c****n
发帖数: 21367 | 1 请教一下各位专业大侠，国债能像房贷一样用来做抵押物发行derivative么？
如果可以，那么为什么中国不把美国国债搞个CDO，融资来搞国内建设，反而要自己增
发货币呢？
我知道这个问题很外行很小白，还请各位不吝赐教，谢谢了。
祝各位圣诞快乐。:) |
D********n
发帖数: 978 | 2 有你这个问题，圣诞节不欢乐都难。谢谢！
【在 c****n 的大作中提到】
: 请教一下各位专业大侠，国债能像房贷一样用来做抵押物发行derivative么？
: 如果可以，那么为什么中国不把美国国债搞个CDO，融资来搞国内建设，反而要自己增
: 发货币呢？
: 我知道这个问题很外行很小白，还请各位不吝赐教，谢谢了。
: 祝各位圣诞快乐。:)
|
c****n
发帖数: 21367 | 3 哈哈，欢乐好呀。
回复一些技术科普就更好了，谢谢 :)
有你这个问题，圣诞节不欢乐都难。谢谢！
★ Sent from iPhone App: iReader Mitbbs 7.36 - iPad Lite
【在 D********n 的大作中提到】
: 有你这个问题，圣诞节不欢乐都难。谢谢！
|
S****h
发帖数: 558 | 4 融资的话怎么推高美元呢？央行就是要压低人民币啊？
【在 c****n 的大作中提到】
: 请教一下各位专业大侠，国债能像房贷一样用来做抵押物发行derivative么？
: 如果可以，那么为什么中国不把美国国债搞个CDO，融资来搞国内建设，反而要自己增
: 发货币呢？
: 我知道这个问题很外行很小白，还请各位不吝赐教，谢谢了。
: 祝各位圣诞快乐。:)
|
c****n
发帖数: 21367 | 5 谢谢回复，我的问题还不到汇率那一步
做金融产品融资也是融的美元资本
我的问题在于，是不是可以用美国国债作抵押物搞衍生物
最简单的比如说，我们国家成立个美国国债公司，给5000万美国国债
债权给这家公司，然后这家公司发行一些衍生物放到金融市场上去卖
这样做可以么？
己增
【在 S****h 的大作中提到】
: 融资的话怎么推高美元呢？央行就是要压低人民币啊？
|
t**********a
发帖数: 166 | 6 CDO on US debt? What is the rational to do that?
To me, CDO is a way to aggregate diversifible risk for different risk-taking
. There is only one risk for US debt, and it can be hedged/risk taking
through CDS, why bother to use CDO?
If you meant adding leverage to current Chinese FX reserve, I think it has
already be done. The money was given to CIC and others to do "investment",
and I guess there is not much restriction on leverage.
【在 c****n 的大作中提到】
: 谢谢回复，我的问题还不到汇率那一步
: 做金融产品融资也是融的美元资本
: 我的问题在于，是不是可以用美国国债作抵押物搞衍生物
: 最简单的比如说，我们国家成立个美国国债公司，给5000万美国国债
: 债权给这家公司，然后这家公司发行一些衍生物放到金融市场上去卖
: 这样做可以么？
:
: 己增
|
D********n
发帖数: 978 | 7 为啥不能？
【在 c****n 的大作中提到】
: 谢谢回复，我的问题还不到汇率那一步
: 做金融产品融资也是融的美元资本
: 我的问题在于，是不是可以用美国国债作抵押物搞衍生物
: 最简单的比如说，我们国家成立个美国国债公司，给5000万美国国债
: 债权给这家公司，然后这家公司发行一些衍生物放到金融市场上去卖
: 这样做可以么？
:
: 己增
|
o**o
发帖数: 3964 | 8 CDO本质是通过leverage重新分配credit risk。美国国债没有credit risk。。。
【在 c****n 的大作中提到】
: 谢谢回复，我的问题还不到汇率那一步
: 做金融产品融资也是融的美元资本
: 我的问题在于，是不是可以用美国国债作抵押物搞衍生物
: 最简单的比如说，我们国家成立个美国国债公司，给5000万美国国债
: 债权给这家公司，然后这家公司发行一些衍生物放到金融市场上去卖
: 这样做可以么？
:
: 己增
|
S*********g
发帖数: 5298 | 9 有的。美国国债也有可能default的
【在 o**o 的大作中提到】
: CDO本质是通过leverage重新分配credit risk。美国国债没有credit risk。。。
|
c****n
发帖数: 21367 | 10 maybe I am completely naive, the purposes of CDO include hedging the risk
as well as earning profit by creating liquidity.
we lend money to U.S. through buying its treasury bonds. the coupon rate
is our profit. at the same time, we don't have money to spend. if we can
sell some derivatives to the market, then we can have money to spend again.
by re-financing on our credits, we don't need to issue 4T or 10T RMB.
As you pointed out, CDO is for risk diversification.
we can mix euro debts, u.s. debts, and some other national debts together
to create derivative packages. we just need some AAA rating like those MBS
before 2008.
is there some fundamental mistake here?
I have very limited knowledge on finance. please do not hesitate to be
critical. thanks. :)
taking
【在 t**********a 的大作中提到】
: CDO on US debt? What is the rational to do that?
: To me, CDO is a way to aggregate diversifible risk for different risk-taking
: . There is only one risk for US debt, and it can be hedged/risk taking
: through CDS, why bother to use CDO?
