防控債券風險，做理性投資人系列：債券典型案例（六）
RGONGSISIMUZHAIQUANWEIYUEJIFENGXIANCHUZHIANLI
“16R01”ZHAIQUANFAXINGRENWEIRGONGSI，ZAIJIAOYISUOFEIGONGKAIFAXINGGONGSIZHAIQUANGUIMO3YIYUAN，QIXIAN3NIAN，QIXIRI2016NIAN4YUEXRI，2017NIAN4YUEXRIGAIZHAIQUANTOUZIZHEXIANGYOUHUISHOUXUANZEQUAN。2017NIAN3YUEXRITOUZIZHESHENBAOHUISHOUGUIMO2.6YIYUAN，YINGYU4YUEXRICHANGFU。4YUEXRI，FAXINGRENWEINENGANSHIDUIFUHUISHOUSHENBAOBENJIN，GOUCHENGSHIZHIXINGWEIYUE。“16R01”TONGGUOCHEXIAOHUISHOU、ZHUCHENGXIAOSHANGCHENGJIEBUFENZHAIQUANSHIXIANHUISHOUDUIFUFENGXIANHUAJIEDEZHAIQUAN。
YI、FAXINGRENJIZHAIQUANJIBENQINGKUANG
RGONGSIDEZHUYAOCHANPINWEINIAOSU，GONGSINIAOSUDANCHANGCHANNENGQUANGUOLINGXIAN，SHICHANGZHANYOULVYUE6%，SHENGCHANJISHUCENGHUOTSHIKEXUEJISHUYIDENGJIANG，SHUYUSSHENGGAOXINJISHUQIYE。“16R01”YOUKZHENGQUANGUFENYOUXIANGONGSICHENGXIAOBINGDANRENSHOUTUOGUANLIREN，FAXINGGUIMO3YIYUAN，MUJIZIJINYONGTUWEICHANGHUANJIEKUAN，QIXIAN36GEYUE，PIAOMIANLILV8%，QIXIRI2016NIAN4YUEXRI，ZHAIQUANCHIYOURENHZICHANGUANLIGUFENYOUXIANGONGSI、DZHENGQUANGUFENYOUXIANGONGSIHEQZICHANGUANLIYOUXIANGONGSIFENBIECHIYOUZHAIQUANFENE2YIYUAN、0.6YIYUANHE0.4YIYUAN。
ER、FENGXIANBAOLUHECHUZHIGUOCHENG
“16R01”YU2017NIAN3YUEXRIZHI3YUEXRIJINRUTOUZIZHEHUISHOUDENGJIQI，2017NIAN4YUEXRIJINXINGHUISHOUDUIFUHEDANGQIPAIXI。JIEZHI2017NIAN3YUEXRI，HZIGUANHEDZHENGQUANJINXINGLEQUANEHUISHOUSHENBAO，HEJIJINEWEI2.6YIYUAN，QZICHANGUANLIGONGSIZANWEIJINXINGHUISHOUSHENBAO。FAXINGRENZHENGCHANGJINGYINGDANLIUDONGXINGBUZU，WEINENGYU2017NIAN4YUEXRIANSHIHUISHOUDUIFU，GOUCHENGSHIZHIXINGWEIYUE。
1、TIQIANGUANZHUHUISHOUZIJINCHOUCUOQINGKUANG，JISHIGONGXIANGFENGXIANXINXI
ZAI“16R01”HUISHOUDUIFURIYIGEYUEQIAN，JIAOYISUOTONGGUOKZHENGQUANLEJIEDAOFAXINGRENCUNZAIHUISHOUDUIFUFENGXIANHOU，JISHIXIANGZHENGJIANHUISHANGBAOBINGTIQINGSZHENGJIANJUGUANZHU。
2、DUNCUFAXINGRENLVXINGXINXIPILUYIWU，WEIHUZHAIQUANTOUZIZHEHEFAQUANYI
ZAIHUISHOUDENGJIQIKAISHIQIANYIRIJI3YUEXRI，FAXINGRENNIWEIFANMUJISHUOMINGSHUFUYUTOUZIZHEDI1NIANMOHUISHOUXUANZEQUANDEYUEDING，BUPILUHUISHOUYEWUTISHIXINGGONGGAO。JIAOYISUOJISHIYUKZHENGQUANYIJIFAXINGRENDONGSHICHANGQUDELIANXI，QIANGDIAOANZHAOMUJISHUOMINGSHULVYUEDEZHONGYAOXING，YAOQIUGEFANGGAODUZHONGSHIZHAIQUANHUISHOUSHIYI。ZUIZHONGFAXINGRENTONGYILVXINGXINXIPILUYIWU，ANSHIFABUHUISHOUYEWUTISHIXINGGONGGAO。
3、DUNCUSHOUTUOGUANLIRENLVZHIJINZE，JIJIZUOHAOGOUTONGXIEDIAO
YISHIYAOQIUKZHENGQUANTIQIANZUOHAOYINGJIYUAN，JIAJINXIEDIAOFAXINGRENYUTOUZIZHEHUISHOUANPAICUOSHANG，BINGXIANGJIAOYISUOHUIBAOJINZHANQINGKUANG。CONG2YUEXRIZHI3YUEXRI，JIAOYISUOCHIXUGENZONGKZHENGQUAN、FAXINGRENHETOUZIZHESANFANGZHAOKAIDELIANGCIXIEDIAOHUI，JISHIZHANGWOGEFANGSUQIU。ERSHIJISHIYUETANKZHENGQUAN。3YUEXRI，SHENJIAOSUOYUETANKZHENGQUAN，KZHENGQUANXIANGGUANFUZERENXIANGJIAOYISUOBAOGAO“16R01”CHENGXIAOFAXING、FAXINGRENCAIWUJINGYING、SHOUTUOGUANLIZERENLVXINGDENGJUTIQINGKUANG。
