{"id":53760,"date":"2023-06-23T11:13:40","date_gmt":"2023-06-23T03:13:40","guid":{"rendered":"https:\/\/\/?p=53760"},"modified":"2023-06-19T11:51:55","modified_gmt":"2023-06-19T03:51:55","slug":"credit-linked-note-cln","status":"publish","type":"post","link":"https:\/\/\/credit-linked-note-cln\/","title":{"rendered":"\u4ec0\u9ebc\u662f\u4fe1\u8cb8\u639b\u9264\u7968\u64da CLN\uff1f\u904b\u4f5c\u65b9\u5f0f\u5be6\u4f8b\u8aaa\u660e"},"content":{"rendered":"<!-- \/367108978\/Rich01_PC_up_728x90 -->\n\t<div class='div-gpt-ad-css' id='div-gpt-ad-1564472272479-0' style='width: 728px; height: 90px;'>\n\t  <script>\n\t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1564472272479-0'); });\n\t  <\/script>\n\t<\/div><p><img decoding=\"async\" class=\"alignnone size-full wp-image-53761\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230606092106_13.jpg\" alt=\"\u4fe1\u8cb8\u639b\u9264\u7968\u64da\" width=\"1413\" height=\"740\" \/><\/p>\n<p>\u4fe1\u8cb8\u639b\u9264\u7968\u64da\u662f<a href=/index.html"https:\/\/\/what-is-structured-product\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u7d50\u69cb\u578b\u5546\u54c1<\/a>\u7684\u4e00\u7a2e\uff0c\u5728\u53f0\u7063\u5c6c\u65bc<a href=/index.html"https:\/\/\/what-structured-notes-0\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u9023\u52d5\u50b5<\/a>\u7684\u4e00\u7a2e\u3002<\/p>\n<p>\u9019\u985e\u5546\u54c1\u56e0\u70ba\u8a2d\u8a08\u7d50\u69cb\u6bd4\u8f03\u8907\u96dc\uff0c\u4e00\u822c\u6295\u8cc7\u4eba\u96e3\u4ee5\u7406\u89e3\uff0c\u4e0d\u6703\u92b7\u552e\u7d66\u666e\u901a\u6295\u8cc7\u4eba\uff0c\u4f46\u4e00\u4e9b\u9ad8\u8cc7\u7522\u4eba\u58eb\u53ef\u80fd\u6703\u88ab\u9280\u884c\u63a8\u92b7\u9019\u985e\u5546\u54c1\u3002<\/p>\n<p>\u524d\u9663\u5b50\u6709\u8b80\u8005\u554f\u9280\u884c\u5efa\u8b70\u4ed6\u8cb7CLN\uff0c\u65bc\u662f\u4f86\u554f\u6211\u9019\u662f\u4ec0\u9ebc\u3001CLN\u80fd\u4e0d\u80fd\u6295\u8cc7\uff1f<\/p>\n<p>\u672c\u6587\u5e02\u5834\u5148\u751f\u7528\u6dfa\u986f\u6613\u61c2\u7684\u65b9\u5f0f\u8aaa\u660e\u4ec0\u9ebc\u53eb\u4fe1\u8cb8\u639b\u9264\u7968\u64da\uff0c\u4e26\u4e14\u8209\u5be6\u969b\u7684\u6848\u4f8b\u8aaa\u660e\u3002<\/p>\n<p><!--more--><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_64 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">\u672c\u6587\u5e02\u5834\u5148\u751f\u6703\u544a\u8a34\u4f60\uff1a<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-661200105c8a3\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 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title=\"\u4fe1\u8cb8\u639b\u9264\u7968\u64da\u7684\u904b\u4f5c\u65b9\u5f0f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u4fe1\u8cb8\u639b\u9264\u7968\u64da\u7684\u904b\u4f5c\u65b9\u5f0f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=/index.html"https:\/\/\/credit-linked-note-cln\/#%E4%BF%A1%E8%B2%B8%E6%8E%9B%E9%89%A4%E7%A5%A8%E6%93%9A%E7%9A%84%E5%A5%BD%E8%99%95\" title=\"\u4fe1\u8cb8\u639b\u9264\u7968\u64da\u7684\u597d\u8655\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u4fe1\u8cb8\u639b\u9264\u7968\u64da\u7684\u597d\u8655<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=/index.html"https:\/\/\/credit-linked-note-cln\/#%E4%BF%A1%E8%B2%B8%E6%8E%9B%E9%89%A4%E7%A5%A8%E6%93%9A%E5%B0%8D%E6%8A%95%E8%B3%87%E4%BA%BA%E7%9A%84%E9%A2%A8%E9%9A%AA\" title=\"\u4fe1\u8cb8\u639b\u9264\u7968\u64da\u5c0d\u6295\u8cc7\u4eba\u7684\u98a8\u96aa\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u4fe1\u8cb8\u639b\u9264\u7968\u64da\u5c0d\u6295\u8cc7\u4eba\u7684\u98a8\u96aa<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=/index.html"https:\/\/\/credit-linked-note-cln\/#%E4%BF%A1%E8%B2%B8%E6%8E%9B%E9%89%A4%E7%A5%A8%E6%93%9A%E5%AF%A6%E9%9A%9B%E6%A1%88%E4%BE%8B\" title=\"\u4fe1\u8cb8\u639b\u9264\u7968\u64da\u5be6\u969b\u6848\u4f8b\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u4fe1\u8cb8\u639b\u9264\u7968\u64da\u5be6\u969b\u6848\u4f8b<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=/index.html"https:\/\/\/credit-linked-note-cln\/#CLN%E9%81%A9%E5%90%88%E4%B8%80%E8%88%AC%E4%BA%BA%E6%8A%95%E8%B3%87%E5%97%8E%EF%BC%9F\" title=\"CLN\u9069\u5408\u4e00\u822c\u4eba\u6295\u8cc7\u55ce\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">CLN\u9069\u5408\u4e00\u822c\u4eba\u6295\u8cc7\u55ce\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=/index.html"https:\/\/\/credit-linked-note-cln\/#%E5%BF%AB%E9%80%9F%E7%B8%BD%E7%B5%90%EF%BC%9A%E4%BB%80%E9%BA%BC%E6%98%AF%E4%BF%A1%E8%B2%B8%E6%8E%9B%E9%89%A4%E7%A5%A8%E6%93%9A%EF%BC%9F\" title=\"\u5feb\u901f\u7e3d\u7d50\uff1a\u4ec0\u9ebc\u662f\u4fe1\u8cb8\u639b\u9264\u7968\u64da\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5feb\u901f\u7e3d\u7d50\uff1a\u4ec0\u9ebc\u662f\u4fe1\u8cb8\u639b\u9264\u7968\u64da\uff1f<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"%E4%BF%A1%E8%B2%B8%E6%8E%9B%E9%89%A4%E7%A5%A8%E6%93%9A%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F\"><\/span>\u4fe1\u8cb8\u639b\u9264\u7968\u64da\u662f\u4ec0\u9ebc\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>\u00a0\u4fe1\u8cb8\u639b\u9264\u7968\u64da(\u82f1\u6587\uff1aCredit-Linked