主题：zt, 资产支持票据揭开发行序幕 三企业获25亿注册额度 -- parishg

it is strange that corporate bond market is still so small in China. Bond market encourages accountability and transparency and has been well established in North America for centuries. In contrast, equity market came into maturity much later than the gov. and corporate bond markets.

Corporate bond rating industry is also well established for more than 100 years. In contrast, synthetic bond securities are very difficult to model and rate and they also lack transparency and historical data.

The Big Three ratings firms all had broken models with respect to the synthetic bond products. But their corporate rating models were well-tested through several business cycles.