wot power leveling shortFinancing and blend in with the short - YDH

Changes in 2011, completed an unprecedented expansion of China's bond market, China's interbank market traders Association (hereinafter referred to as "Dealers Association") in charge of non-financial corporate debt financing tools, stock size exceeded 3 trillion yuan in one fell swoop, a well-deserved credit bond mainstream varieties. At the same time, mountainDong Hailong short credit events are represented by financial crisis, has caused widespread concern. 　　In response, Dealers Association recommends that investors rational treatment of credit risk, and called for the full play to the role of self-regulatory organizations, "the market should be allowed to market their own solutions". From "the tripod" to "a single large" according to PBoC statistics, by the end of 2011,China hosting totaling $ 22.1 trillion of bonds in the bond market which the bonds managed the interbank market amounted to 21.4 trillion yuan, accounted for more than 97.1%. Despite the reduction in the Treasury and central issuance world of tanks power leveling, credit issuance of up to $ 2.2 trillion in the year, increase in per cent in 38.8%. In particular, the ultra short-term financing bonds $ 224 billion, short-term financingTickets $ 802.9 billion, $ 727 billion medium-term instruments, small and medium enterprises collection bills $ 5.2 billion, closed directed $ 89.9 billion debt financing tools, $ 247.3 billion corporate bonds, corporate bonds world of tanks power leveling, $ 124.1 billion. According to estimates, Dealers Association immersed in head of super short, short into, notes, closed ticket, small and medium enterprises in the collection directed circulation of debt financing vehicles 1 new threat definitions.84 trillion yuan, accounting for about 83.3%; share about 11.1% development and Reform Commission in charge of enterprise debt; head of securities and corporate bonds total about 5.6%. 　　In credit debt market, once "the tripod" pattern has been to "dominance". In just a few years, issuance system for registered dealers Association "latecomers" 2011 non-financial enterprisesStock size exceeded 3 trillion yuan of debt financing tools; short melting, tickets, bills and other products since the launch of the SME collection, the cumulative circulation of close to 6 trillion yuan. 　　In contrast, the oldest stock of corporate debt of about $ 1.7 trillion, also smaller than the late start corporate bond amount is less than $ 300 billion. One of the interbank market have pointed out that, through the dealer associationRegistered issue debt financing vehicles, with simple, low transaction costs, as well as information disclosure policy benefits stability and outstanding comprehensive cost advantages. As a self-regulatory organization of the interbank market, dealers ' Association was established in September 2007, covering the interbank bond market, interbank market, foreign exchange, notes and gold markets, head of DepartmentPeople's Bank of China. 　　In 2009 and 2010 wot power leveling, dealer credit promotion Association has initiated the establishment of a debt debt credit rating of investment companies and companies. Dealers at the end of last year, the Association said in a press release: in recent years, the debt financing market is always maintained, rapid, and healthy development of the good trend, has become China's debt capital markets "boards"And growing media, range, open to international financial organizations, as well as countries and regions of concern of regulators and market institutions. Credit risk "Storm" "compared to bank loans, debt financing vehicles advantages, refused to eat meat with soup. "One industry source stated that" in many areas, large State-owned enterprises are basically short meltingVotes are in, and got on. "It is worth mentioning that, by the end of 2011, debt financing by non-financial enterprise tools, basic finance structure adjustment of the single over. "The significance of this demonstration, iconic, far more than the 3 trillion itself. "A dealer association insiders told reporters that," corporate finance function through bank debtCity, single's success proves this point. "A great senior researchers:" short melting, really big, but the actual effect is not significant enough, periodic mismatches are too serious. "According to Central Bank data, within the last 5-year period of bonds circulation than 52.9% than up 2010; shortFinancing and blend in with the short, short term bonds (duration not more than 1 year) circulation of more than 1 trillion, accounted for more than half. At a time when market expansion from Sichuan high speed, cloud investment group's core asset transfers, interest on debt servicing to Yunnan Highway skirmish early 2012 in angang "Oolong defaults" and DG Telecom debt crisis and at risk of payment due again Shandong Dragon are shownThe credit risk situation resembling ". 　　Credit event is raised above concern of the society, especially the dragon to be due April 15 payment short melting, but also affect the sensitive nerves of investors. Close to the dealer association, informed sources told reporters: "Association has been tightening the application of low-rated issuers, including private enterprises,Avoid a dragon. ”