Note, \u7c21\u7a31CLN)\uff0c\u662f\u767c\u884c\u8005\u8f49\u5ac1\u4fe1\u8cb8\u98a8\u96aa\u7d66\u6295\u8cc7\u8005\u7684\u4e00\u7a2e\u91d1\u878d\u5de5\u5177\u3002<\/strong><\/p>\n<p><strong>\u5728\u7d50\u69cb\u4e0a\uff0c\u5b83\u5c6c\u65bc \u50b5\u5238+\u4fe1\u7528\u9055\u7d04\u4e92\u63db(credit default swap, \u7c21\u7a31CDS * )\u3002<\/strong><\/p>\n<p>\u8209\u4e00\u500b\u7c21\u55ae\u7684\u4f8b\u5b50\u4f86\u8aaa\u660e\uff0c\u5047\u8a2d\u4e00\u5bb6\u5546\u696d\u9280\u884c\u767c\u884c\u4e86\u4fe1\u7528\u8cb8\u6b3e\uff0c\u70ba\u4e86\u964d\u4f4e\u9280\u884c\u672c\u8eab\u7684\u4fe1\u7528\u98a8\u96aa\uff0c\u5b83\u767c\u884c\u4e86\u4e00\u500b\u4e00\u5e74\u671f\u7684\u4fe1\u8cb8\u639b\u9264\u7968\u64da\u3002\u8a72\u7968\u64da\u7684\u5167\u5bb9\u70ba\uff1a<\/p>\n<ul>\n<li>\u7576\u4fe1\u8cb8\u9055\u7d04\u7387\u4f4e\u65bc5%\u6642\uff0c\u652f\u4ed8\u7d66\u6295\u8cc7\u800510%\u5229\u606f\u4e26\u4e14\u6b78\u9084\u672c\u91d1\u3002<\/li>\n<li>\u82e5\u4fe1\u8cb8\u9055\u7d04\u7387\u9ad8\u65bc5%\u6642\uff0c\u53ea\u652f\u4ed85%\u7684\u5229\u606f\u3002<\/li>\n<\/ul>\n<p>\u900f\u904e\u767c\u884c\u9019\u6a23\u7684\u4fe1\u8cb8\u639b\u9264\u7968\u64da\uff0c\u5546\u696d\u9280\u884c\u5c07\u672c\u8eab\u7684\u4fe1\u7528\u98a8\u96aa\u8f49\u5ac1\u51fa\u53bb\u4e86\u3002\u5982\u679c\u8cb8\u6b3e\u4eba\u7684\u4fe1\u7528\u826f\u597d\uff0c\u90fd\u6309\u6642\u7e73\u8cb8\u6b3e\uff0c\u90a3\u9ebc\u9280\u884c\u5c31\u628a\u5f9e\u8cb8\u6b3e\u4eba\u90a3\u908a\u8cfa\u5230\u7684\u5229\u606f\uff0c\u5206\u4e00\u90e8\u5206\u7d66\u4fe1\u8cb8\u639b\u9264\u7968\u64da\u7684\u6295\u8cc7\u8005\u3002\u7576\u8cb8\u6b3e\u4eba\u7684\u4fe1\u7528\u8cea\u91cf\u4e0b\u964d\uff0c\u8cb8\u6b3e\u9055\u7d04\u7387\u9ad8\u6642\uff0c\u90a3\u9ebc\u9280\u884c\u652f\u4ed8\u7d66\u4fe1\u8cb8\u639b\u9264\u7968\u64da\u6295\u8cc7\u8005\u7684\u5229\u606f\u4e5f\u8b8a\u4f4e\u3002<\/p>\n<p>\u4e0d\u904e\uff0c\u5982\u679c\u5546\u696d\u9280\u884c\u672c\u8eab\u7834\u7522\u9020\u6210\u9055\u7d04\uff0c\u90a3\u9ebc\u4fe1\u8cb8\u639b\u9264\u7968\u64da\u7684\u6295\u8cc7\u8005\u6709\u53ef\u80fd\u8840\u672c\u7121\u6b78\u3002<\/p>\n<p><strong>\u6295\u8cc7\u8005\u4e4b\u6240\u4ee5\u6703\u8cfc\u8cb7\u4fe1\u8cb8\u639b\u9264\u7968\u64da\uff0c\u662f\u56e0\u70ba\u5b83\u7684\u6536\u76ca\u7387\u6bd4\u5546\u696d\u9280\u884c\u7684\u50b5\u5238\u9ad8<\/strong>\uff0c<\/p>\n<p>\u4e14\u53ef\u4ee5\u4e0d\u7528\u6295\u8cc7\u76ee\u6a19\u50b5\u5238\u5c31\u7372\u5f97\u7d50\u69cb\u5316\u7684\u4fe1\u7528\u6536\u76ca\uff0c\u7279\u5225\u662f\u5728\u5e02\u5834\u5229\u7387\u4f4e\u7684\u6642\u5019\uff0c\u5177\u6709\u76f8\u7576\u7684\u5438\u5f15\u529b\u3002<\/p>\n<p>\u4f46\u76f8\u5c0d\u7684\uff0c\u6295\u8cc7\u8005\u9700\u8981\u627f\u64d4\u8cb8\u6b3e\u9055\u7d04\u7684\u98a8\u96aa\uff0c\u7576\u7d93\u6fdf\u8b8a\u5dee\u3001\u9055\u7d04\u7387\u8b8a\u9ad8\uff0c\u6709\u53ef\u80fd\u5229\u606f\u8b8a\u4f4e\u3001\u640d\u5931\u672c\u91d1\u6216\u751a\u81f3\u640d\u5931\u5168\u90e8\u6295\u8cc7\u3002<\/p>\n<blockquote><p>*\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u4fe1\u7528\u9055\u7d04\u4e92\u63db(CDS)\u4e5f\u662f\u4e00\u7a2e\u53ef\u4ee5\u8b93\u6295\u8cc7\u4eba\u8f49\u5ac1\u4fe1\u7528\u98a8\u96aa\u7684\u91d1\u878d\u5de5\u5177\u3002<\/p>\n<p>\u53ef\u4ee5\u628a\u5b83\u60f3\u6210\u985e\u4f3c\u65bc\u4fdd\u96aa\uff0c\u60f3\u4fdd\u96aa\u7684\u4eba\u539f\u672c\u6709\u6295\u8cc7\u67d0\u7a2e\u5546\u54c1\uff0c\u4f8b\u5982\u50b5\u5238\uff0c\u4f46\u4ed6\u64d4\u5fc3\u6703\u9055\u7d04\uff0c\u6240\u4ee5\u53ef\u4ee5\u8cb7CDS\u6210\u70ba\u9055\u7d04\u4e92\u63db\u8cfc\u8cb7\u8005\uff0c\u4e26\u6bcf\u671f\u4ed8\u51fa\u4e00\u7b46\u8cbb\u7528\uff0c<\/p>\n<p>\u800c\u60f3\u5f97\u5230\u6536\u76ca\u7684\u4eba\uff0c\u5247\u662f\u4f5c\u70ba\u4ea4\u6613\u5c0d\u624b\uff0c\u8ce3\u51faCDS\uff0c\u4e26\u6536\u53d6\u4fdd\u8cbb\uff0c\u5982\u679c\u6c92\u6709\u9055\u7d04\u5c31\u6c92\u4e8b\u7a69\u8cfa\u4fdd\u8cbb\uff0c\u4f46\u9055\u7d04\u6642\u9700\u8981\u627f\u64d4\u4fe1\u7528\u9055\u7d04\u7684\u98a8\u96aa\u3002<\/p>\n<p>\u7576\u60f3\u4fdd\u96aa\u8005\u9047\u5230\u4fe1\u7528\u9055\u7d04\u6642\uff0c\u4f8b\u5982\u6307\u5b9a\u7684\u50b5\u5238\u9055\u7d04\uff0c\u90a3\u4ed6\u6709\u6b0a\u5c07\u53ef\u80fd\u9055\u7d04\u7684\u5546\u54c1(\u4f8b\u5982\u5df2\u7d93\u9055\u7d04\u7684\u50b5\u5238)\uff0c\u8ce3\u7d66CDS\u7684\u8ce3\u65b9\uff0c\u8f49\u5ac1\u4fe1\u7528\u98a8\u96aa\u3002<\/p>\n<p>\u5728<a