主题：zt, 中国“垃圾债”正式开闸--debt market -- parishg

replacing bank loans to create monetary expansion. Smart move.

BTW, recommend this post: really insider's message.

http://www.ccthere.com/article/3676979

中国“垃圾债”正式开闸

2012年03月05日 15:38　　　

文 / 米小兜

据财新网报道，证监会已正式同意发行高收益债，以注册备案制发行，并由深圳证券交易所和上海证券交易所操作。本次出台的高收益债规则主要是起到试点作用，未来将逐步放开。

高收益债的发行人资质标准有三点。一是发行高收益债的企业规模标准为中小企业，评级角度为BBB至AA-的企业(含上市公司)；二是地域位于京、沪、津、浙、苏、粤等发达地区；三是企业类型为有自主创新能力的企业、高科技企业、三农企业。

Personally, I do not recommend institutional investors to buy those bonds: buy low-grade corporate bonds during a downward business cycle is highly risky. Secondary market liquidity is another problem.

Corporate bond lacks liquidity and is usually the best investment tool for insurance companies, not for mutual funds.