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交易商协会的创新推动了债市的快速发展,但过于主动管理的做法也饱受质疑。银行间债券市场又有新动作。8月3日,中国银行间市场交易商协会(下称“交易商协会”)发布了《银行间债券市场非金融企业资产支持票据指引》(下称“《指引》”)。紧接着,8月7日,交易商协会接受第一批3家企业注册。8月8日,产品发行,当日即告售罄。所谓资产支持票据(ABN),是指非金融企业在银行间债券市场发行的,由基础资产所产生的现金流作为还款支持的债务融资工具。交易商协会此举引起了市场广泛关注,可谓“几家欢喜几家愁”。“对于发行人,尤其是城投公司
Traders Association of innovation to promote the rapid development of the bond market, but too proactive management has also been questioned. There are new moves in the inter-bank bond market. On August 3, the China Association of Banks Market Dealers (”the Association of Dealers“) released the Guidance on Asset-Backed Notes of Non-Financial Enterprises in the Inter-bank Bond Market (the ”Guidance“). Then, on August 7, the Dealers Association accepted the first three companies to register. August 8, product release, the day sold out. The so-called asset-backed bills (ABN) refers to the non-financial companies issued in the inter-bank bond market, the cash flows generated from the underlying assets as a repayment of debt financing instruments. Traders Association this caused widespread concern in the market, described as ”a few happy few worry “. ”For issuers, especially city investment companies