href=/index.html"https:\/\/\/2008-financial-crisis\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">2008\u5e74\u91d1\u878d\u6d77\u562f<\/a>\u6642\uff0c\u5927\u91cf\u7684CDS\u88ab\u767c\u884c\u4e26\u5305\u88dd\u6210\u4e00\u4e9b\u56fa\u5b9a\u6536\u76ca\u91d1\u878d\u7522\u54c1\uff0c\u5728\u5f8c\u4f86\u9055\u7d04\u6642\u8b93\u9280\u884c\u5f97\u4ee5\u8f49\u79fb\u98a8\u96aa\uff0c\u4f46\u4e5f\u8b93\u8a31\u591a\u91d1\u878d\u6a5f\u69cb\u53ca\u500b\u4eba\u53d7\u5230\u91cd\u5927\u50b7\u5bb3\u3002<\/p>\n<p>\u767d\u8a71\u4f86\u8aaa\uff0cCDS\u8207CLN\uff0c\u90fd\u662f\u5927\u578b\u91d1\u878d\u6a5f\u69cb\u8f49\u79fb\u81ea\u8eab\u6295\u8cc7\u6a19\u7684\u9055\u7d04\u98a8\u96aa\u7684\u5de5\u5177\u3002<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"%E4%BF%A1%E8%B2%B8%E6%8E%9B%E9%89%A4%E7%A5%A8%E6%93%9A%E7%9A%84%E9%81%8B%E4%BD%9C%E6%96%B9%E5%BC%8F\"><\/span>\u4fe1\u8cb8\u639b\u9264\u7968\u64da\u7684\u904b\u4f5c\u65b9\u5f0f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>CLN\u7684\u904b\u4f5c\u65b9\u5f0f\u5982\u4e0b\uff1a<\/p>\n<ol>\n<li>\u9280\u884c\u6216\u91d1\u878d\u6a5f\u69cb\u5411\u5ba2\u6236\u767c\u653e\u8cb8\u6b3e<\/li>\n<li>\u9280\u884c\u6216\u91d1\u878d\u6a5f\u69cb\u60f3\u8981\u964d\u4f4e\u4fe1\u7528\u98a8\u96aa\uff0c\u767c\u884c\u4fe1\u8cb8\u639b\u9264\u7968\u64daCLN<\/li>\n<li>\u6295\u8cc7\u4eba\u4ed8\u7d66\u9280\u884cCLN\u7684\u767c\u884c\u91d1\u984d\uff0c\u53d6\u5f97\u4fe1\u8cb8\u639b\u9264\u7968\u64da<\/li>\n<li>\u5047\u8a2d\u6c92\u6709\u767c\u751f\u4fe1\u7528\u4e8b\u4ef6\uff0c\u5230\u671f\u6295\u8cc7\u4eba\u53d6\u5f97100%\u767c\u884c\u91d1\u984d+\u5229\u606f\u3002<\/li>\n<li>\u5047\u8a2d\u6709\u767c\u751f\u4fe1\u7528\u4e8b\u4ef6\uff0cCLN\u63d0\u524d\u7d42\u6b62\uff0c\u6295\u8cc7\u4eba\u900f\u904e\u73fe\u91d1\u7d50\u7b97\u7372\u5f97\u4e8b\u5148\u7d04\u5b9a\u7684\u91d1\u984d\u6216\u662f\u900f\u904e\u62cd\u8ce3\u7d50\u7b97\u53d6\u5f97\u50b5\u5238\u9055\u7d04\u5f8c\u7684\u5269\u9918\u50f9\u503c\u3002<\/li>\n<\/ol>\n<p>\u5047\u5982\u6c92\u6709\u767c\u751f\u9055\u7d04\uff0c\u90a3\u6295\u8cc7\u4eba\u5c31\u662f\u5728\u5176\u9593\u9818\u53d6CLN\u627f\u8afe\u7684\u5229\u606f\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-53762\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230606092257_13.jpg\" alt=\"CLN\u904b\u4f5c\u65b9\u5f0f-\u6c92\u6709\u767c\u751f\u4fe1\u7528\u4e8b\u4ef6\" width=\"1413\" height=\"740\" \/><\/p>\n<p>\u5047\u5982\u767c\u751f\u9055\u7d04(\u4fe1\u7528\u4e8b\u4ef6)\uff0c\u6295\u8cc7\u4eba\u5247\u9700\u8981\u6839\u64daCLN\u5408\u7d04\uff0c\u627f\u64d4\u9055\u7d04\u90e8\u5206\u7684\u640d\u5931\uff0c<\/p>\n<p>\u6700\u5927\u50b7\u5bb3\u53ef\u80fd\u662f\u672c\u91d1\u6b78\u96f6\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-53763\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230606092317_52.jpg\" alt=\"CLN\u904b\u4f5c\u65b9\u5f0f-\u6709\u767c\u751f\u4fe1\u7528\u4e8b\u4ef6\" width=\"1413\" height=\"740\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E4%BF%A1%E8%B2%B8%E6%8E%9B%E9%89%A4%E7%A5%A8%E6%93%9A%E7%9A%84%E5%A5%BD%E8%99%95\"><\/span>\u4fe1\u8cb8\u639b\u9264\u7968\u64da\u7684\u597d\u8655<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>CLN\u5c0d\u767c\u884c\u6a5f\u69cb\u7684\u597d\u8655\uff1a<\/p>\n<ol>\n<li>\u767c\u884c\u6a5f\u69cb\u53ef\u4ee5\u900f\u904eCLN\u5c07\u4fe1\u7528\u98a8\u96aa\u8f49\u5ac1\u7d66\u6295\u8cc7\u4eba\u3002<\/li>\n<li>\u767c\u884c\u6a5f\u69cb\u53ef\u4ee5\u628aCLN\u62ff\u4f86\u4f5c\u70ba\u4e00\u7a2e\u878d\u8cc7\u624b\u6bb5\u3002<\/li>\n<\/ol>\n<p>CLN\u5c0d\u6295\u8cc7\u4eba\/\u6295\u8cc7\u6a5f\u69cb\u7684\u597d\u8655\uff1a<\/p>\n<ol>\n<li>\u53ef\u4ee5\u7372\u5f97\u6bd4\u4e00\u822c\u5546\u696d\u50b5\u5238\u66f4\u9ad8\u7684\u6536\u76ca\u7387\u3002<\/li>\n<li>\u7576\u6a5f\u69cb\u4e4b\u9593\u7684\u6388\u4fe1\u984d\u5ea6\u5df2\u4f7f\u7528\u5b8c\u6642\uff0c\u53ef\u4ee5\u900f\u904eCLN\u4f86\u8b8a\u76f8\u589e\u52a0\u6295\u8cc7\uff0c\u7279\u5225\u662f\u5728\u9577\u5e74\u671f\u548c\u9ad8\u69d3\u687f\u7684\u7522\u54c1\u65b9\u9762\u3002<\/li>\n<li>\u5c0d\u65bc\u67d0\u4e9b\u8cfc\u8cb7\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u6709\u53d7\u9650\u7684\u6a5f\u69cb\u4f86\u8aaa\uff0c\u80fd\u900f\u904e\u6295\u8cc7CLN\u4f86\u9593\u63a5\u53c3\u8207\u4fe1\u7528\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u5e02\u5834\u3002<\/li>\n<li>\u5c0d\u65bc\u6295\u8cc7\u50b5\u5238\u6709\u660e\u78ba\u9650\u5236\u7684\u6a5f\u69cb\uff0c\u53ef\u4ee5\u900f\u904e\u6295\u8cc7CLN\u4f86\u6295\u8cc7\u8f03\u9577\u671f\u9650\u7684\u50b5\u5238\uff0c\u4e26\u4e14\u7372\u5f97\u8f03\u9ad8\u7684\u6536\u76ca\u3002<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"%E4%BF%A1%E8%B2%B8%E6%8E%9B%E9%89%A4%E7%A5%A8%E6%93%9A%E5%B0%8D%E6%8A%95%E8%B3%87%E4%BA%BA%E7%9A%84%E9%A2%A8%E9%9A%AA\"><\/span>\u4fe1\u8cb8\u639b\u9264\u7968\u64da\u5c0d\u6295\u8cc7\u4eba\u7684\u98a8\u96aa<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>CLN\u5c0d\u6295\u8cc7\u7684\u4