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肥橘正在考三级 · 2020年02月09日

issue size 和Total issuance outstanding的区别

  1. CFA III
  2. Fixed Income

* 问题详情，请 查看题干

问题如下：

Based on Exhibit 1, which bond most likely has the highest liquidity premium?

选项：

A.

Bond 1

B.

Bond 2

C.

Bond 3

解释：

C is correct.

Bond 3 is most likely to be the least liquid of the three bonds presented in Exhibit 2 and will thus most likely require the highest liquidity premium. Low credit ratings, longer time since issuance, smaller issuance size, smaller issuance outstanding, and longer time to maturity typically are associated with a lower liquidity (and thus a higher liquidity premium). Bond 3 has the lowest credit quality and the longest time since issuance of the three bonds. Bond 3 also has a smaller issue size and longer time to maturity than Bond 1. The total issuance outstanding for Bond 3 is smaller than that of Bond 2 and equal to that of Bond 1.

对于题干有些问题，麻烦老师有空看一下，谢谢！

Total issuance outstanding是不是发行总量，也就是额度的概念

issue size 是不是单次发行规模，根据窗口期和企业融资需要具体发行的，也就是具体债券的发行量

累计issue size小于等于total issuance outstanding，total issuance outstanding在一定时期内生效，过期失效。

在判断债券流动性的时候，是不是应该考量iussue size而并非total issuance outstanding呢？

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1 个答案

发亮_品职助教 · 2020年02月10日

嗨，从没放弃的小努力你好：


“Total issuance outstanding是不是发行总量，也就是额度的概念”

对的。

“issue size 是不是单次发行规模，根据窗口期和企业融资需要具体发行的，也就是具体债券的发行量”

对的。

“累计issue size小于等于total issuance outstanding，total issuance outstanding在一定时期内生效，过期失效。

在判断债券流动性的时候，是不是应该考量iussue size而并非total issuance outstanding呢？”

这里考虑的角度是这样：

Total issuance outstanding体现的是债券的“露脸”程度，在其他条件一致的情况下，发债越频繁，使得Total issuance outstanding越大，越容易被市场熟悉；

发债越Less frequently的话，使得Total issuance outstanding越小，越不容易被市场熟悉；

这样的话，两个债券其他条件一样，一个是市场更熟悉的债券，所以他的参与者更多，于是More liquid，Less liquidity premium

一个是市场越不熟悉的债券，参与交易者越少，于是是Less liquid，More liquidity premium；

被市场的熟知程度会影响到参与者的多少，进而影响到债券的流动性（Liquidity premium）。

Issue size，考虑的是单笔债券的发行量，在其他条件一致的情况下，单笔债券的发行量越高，流动性就越好，出发点为：

1、发行量越大，越容易被更多投资者投资，所以参与者多，流动性好，这样和一个Comparable发行量小的债券比，发行量大的这支债券，流动性相对更好，Liquidity premium更小；

2、很多Bond index是以Debt为权重构建指数的，发行量越大的发行人（Issuer）、或者发行量更大的单笔债券，会在指数里有更高的权重；这样无形中就创造了对这种债券的需求量，因为很多投资人是以指数为Benchmark进行投资。这样也会增加这支债券的参与者，提高流动性。

但是，以上判断流动性的结论，是公司发债量在一定范围内；如果企业发债太频繁，发债太多的话，可能会使得Spread更高。这样整体看就会使得Issue size与Spread之间的变动关系不明朗。

不过这道题既然给了表格里的情况，并且让我们判断流动性好坏，说明用表格里的数据是可以判断出流动性好坏的，是可以用上面结论的；

但是如果题目是定性判断Statement正误题，如果说发行量越大，流动性越好，并且没有给原因的话，那这点是错误的，因为发行量太大的话反而会使得流动性变差。


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努力的时光都是限量版，加油！


弓 · 2021年10月16日

对issue size与total insurance outstanding的解释真棒！

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