: If you meant adding leverage to current Chinese FX reserve, I think it has
: already be done. The money was given to CIC and others to do "investment",
: and I guess there is not much restriction on leverage.
|
|
|
c****n
发帖数: 21367 | 11 我就是想知道为啥不能啊
如果技术上可行，为啥现在我们都是直接买卖美国国债，而没有交易其衍生物呢
如果说re-finance美元意义不大，因为风险小。那我们可以捆着欧元区国债，
南美国债，东南亚国债什么的一起做CDO，这样可以把风险交还给市场，
把钱拿出来花。现在我们也有很多地方需要钱啊，比如买铁道部债券什么的。
【在 D********n 的大作中提到】
: 为啥不能？
|
s******r
发帖数: 324 | 12 你对CDO的目的和作用根本不懂,上面有几个人给你解释过了,再讲就是对牛弹琴, the
reason collaterized product exist is to take advantage of overpricing of
trile A rated product. Treasury really traded as AAA product regardless of
what S&P says, so there is no reason to create a CDO on treasury. Emerging
market bond theoretically is good for CDO, there might be a market already.
Somebody on CDO desk would know a lot better than I do. But chinese
government does not own a lot of EM bonds. |
c****n
发帖数: 21367 | 13 thx :)
.
【在 s******r 的大作中提到】
: 你对CDO的目的和作用根本不懂,上面有几个人给你解释过了,再讲就是对牛弹琴, the
: reason collaterized product exist is to take advantage of overpricing of
: trile A rated product. Treasury really traded as AAA product regardless of
: what S&P says, so there is no reason to create a CDO on treasury. Emerging
: market bond theoretically is good for CDO, there might be a market already.
: Somebody on CDO desk would know a lot better than I do. But chinese
: government does not own a lot of EM bonds.
|
p*****y
发帖数: 529 | 14 I'm totally lost in your discussion. :)
Creating deriv package and selling them is a way to get the risk off your
book so that you can free some capital to take other risks, in case of a
bank, other short term risk that you can get off later by either trading or
packaging into deriv.
FX reserve to china gov is sort of long term holding assets. US debt is
purposely chosen because its market is large and liquid. If we sell some
deriv packages over us debt, we actually got rid of the risk we want to take
and then we have to find other risks to take. Is it funny?
To get the leverage, you post your liquid assets (such as us debt) as
collateral to borrow money from banks. I'm not sure how it is done in our FX
reserve but I guess it should have been done already in the funds managed
by CICC or SAFE.
As to why we have to issue 4T or 10T RMB, that's because the gov doesn't
want individuals/companies to own US$ but it can't just take the US$ from
these entities. It has to exchange it with RMB. And issuing new RMB is the
only way to deal with so large volume of US$ in these entities.
Hope this helps.
【在 c****n 的大作中提到】
: maybe I am completely naive, the purposes of CDO include hedging the risk
: as well as earning profit by creating liquidity.
: we lend money to U.S. through buying its treasury bonds. the coupon rate
: is our profit. at the same time, we don't have money to spend. if we can
: sell some derivatives to the market, then we can have money to spend again.
: by re-financing on our credits, we don't need to issue 4T or 10T RMB.
: As you pointed out, CDO is for risk diversification.
: we can mix euro debts, u.s. debts, and some other national debts together
: to create derivative packages. we just need some AAA rating like those MBS
: before 2008.
|
c****n
发帖数: 21367 | 15 thx :)
or
take
【在 p*****y 的大作中提到】
: I'm totally lost in your discussion. :)
: Creating deriv package and selling them is a way to get the risk off your
: book so that you can free some capital to take other risks, in case of a
: bank, other short term risk that you can get off later by either trading or
: packaging into deriv.
: FX reserve to china gov is sort of long term holding assets. US debt is
: purposely chosen because its market is large and liquid. If we sell some
: deriv packages over us debt, we actually got rid of the risk we want to take
: and then we have to find other risks to take. Is it funny?
: To get the leverage, you post your liquid assets (such as us debt) as
|
S*******s
发帖数: 13043 | 16 最简单的repo就行。
可是为什么要这么做呢。中国买美国国债是因为美元花不出去，那么一折腾又变成一大
堆美元在手里了。
美元只能用来搞国际建设，不能搞国内建设的。
所以中国现在很喜欢韩国，因为那是个最大的贸易逆差提供者。
【在 c****n 的大作中提到】
: 请教一下各位专业大侠，国债能像房贷一样用来做抵押物发行derivative么？
: 如果可以，那么为什么中国不把美国国债搞个CDO，融资来搞国内建设，反而要自己增
: 发货币呢？
: 我知道这个问题很外行很小白，还请各位不吝赐教，谢谢了。
: 祝各位圣诞快乐。:)
|
w******i
发帖数: 503 | 17 makes a lot of sense...
or
take
【在 p*****y 的大作中提到】
: I'm totally lost in your discussion. :)
: Creating deriv package and selling them is a way to get the risk off your
: book so that you can free some capital to take other risks, in case of a
: bank, other short term risk that you can get off later by either trading or
: packaging into deriv.
: FX reserve to china gov is sort of long term holding assets. US debt is
: purposely chosen because its market is large and liquid. If we sell some
: deriv packages over us debt, we actually got rid of the risk we want to take
: and then we have to find other risks to take. Is it funny?
: To get the leverage, you post your liquid assets (such as us debt) as
|