eba\u4e3b\u8981\u98a8\u96aa\u6709\u4ee5\u4e0b6\u9805\uff1a<\/p>\n<h3>1. \u4fe1\u8cb8\u9055\u7d04\u98a8\u96aa<\/h3>\n<p>CLN\u6240\u639b\u9264\u7684\u8cb8\u6b3e\u9055\u7d04\u98a8\u96aa\uff0c\u4e00\u4f46\u9055\u7d04\u7387\u9ad8\u65bc\u7d04\u5b9a\uff0c\u6295\u8cc7\u4eba\u53ea\u80fd\u62ff\u5230\u8f03\u4f4e\u7684\u5229\u606f\u6216\u50b5\u52d9\u7684\u5269\u9918\u50f9\u503c\uff0c\u53ef\u80fd\u640d\u5931\u672c\u91d1\u6216\u672c\u91d1\u6b78\u96f6\uff0c\u9019\u662fCLN\u6700\u5927\u7684\u98a8\u96aa\u4e4b\u4e00\u3002<\/p>\n<h3>2. \u767c\u884c\u6a5f\u69cb\u7684\u4fe1\u7528\u98a8\u96aa<\/h3>\n<p>\u5982\u679cCLN\u7684\u767c\u884c\u6a5f\u69cb\u5012\u9589\u6216\u662f\u9055\u7d04\uff0c\u6295\u8cc7\u4eba\u53ef\u80fd\u8840\u672c\u7121\u6b78\u3002<a href=/index.html"https:\/\/\/2008-financial-crisis\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">2008\u5e74\u91d1\u878d\u6d77\u562f<\/a>\uff0c\u7576\u6642\u5168\u7403\u7b2c\u56db\u5927\u7684\u6295\u8cc7\u9280\u884c\u96f7\u66fc\u5144\u5f1f\u5012\u9589\u5c31\u662f\u4e00\u500b\u5f88\u8840\u6dcb\u6dcb\u7684\u4f8b\u5b50\u3002<\/p>\n<h3>3. \u4ea4\u6613\u63d0\u524d\u7d42\u6b62\u7684\u98a8\u96aa<\/h3>\n<p>CLN\u770b\u4f3c\u9ad8\u5229\uff0c\u4f46\u5be6\u969b\u80fd\u9818\u7684\u6642\u9593\u4e5f\u8a31\u4e0d\u9577\uff0c\u7576\u80cc\u5f8c\u7684\u767c\u884c\u8005\u8a8d\u70ba\u98a8\u96aa\u5df2\u7d93\u904e\u53bb\uff0c\u6216\u767c\u884c\u6210\u672c\u4e0b\u964d\uff0c\u9019\u985e\u8b49\u5238\u5f88\u53ef\u80fd\u88ab\u63d0\u524d\u53ec\u56de\u3002<\/p>\n<h3>4. \u6d41\u52d5\u6027\u98a8\u96aa<\/h3>\n<p>\u56e0\u70baCLN\u4e0d\u662f\u5728\u516c\u958b\u5e02\u5834\u4ea4\u6613\uff0c\u4ea4\u6613\u5c0d\u624b\u901a\u5e38\u662f\u9280\u884c\uff0c\u56e0\u6b64\u591a\u6578\u6642\u5019\u5f88\u96e3\u63d0\u524d\u628aCLN\u8ce3\u56de\u7d66\u9280\u884c\uff0c\u6216\u662f\u63d0\u524d\u8ce3\u56de\u9700\u8981\u88ab\u6536\u53d6\u9ad8\u984d\u7684\u8cbb\u7528\u3002<\/p>\n<h3>5. \u5229\u7387\u98a8\u96aa<\/h3>\n<p>CLN\u5728\u5b58\u7e8c\u671f\u9593\u5167\u7684\u5e02\u5834\u50f9\u683c\u6703\u53d7\u5230\u767c\u884c\u5e63\u5225\u7684\u5229\u7387\u5f71\u97ff\uff0c\u7576\u8a72\u5e63\u5225\u7684\u5229\u7387\u4e0a\u5347\u6642\uff0c\u50b5\u5238\u50f9\u683c\u53ef\u80fd\u4e0b\u964d\uff0c\u4e26\u4e14\u6709\u53ef\u80fd\u6703\u4f4e\u65bc\u7968\u9762\u50f9\u683c\u800c\u640d\u5931\u672c\u91d1\u3002<\/p>\n<h3>6. \u532f\u7387\u98a8\u96aa<\/h3>\n<p>\u5982\u679c\u662f\u5916\u5e63\u8a08\u50f9\u7684CLN\uff0c\u6295\u8cc7\u4eba\u9084\u9700\u627f\u64d4\u53f0\u5e63\u8207\u5916\u5e63\u4e4b\u9593\u7684\u532f\u7387\u98a8\u96aa\u3002<\/p>\n<p>\u5728\u90196\u9805\u98a8\u96aa\u7576\u4e2d\uff0c\u6295\u8cc7\u4eba\u6700\u9700\u8981\u95dc\u6ce8\u7684\u662f\u524d\u4e09\u9805\u3002<\/p>\n<p><strong>\u4fe1\u8cb8\u9055\u7d04\u98a8\u96aa<\/strong>\u662f\u8cfc\u8cb7CLN\u6642\u6700\u5927\u7684\u98a8\u96aa\uff0c<\/p>\n<p>\u53ef\u80fd\u5c0e\u81f4\u640d\u5931\u672c\u91d1\u6216\u672c\u91d1\u6b78\u96f6\uff0c\u6240\u4ee5\u6295\u8cc7\u4eba\u4e0d\u8981\u53ea\u8caa\u5716\u9ad8\u5229\u606f\u5ffd\u7565\u4e86\u9019\u500b\u98a8\u96aa\u3002<\/p>\n<p><strong>\u767c\u884c\u6a5f\u69cb\u7684\u5012\u9589\u6216\u9055\u7d04\u5728\u904e\u53bb\u4e5f\u6709\u6848\u4f8b<\/strong>\uff0c<\/p>\n<p>\u59822008\u5e74\u96f7\u66fc\u5144\u5f1f\u7684\u5012\u9589\uff0c\u53f0\u7063\u6709\u8a31\u591a\u9023\u52d5\u50b5\u7684\u6295\u8cc7\u4eba\u53d7\u5bb3\u3002<\/p>\n<p><strong>\u4ea4\u6613\u63d0\u524d\u7d42\u6b62\u5176\u5be6\u4e5f\u662f\u5f88\u5927\u7684\u98a8\u96aa\uff0c\u4e26\u4e14\u5f88\u5bb9\u6613\u88ab\u5ffd\u7565\u3002<\/strong><\/p>\n<p>\u6709\u63d0\u524d\u8d16\u56de\u689d\u4ef6\u7684\u5546\u54c1\uff0c\u689d\u6b3e\u5f88\u591a\u90fd\u662f\u5c0d\u767c\u884c\u8005\u6709\u5229\u3001\u5c0d\u6295\u8cc7\u4eba\u4e0d\u5229\uff0c\u6295\u8cc7\u4eba\u4e0d\u4e00\u5b9a\u80fd\u771f\u7684\u4eab\u53d7\u5230\u9ad8\u5229\u606f\u3002<\/p>\n<p>\u767d\u8a71\u4f86\u8aaa\uff0c\u5c31\u662f\u5e02\u5834\u4e0d\u597d\u7684\u6642\u5019\uff0c\u6a5f\u69cb\u767c\u884cCLN\uff0c\u4ed8\u5229\u606f\u4f86\u8f49\u5ac1\u4fe1\u7528\u98a8\u96aa\uff0c<br \/>\n\u4f46\u662f\u7576\u5e02\u5834\u8f49\u597d\u3001\u9055\u7d04\u98a8\u96aa\u6d88\u9664\u5f8c\uff0c\u6a5f\u69cb\u6709\u6b0a\u63d0\u524d\u7d42\u6b62\u4e0d\u518d\u4ed8\u5229\u606f\uff0c<br \/>\n\u9019\u5c0d\u6295\u8cc7\u4eba\u76f8\u7576\u4e0d\u5229\uff0c\u56e0\u70ba\u6709\u6642\u5019\u770b\u4f3c\u53ef\u4ee5\u5f97\u5230\u9ad8\u5229\u606f\uff0c\u4f46\u5be6\u969b\u4e0a\u627f\u64d4\u7684\u98a8\u96aa\u4e26\u4e0d\u5c0d\u7b49\uff0c\u53ea\u6709\u9ad8\u98a8\u96aa\u6642\u6709\u5229\u606f\uff0c\u4f4e\u98a8\u96aa\u6642\u6703\u88ab\u63d0\u524d\u8d16\u56de\u3002<\/p>\n<blockquote><p><strong>\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u6211\u500b\u4eba\u770b\u5230\u6709Callable\u9019\u985e\u689d\u4ef6\u7684\u8b49\u5238\uff0c\u90fd\u662f\u76e1\u53ef\u80fd\u4e0d\u78b0\uff0c\u6216\u8005\u56b4\u8b39\u7684\u8a55\u4f30\u3002<\/strong><\/p>\n<p>\u6709\u63d0\u524d\u7d42\u6b62\u689d\u6b3e(\u5c6c\u65bc<span