4、TUIJINSHISHIFENGXIANYINGJIYUAN
3YUEXRI，JINGDUOFANGNULIXIEDIAO，KZHENGQUANTICHULEHUODEFAXINGRENHETOUZIZHEJIBENRENKEDEFENGXIANYINGJIYUAN，JIZAIFAXINGRENSHANGDIAOPIAOMIANLILVZHI9%，BINGTIGONGKONGGUGUDONGDANBAODEQINGKUANGXIA，HZIGUANHEDZHENGQUANXIANGZHONGGUOJIESUANFENGONGSITIQINGCHEXIAOHUISHOUSHENBAO，RANHOUYOUKZHENGQUANBUCHIYU4YUEXRIYIZIYOUZIJINCHENGJIETOUZIZHEHUISHOUSHENBAODEZHAIQUANFENE2.6YIYUAN。
ZAIDUIFURIJIANGJINDEJINPOQINGKUANGXIA，WEITUIJINGAIFENGXIANYINGJIYUANSHISHI，JIAOYISUOYIFANGMIANYANJIUFANGANSHEJIDEFENECHENGJIEHEHUISHOUSHENBAOXIUGAIZAIFALVHESHICAOCENGMIANDEKEXINGXING，LINGYIFANGMIANDUNCUKZHENGQUANZUOHAOFANGANSHISHIDEZHUNBEIGONGZUO。YOUYUKZHENGQUANYIZIYOUZIJINCHENGJIE“16R01”2.6YIYUAN，CHIYOUDANYIZHAIQUANDEGUIMODADAO87%，BUFUHE《ZHENGQUANGONGSIFENGXIANKONGZHIZHIBIAOGUANLIBANFA》GUANYUZHENGQUANGONGSICHIYOUDANYIZHAIQUANGUIMOBUDECHAOGUOGAIZHAIQUANZONGGUIMODE20%DEGUIDING，GAIFENGXIANYINGJIYUANZUIZHONGYINGAIZHENGCEXINGZHANGAINANYILUODI。4YUEXRI，FAXINGRENWEINENGANSHIDUIFUHUISHOUSHENBAOBENJIN，GOUCHENGSHIZHIXINGWEIYUE，TONGSHIYINBENJINWEIYUEERXUANZEBUZHIFUDANGQILIXI。
5、JIJIXIEDIAOTUIDONGCHEXIAOHUISHOU，SHUNLIWANCHENGFENGXIANHUAJIEFANGAN
4YUEXRI，HZIGUANJIYUZISHENKAOLVYIYUANFASHENGZHUANBIANBINGYUDZHENGQUANGOUTONG，DIAOZHENGLEYUANFENGXIANYINGJIYUAN，ZAIQITATIAOJIANBUBIANDEQINGKUANGXIATONGYIKZHENGQUANJINCHENGJIEGAIZHAIQUANZONGGUIMODE20%，JI6000WANYUAN，YAOQIUBUCHIYU4YUEXRIYIZIYOUZIJINXIANGHZIGUANHEDZHENGQUANFENBIEGOUMAI“16R01”4800WANYUANHE1200WANYUAN，YIFUHE《ZHENGQUANGONGSIFENGXIANKONGZHIZHIBIAOGUANLIBANFA》DEGUIDING。WEIKUAISUYOUXIAOWANCHENGSHANGSHUFENGXIANHUAJIEFANGAN，JIAOYISUODUNCUGEXIANGGUANFANGJIUCHEXIAOHUISHOUSHENBAOXIANGZHONGGUOJIESUANFENGONGSICHUJUSHUOMINGSHENQINGWENJIAN，JISHIQIANDINGZHAIQUANMAIMAICHENGJIEXIEYI。TONGSHIJIAOYISUOXIANGZHONGGUOJIESUANFENGONGSIQUHANTIQINGFENGXIANHUAJIEFANGANSHEJIDEJISHUZHICHI。4YUEXRI，XINDEFENGXIANHUAJIEFANGANSHUNLISHISHI，“16R01”HUISHOUDUIFUFENGXIANYIHUAJIE。
SAN、ANLIFENGXIANQISHI
FAXINGRENDEDAODEFENGXIANHEXINYONGQUESHI。DUIYULEISI“16R01”DEFEISHANGSHIFEIGUAPAIMINYINGQIYE，XINXIPILUHECHENGXINYISHIJIAOCHA。ZAI“16R01”HUISHOUDUIFUFENGXIANHUAJIEGUOCHENGZHONG，YISHIFAXINGRENBUPEIHELVXINGXINXIPILUYIWU，ZISHENCHOUCUOZIJINHUAJIEDUIFUWEIJIDEJIJIXINGHELIDUBUGOU；ERSHI4YUEXRIFAXINGRENZAIRENDINGBENJINSHIZHIXINGWEIYUEZHIHOUXUANZEWEIYUEDAODI，BENYIBEIHAODEDANGQILIXIYEXUANZEBUZHIFU。TAOBIZHAIWUDEDONGJIHEXINGWEIMINGXIAN。
