way of enriching self-capital of four bigger business bank from four aspects including self-accumulation , finance investment , issuing long term subordinate bonds , coming into market etc.

混合债券（或者次级债券）支付给投资者的利息要高于更高级债券，但如果企业陷入困境，这种债券将比其他债券更早承担损失。

Hybrid , or subordinated , debt pays a higher coupon to investors than more senior debt but is designed to bear losses earlier than other forms if the company runs into trouble .

次级债券通过风险敏感的债务工具不仅使银行产生内在的抑制风险激励，而且通过市场参与者和监管机构的反应对银行形成风险约束的外部刺激。

As a debt instrument , subordinated bond not only provides banking organizations with internal incentives to refrain from augmenting their risk , but also imposes additionnal ( incentives ) through participants and supervisors .

分别提取不良贷款率、资本充足率、发行期限和发行规模作为风险指标做相关性检验，验证我国目前商业银行次级债券的风险抵御能力。

Non-performing loans ratio , the capital adequacy ratio , size distribution and distribution of the period are extracted respectively to verify the ability of commercial bankers to resist the risk of subordinated debenture .

但政府隐性担保的存在使次级债券找到了一条类似银行存款一样的风险转嫁渠道，弱化了其风险约束功能。

But the existence of government 's recessive guarantee makes the subordinated debt like the deposit that has a channel to shift away the risk and then belittles its market discipline on the commercial banks .

有些监管机构允许银行将核心资本（即一级资本）保持在接近于4%的最低水平，或者把大量次级债券和其它非权益资本计算在内。

Some allowed banks to operate close to the minimum 4 per cent levels of core , so-called Tier 1 , capital , or to count significant amounts of subordinated bonds and other non-equity capital .

因此，改变次级债券发行和流通环境、健全信息披露机制、完善信用评级制度，甚至培养机构投资者等等是次级债券市场健康发展必经之路。

Therefore , changing the environment of issuance and liquidation , optimizing information disclosure system , establishing sound credit evaluation policy and providing training to structure investors are vital elements for the healthy development of inferior bond .