style=\"font-weight: 400;\">Callable\uff0c\u53ef\u8d16\u56de\u7684\u8b49\u5238)<\/span>\uff0c\u5c0d\u767c\u884c\u8005\u4f86\u8aaa\uff0c\u662f\u4e00\u7a2e\u6b63\u9762\u6211\u8d0f\u3001\u53cd\u9762\u4f60\u8f38\u7684\u6982\u5ff5\u3002\u5c0d\u6295\u8cc7\u4eba\u4f86\u8aaa\uff0c\u5c31\u662f\u600e\u6a23\u90fd\u8f38\u7684\u6982\u5ff5\u3002<\/p>\n<p>\u7406\u8ad6\u4e0a\uff0c\u6295\u8cc7\u4eba\u591a\u627f\u64d4\u4e86\u63d0\u524d\u8d16\u56de\u7684\u98a8\u96aa\uff0c\u8981\u5f97\u5230\u66f4\u591a\u5831\u916c\u88dc\u511f\u3002<\/p>\n<p>\u4f46\u662f\u4f60\u77e5\u9053\u5408\u7406\u7684\u5831\u916c\u88dc\u511f\u662f\u591a\u5c11\u55ce\uff1f\u5927\u591a\u6578\u4eba\u4e26\u4e0d\u6703\u8a08\u7b97\uff0c\u9019\u6a23\u53ea\u6703\u5c0e\u81f4\u627f\u64d4\u4e0d\u5408\u7406\u7684\u98a8\u96aa\u5831\u916c\u3002<\/p>\n<p>\u6240\u4ee5\u9047\u5230callable\u53ef\u63d0\u524d\u8d16\u56de\u985e\u578b\u7684\u5546\u54c1\uff0c\u5c31\u662f\u76e1\u91cf\u5c0f\u5fc3\u8b39\u614e\u6216\u4e0d\u78b0\u3002<\/p>\n<p>\u6295\u8cc7\u91d1\u878d\u5546\u54c1\uff0c\u6211\u5011\u9858\u610f\u627f\u64d4\u98a8\u96aa\uff0c\u4f46\u662f\u5831\u916c\u98a8\u96aa\u8981\u5408\u7406\u5c0d\u7b49\uff0c\u9019\u662f\u6700\u57fa\u672c\u7684\u3002<\/p>\n<p>\u5982\u679c\u5ffd\u7565\u9019\u985e\u689d\u4ef6\uff0c\u6700\u58de\u7684\u60c5\u6cc1\u662f\u539f\u672c\u4ee5\u70ba\u53ef\u4ee5\u9577\u671f\u6295\u8cc7\uff0c\u4f46\u904e\u6c92\u5169\u4e09\u5e74\u5c31\u88ab\u53ec\u56de\uff0c\u767d\u767d\u8ca0\u64d4\u4e86\u4e2d\u9593\u7684\u8cbb\u7528\uff0c\u4e5f\u589e\u52a0\u4e86\u518d\u6295\u8cc7\u98a8\u96aa\u3002<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"%E4%BF%A1%E8%B2%B8%E6%8E%9B%E9%89%A4%E7%A5%A8%E6%93%9A%E5%AF%A6%E9%9A%9B%E6%A1%88%E4%BE%8B\"><\/span>\u4fe1\u8cb8\u639b\u9264\u7968\u64da\u5be6\u969b\u6848\u4f8b<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u4ee5\u6469\u6839\u5927\u901a\u91d1\u878d\u516c\u53f8\u767c\u884c\u7684\u4e00\u6a94CLN\uff1a\u8207\u82b1\u65d7\u96c6\u5718\u4fe1\u8cb8\u639b\u92645\u5e74\u671f\u53ef\u8d16\u56de\u7968\u64da(\u7f8e\u5143) \u70ba\u4f8b\uff0c\u8b93\u8b80\u8005\u4e86\u89e3CLN\u7684\u767c\u884c\u67b6\u69cb\u3002<\/p>\n<p>\u8a3b\uff1a\u4ee5\u4e0b\u5be6\u4f8b\u50c5\u4f5c\u6559\u5b78\u53c3\u8003\u7528\uff0c\u4e0d\u4ee3\u8868\u5be6\u969b\u6a19\u7684\uff0c\u4e5f\u4e0d\u4ee3\u8868\u4efb\u4f55\u6295\u8cc7\u5efa\u8b70\u3002<\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"width: 99.11209766925637%; background-color: #014876;\" colspan=\"2\">\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; color: #ffffff;\"><b>\u4fe1\u8cb8\u639b\u9264\u7968\u64da\u5be6\u4f8b<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 28.079911209766927%; text-align: center;\"><span style=\"font-weight: 400;\">\u5546\u54c1\u540d\u7a31<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Name<\/span><\/td>\n<td style=\"width: 71.03218645948945%; text-align: center;\"><span style=\"font-weight: 400;\">\u8207\u82b1\u65d7\u96c6\u5718\u4fe1\u8cb8\u639b\u92645\u5e74\u671f\u53ef\u8d16\u56de\u7968\u64da(\u7f8e\u5143)<br \/>\n<\/span><span style=\"font-weight: 400;\">5 Year Callable Notes linked to the Credit of Citigroup Inc(in USD)<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 28.079911209766927%; text-align: center;\"><span style=\"font-weight: 400;\">\u767c\u884c\u8005<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Issuer<\/span><\/td>\n<td style=\"width: 71.03218645948945%; text-align: center;\"><span style=\"font-weight: 400;\">\u6469\u6839\u5927\u901a\u91d1\u878d\u516c\u53f8<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">J.P. Morgan Chase Financial Company LLC<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 28.079911209766927%; text-align: center;\"><span style=\"font-weight: 400;\">\u64d4\u4fdd\u4eba<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Guarantor<\/span><\/td>\n<td style=\"width: 71.03218645948945%; text-align: center;\"><span style=\"font-weight: 400;\">\u6469\u6839\u5927\u901a\u516c\u53f8<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">JPMorgan Chase &amp; Co<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 28.079911209766927%; text-align: center;\"><span style=\"font-weight: 400;\">\u7fa9\u52d9\u501f\u6b3e\u4eba<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Reference Obligations<\/span><\/td>\n<td style=\"width: 71.03218645948945%; text-align: center;\"><span style=\"font-weight: 400;\">\u82b1\u65d7\u96c6\u5718<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Citigroup Inc<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 28.079911209766927%; text-align: center;\"><span style=\"font-weight: 400;\">\u7e3d\u540d\u7fa9\u91d1\u984d<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Aggregate Nominal Amount<\/span><\/td>\n<td style=\"width: 71.03218645948945%; text-align: center;\"><span style=\"font-weight: 400;\">1,000,000\u7f8e\u5143<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 28.079911209766927%; text-align: center;\"><span style=\"font-weight: 400;\">\u6307\u5b9a\u9762\u984d<br \/>\n<\/span><span style=\"font-weight: 400;\">Specified Denomination<\/span><\/td>\n<td style=\"width: 71.03218645948945%; text-align: center;\"><span style=\"font-weight: 400;\">\u6bcf\u5f35\u8b49\u5238100,000\u7f8e\u5143<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 28.079911209766927%; text-align: center;\"><span style=\"font-weight: 400;\">\u767c\u884c\u50f9\u683c<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Issue Price<\/span><\/td>\n<td style=\"width: 71.03218645948945%; text-align: center;\"><span style=\"font-weight: 400;\">\u7e3d\u540d\u7fa9\u91d1\u984d100%<br \/>\n<\/span><span style=\"font-weight: 400;\">\uff0a\u767c\u884c\u50f9\u53ef\u80fd\u9ad8\u65bc\u8b49\u5238\u7684\u5e02\u5834\u50f9\u503c\uff0c\u56e0\u6b64\u7968\u9762\u5229\u7387\u4e5f\u4e0d\u7b49\u65bc\u5831\u916c\u7387<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 28.079911209766927%; text-align: center;\"><span style=\"font-weight: 400;\">\u5230\u671f\u65e5<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Maturity Date<\/span><\/td>\n<td style=\"width: 71.03218645948945%; text-align: center;\"><span style=\"font-weight: 400;\">2026\/5\/1<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 28.079911209766927%; text-align: center;\"><span style=\"font-weight: 400;\">\u7968\u9762\u5229\u7387<br \/>\n<\/span><span style=\"font-weight: 400;\">Coupon<\/span><\/td>\n<td style=\"width: 71.03218645948945%; text-align: center;\"><span style=\"font-weight: 400;\">3.4000%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 28.079911209766927%; text-align: center;\"><span style=\"font-weight: 400;\">\u7d66\u606f\u65e5<br \/>\n<\/span><span style=\"font-weight: 400;\">Interest Payment Date<\/span><\/td>\n<td style=\"width: 71.03218645948945%; text-align: center;\"><span style=\"font-weight: 400;\">\u6bcf\u5e743\/20, 6\/20, 9\/20, 12\/20<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 28.079911209766927%; text-align: center;\"><span style=\"font-weight: 400;\">\u53ef\u8d16\u56de\u65e5\u671f<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Callable Date<\/span><\/td>\n<td style=\"width: 71.03218645948945%; text-align: center;\"><span style=\"font-weight: 400;\">\u6bcf\u5e743\/20, 6\/20, 9\/20, 12\/20<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 28.079911209766927%; text-align: center;\"><span style=\"font-weight: 400;\">\u4fe1\u7528\u4e8b\u4ef6\u689d\u6b3e<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Credit Events\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/td>\n<td style=\"width: 71.03218645948945%; text-align: center;\">\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">\u4fe1\u7528\u4e8b\u4ef6\u6307\u7684\u662f\uff1a\u7834\u7522( bankruptcy)\u3001\u672a\u80fd\u652f\u4ed8(failure to pay)\u3001\u91cd\u7d44(restructuring)\u3002<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">\u4fe1\u7528\u4e8b\u4ef6\u7684\u767c\u751f\u53ef\u80fd\u6703\u5f71\u97ff\u6700\u7d42\u8d16\u56de\u8b49\u5238\u6578\u91cf\u53ca\u8b49\u5238\u5230\u671f\u65e5\u3002<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">\u5982\u679c\u4fe1\u7528\u4e8b\u4ef6\u672a\u767c\u751f\uff0c\u53ef\u8d16\u56de\u91d1\u984d\u70ba\u9762\u984d\u7684100%\u3002<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">\u5982\u679c\u4fe1\u7528\u4e8b\u4ef6\u767c\u751f\uff0c\u53ef\u8d16\u56de\u91d1\u984d\u6309\u62cd\u8ce3\u5f8c\u50f9\u683c\u8a08\u7b97\uff0c\u53ef\u80fd\u70ba\u96f6\u3002<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 28.079911209766927%; text-align: center;\"><span style=\"font-weight: 400;\">\u7d50\u7b97\u985e\u578b<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Settlement Type<\/span><\/td>\n<td style=\"width: 71.03218645948945%; text-align: center;\"><span style=\"font-weight: 400;\">\u73fe\u91d1\u7d50\u7b97<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 28.079911209766927%; text-align: center;\"><span style=\"font-weight: 400;\">\u7d50\u7b97\u65b9\u5f0f<br \/>\n<\/span><span style=\"font-weight: 400;\">Settlement Method<\/span><\/td>\n<td style=\"width: 71.03218645948945%; text-align: center;\"><span style=\"font-weight: 400;\">\u62cd\u8ce3\u7d50\u7b97<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 28.079911209766927%; text-align: center;\"><span style=\"font-weight: 400;\">\u98a8\u96aa\u56e0\u7d20<br \/>\n<\/span><span style=\"font-weight: 400;\">Risk Factors<\/span><\/td>\n<td style=\"width: 71.03218645948945%; text-align: center;\">\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">\u5728\u6295\u8cc7\u65bc\u8b49\u5238\u6642\uff0c\u9664\u4e86\u8207\u767c\u884c\u4eba\u548c\u64d4\u4fdd\u4eba\u6709\u95dc\u7684\u4fe1\u7528\u98a8\u96aa\u5916\uff0c\u6295\u8cc7\u8005\u9084\u627f\u64d4\u8207\u50b5\u52d9\u4eba\u6709\u95dc\u7684\u4fe1\u7528\u98a8\u96aa\u3002\u5982\u679c\u4fe1\u7528\u4e8b\u4ef6\u78ba\u5b9a\u65e5\u767c\u751f\uff0c\u8b49\u5238\u5c07\u4ee5\u53ef\u80fd\u6bd4\u9762\u503c\u5927\u5e45\u6298\u8b93\u7684\u50f9\u683c\u8d16\u56de\uff0c\u751a\u81f3\u53ef\u80fd\u70ba\u96f6\u3002<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 99.11209766925637%;\" colspan=\"2\">\n<p style=\"text-align: right;\"><span style=\"font-weight: 400;\">\u8cc7\u6599\u4f86\u6e90\uff1a\u6469\u6839\u5927\u901a\u5546\u54c1\u689d\u6b3e<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">\u8cc7\u6599\u6574\u7406\uff1a<\/span><a href=/index.html"https:\/\/\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Mr. Market \u5e02\u5834\u5148\u751f<\/span><\/a><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u4ee5\u6469\u6839\u5927\u901a\u767c\u884c\u7684\u9019\u4e00\u6a94CLN\u4f86\u8aaa\uff0c\u9996\u5148\u98a8\u96aa\u5728\u65bc\u82b1\u65d7\u96c6\u5718\u7684\u4fe1\u7528\u9055\u7d04\u98a8\u96aa\uff0c\u53ca\u6469\u6839\u5927\u901a\u7684<a href=/index.html"https:\/\/\/what-is-counterparty-risk\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u4ea4\u6613\u5c0d\u624b\u98a8\u96aa<\/a>\uff0c<\/p>\n<p>\u9019\u5169\u5bb6\u90fd\u7b97\u662f\u6bd4\u8f03\u5927\u578b\u7684\u6a5f\u69cb\uff0c\u9055\u7d04\u98a8\u96aa\u6703\u6bd4\u5c0f\u578b\u6a5f\u69cb\u4f4e\u4e00\u4e9b (\u4f46\u8a18\u5f97\u4e0d\u80fd\u7576\u4f5c\u662f\u96f6\u98a8\u96aa\uff0c\u5426\u5247\u4e0d\u6703\u6709\u6a5f\u69cb\u8981\u898f\u907f\u9055\u7d04\u98a8\u96aa)\u3002<\/p>\n<p>\u9019\u6a94CLN\u7684\u767c\u884c\u6642\u9593\u662f2021\/5\uff0c\u7576\u6642<a href=/index.html"https:\/\/\/fed-interest-rate-work\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u806f\u90a6\u57fa\u91d1\u5229\u7387<\/a>\u53ea\u67090.25%\uff0c\u7968\u9762\u5229\u73873.4%\uff0c\u4f46\u8a18\u5f97\u4e0d\u80fd\u770b\u7968\u9762\u5229\u7387\uff0c\u8981\u770b\u5230\u671f\u6b96\u5229\u7387\u624d\u662f\u771f\u6b63\u7684\u5831\u916c\uff0c<\/p>\n<p>\u5b83\u6c92\u6709\u63d0\u4f9b\u5b9a\u50f9\u8207\u5230\u671f\u6b96\u5229\u7387\uff0c\u6240\u4ee5\u4e26\u4e0d\u78ba\u5b9a\u5be6\u969b\u7684\u5831\u916c\uff0c\u56e0\u70ba\u5831\u50f9\u6bcf\u5929\u5728\u8b8a\u3002<\/p>\n<p>\u53e6\u4e00\u500b\u98a8\u96aa\u662f\u4ea4\u6613\u63d0\u524d\u7d42\u6b62\u7684\u98a8\u96aa\uff0c\u56e0\u70ba\u5b83\u662f<span style=\"font-weight: 400;\">Callable Notes\uff0c\u4e0a\u8868\u4e2d\u6c92\u6709\u63d0\u4f9b\uff0c\u4f46\u5b83\u662f\u767c\u884c\u5f8c2\u5e74\u53ef\u4ee5Callable\u63d0\u524d\u8d16\u56de\uff0c<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u610f\u601d\u662f\u5176\u5be62023\u5e74\u4e2d\u904e\u5f8c\uff0c\u4e5f\u5c31\u662f\u64b0\u7a3f\u7576\u4e0b\uff0c\u767c\u884c\u5546\u96a8\u6642\u90fd\u53ef\u4ee5\u63d0\u524d\u8d16\u56de\u8b49\u5238\uff0c\u9019\u8aaa\u660e\u5373\u4f7f\u6709\u9ad8\u6b96\u5229\u7387\uff0c\u6295\u8cc7\u4eba\u4e5f\u4e0d\u77e5\u9053\u53ef\u4ee5\u9818\u591a\u4e45\uff0c\u56e0\u70ba\u96a8\u6642\u6703\u88ab\u8d16\u56de\u3002<\/span><\/p>\n<p>\u6700\u5f8c\u662f\u5229\u7387\u98a8\u96aa\uff0c<br \/>\n\u56e0\u70ba\u8cfc\u8cb7\u50b5\u5238\u578b\u5546\u54c1\u7684\u8a71\u8981\u627f\u64d4\u5229\u7387\u4e0a\u5347\u3001\u50b5\u5238\u50f9\u683c\u4e0b\u8dcc\u7684\u98a8\u96aa\uff0c<br \/>\n\u4f46\u5728\u9019\u4f8b\u5b50\u4e2d\uff0c\u5b83\u662f5\u5e74\u5230\u671f\u7684\u4e2d\u671f\u50b5\u5238\uff0c\u6240\u4ee5\u5229\u7387\u98a8\u96aa\u4e0d\u5927\u3002<\/p>\n<p>\u5bb9\u6613\u6709\u5371\u96aa\u7684\uff0c\u662f\u56e0\u70ba\u5229\u7387\u4e0a\u5347\u5e36\u4f86\u7684\u7d93\u6fdf\u98a8\u96aa\uff0c\u6216\u8005\u662f\u5e02\u5834\u4e0a\u7684\u4fe1\u7528\u98a8\u96aa\uff0c\u9032\u4e00\u6b65\u5c0e\u81f4\u6a19\u7684\u7269(\u82b1\u65d7\u9280\u884c\uff0c\u9280\u884c\u5bb9\u6613\u53d7\u666f\u6c23\u5f71\u97ff)\u58de\u5e33\u98a8\u96aa\u589e\u52a0\u3002<\/p>\n<p>\u4ee5\u4e0a\u4f5c\u70ba\u4f8b\u5b50\uff0c\u662f\u770b\u5230\u9019\u985e\u5408\u7d04\u9700\u8981\u8a55\u4f30\u7684\u98a8\u96aa\u56e0\u7d20\u3002<\/p>\n<blockquote><p>\u5e02\u5834\u5148\u751f\u63d0\u9192\uff1a\u9ad8\u98a8\u96aa\u7684\u60c5\u6cc1\u4e0b\uff0c\u627f\u8afe\u518d\u9ad8\u5831\u916c\u6216\u9ad8\u5229\u606f\uff0c\u6700\u7d42\u90fd\u6709\u53ef\u80fd\u9818\u4e0d\u5230\u3002<\/p>\n<p>\u91cd\u9ede\u4e0d\u662f\u5229\u606f\u6216\u5831\u916c\u591a\u9ad8\uff0c\u800c\u662f\u80cc\u5f8c\u627f\u64d4\u4e86\u54ea\u4e9b\u98a8\u96aa\uff0c\u8a55\u4f30\u662f\u5426\u503c\u5f97\u627f\u64d4\u3001\u81ea\u5df1\u662f\u5426\u6709\u80fd\u529b\u627f\u64d4\uff0c\u9019\u624d\u662f\u95dc\u9375\u3002<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"CLN%E9%81%A9%E5%90%88%E4%B8%80%E8%88%AC%E4%BA%BA%E6%8A%95%E8%B3%87%E5%97%8E%EF%BC%9F\"><\/span>CLN\u9069\u5408\u4e00\u822c\u4eba\u6295\u8cc7\u55ce\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>CLN\u4e00\u822c\u662f\u63d0\u4f9b\u7d66\u9ad8\u8cc7\u7522\u4eba\u58eb\u3001\u4f01\u696d\u6216\u6a5f\u69cb\u6295\u8cc7\uff0c\u4e00\u822c\u4eba\u6bd4\u8f03\u96e3\u63a5\u89f8\u5230\uff0c\u4e5f\u4e0d\u5efa\u8b70\u4e00\u822c\u4eba\u6295\u8cc7\u3002<\/p>\n<p>\u9019\u985e\u7684\u7968\u64da\uff0c\u96d6\u7136\u5f88\u985e\u4f3c\u50b5\u5238\uff0c\u4e5f\u63d0\u4f9b\u9ad8\u6536\u76ca\uff0c\u4f46\u80cc\u5f8c\u9023\u52d5\u7684\u5546\u54c1\u5f80\u5f80\u98a8\u96aa\u4e5f\u5f88\u9ad8\uff0c\u9ad8\u6536\u76ca\u662f\u5c0d\u9019\u4e9b\u98a8\u96aa\u7684\u88dc\u511f\u3002<\/p>\n<p>\u800c\u9280\u884c\u6703\u92b7\u552e\u9019\u4e9b\u7522\u54c1\uff0c\u4ee3\u8868\u80cc\u5f8c\u6709\u9280\u884c\u6216\u6a5f\u69cb\u6cd5\u4eba\u5e0c\u671b\u8f49\u79fb\u67d0\u4e9b\u9055\u7d04\u98a8\u96aa\uff0c\u56e0\u6b64\u6295\u8cc7\u9280\u884c\u5c07\u9019\u4e9b\u8f49\u79fb\u98a8\u96aa\u5305\u88dd\u6210CLN\u92b7\u552e\u7d66\u5ba2\u6236\u3002<\/p>\n<p>\u98a8\u96aa\u96d6\u7136\u4e0d\u4e00\u5b9a\u6703\u767c\u751f\uff0c\u4f46\u70ba\u4ec0\u9ebc\u9019\u4e9b\u6a5f\u69cb\u6cd5\u4eba\u6709\u52d5\u6a5f\u8f49\u79fb\u9019\u4e9b\u98a8\u96aa\uff0c\u503c\u5f97\u601d\u8003\u3002<\/p>\n<p>\u5c0d\u7d55\u5927\u591a\u6578\u975e\u5c08\u696d\u4eba\u58eb\u4f86\u8aaa\uff0c\u5e02\u5834\u5148\u751f\u4e26\u4e0d\u5efa\u8b70\u53bb\u627f\u64d4\u9019\u985e\u98a8\u96aa\u3002<\/p>\n<p>\u8981\u6ce8\u610f\u7684\u5305\u62ec\uff1a<\/p>\n<ol>\n<li>\u80cc\u5f8c\u7684\u4fe1\u7528\u4e8b\u4ef6\u662f\u4ec0\u9ebc\uff1f\u767c\u751f\u7684\u53ef\u80fd\u6027\u9ad8\u6216\u4f4e\uff1f<\/li>\n<li>\u6a19\u7684\u5230\u671f\u6b96\u5229\u7387(YTM)\u662f\u591a\u5c11\uff1f\u76f8\u5c0d\u985e\u4f3c\u98a8\u96aa\u7684\u50b5\u5238\uff0cCLN\u591a\u4e86\u4fe1\u7528\u9055\u7d04\u98a8\u96aa\uff0c\u90a3\u5831\u916c\u6709\u5f97\u5230\u8db3\u5920\u88dc\u511f\u55ce\uff1f<\/li>\n<li>\u63d0\u524d\u8d16\u56decall back\uff1f\u770b\u4f3c\u9ad8\u5229\uff0c\u4f46\u5be6\u969b\u80fd\u9818\u7684\u6642\u9593\u4e5f\u8a31\u4e0d\u9577\uff0c\u7576\u80cc\u5f8c\u7684\u767c\u884c\u8005\u8a8d\u70ba\u98a8\u96aa\u5df2\u7d93\u904e\u53bb\uff0c\u6216\u767c\u884c\u6210\u672c\u4e0b\u964d\uff0c\u9019\u985e\u8b49\u5238\u5f88\u53ef\u80fd\u88ab\u63d0\u524d\u53ec\u56de\u3002\u9019\u662f\u4e00\u7a2e\u6b63\u9762\u6211\u8d0f\u3001\u53cd\u9762\u4f60\u8f38\u7684\u7279\u6027\uff0c\u5982\u679c\u6709\u63d0\u524d\u8d16\u56de\uff0c\u6295\u8cc7\u4eba\u8981\u8a55\u4f30\u662f\u5426\u4e5f\u6709\u5f97\u5230\u984d\u5916\u5831\u916c\u88dc\u511f\u3002<\/li>\n<li>\u81ea\u5df1\u662f\u5426\u5df2\u7d93\u6709\u5145\u8db3\u7684\u5206\u6563\u98a8\u96aa\uff0c\u9019\u985e\u6a19\u7684\u770b\u4f3c\u56fa\u5b9a\u6536\u76ca\uff0c\u5be6\u969b\u4e0a\u90fd\u5c6c\u65bc\u9ad8\u98a8\u96aa\u6295\u8cc7\uff0c\u6295\u8cc7\u4eba\u4e0d\u61c9\u96c6\u4e2d\u9ad8\u98a8\u96aa\u7684\u6295\u8cc7\u3002<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"%E5%BF%AB%E9%80%9F%E7%B8%BD%E7%B5%90%EF%BC%9A%E4%BB%80%E9%BA%BC%E6%98%AF%E4%BF%A1%E8%B2%B8%E6%8E%9B%E9%89%A4%E7%A5%A8%E6%93%9A%EF%BC%9F\"><\/span>\u5feb\u901f\u7e3d\u7d50\uff1a\u4ec0\u9ebc\u662f\u4fe1\u8cb8\u639b\u9264\u7968\u64da\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>\u4fe1\u8cb8\u639b\u9264\u7968\u64daCLN\u662f\u4e00\u7a2e\u8b93\u767c\u884c\u8005\u8f49\u5ac1\u4fe1\u8cb8\u98a8\u96aa\u7d66\u6295\u8cc7\u8005\u7684\u4e00\u7a2e\u91d1\u878d\u5de5\u5177\u3002<\/li>\n<li>\u767c\u884c\u6a5f\u69cb\u53ef\u4ee5\u5229\u7528CLN\u4f86\u5c0d\u6c96\u53ef\u80fd\u5c0e\u81f4\u4ed6\u5011\u640d\u5931\u8cc7\u91d1\u7684\u4fe1\u7528\u4e8b\u4ef6\u98a8\u96aa\uff0c\u4f8b\u5982\u7576\u501f\u6b3e\u4eba\u62d6\u6b20\u8cb8\u6b3e\u3002<\/li>\n<li>\u8cfc\u8cb7CLN\u7684\u6295\u8cc7\u8005\u901a\u5e38\u6703\u7372\u5f97\u6bd4\u4e00\u822c\u5546\u696d\u50b5\u5238\u66f4\u9ad8\u7684\u6536\u76ca\u7387\uff0c\u4f5c\u70ba\u627f\u64d4\u9019\u4e9b\u4fe1\u7528\u98a8\u96aa\u7684\u56de\u5831\u3002<\/li>\n<li>\u7576\u4fe1\u7528\u4e8b\u4ef6\u767c\u751f\uff0c\u5982\u8cb8\u6b3e\u4eba\u9055\u7d04\u7387\u9ad8\uff0cCLN\u7684\u6295\u8cc7\u4eba\u53ef\u80fd\u6703\u7372\u5f97\u8f03\u4f4e\u7684\u5229\u606f\u3001\u640d\u5931\u672c\u91d1\u6216\u751a\u81f3\u672c\u91d1\u6b78\u96f6\u3002<\/li>\n<\/ol>\n<p><b>\u672c\u6587\u50c5\u4f5c\u6559\u5b78\u4f7f\u7528\uff0c\u4e0d\u4ee3\u8868\u4efb\u4f55\u6295\u8cc7\u5efa\u8b70\uff0c\u6295\u8cc7\u4eba\u9700\u4e86\u89e3\u4efb\u4f55\u6295\u8cc7\u7686\u6709\u5176\u98a8\u96aa\u3002<\/b><\/p>\n<p>\u5ef6\u4f38\u95b1\u8b80\uff1a<\/p>\n<ol>\n<li><a 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