| 1. | Cds contracts allow investors to take on credit risk without buying the underlying bonds
Cds合约投资者不一定要购买债券本身却承担该信贷风险。 |
| 2. | Cds contracts allow investors to take on credit risk without buying the underlying bonds
Cds合同使投资人不用购买合同下的债券就能参与这类债券的风险。 |
| 3. | More broadly , the in - kind mechanism also helps generate trading activities of the underlying bonds , thereby adding liquidity to the underlying bond market
此外，实物机制亦能促进相关债券的买卖，从而提高相关债券在市场的流动性。 |
| 4. | However , small investors will still benefit from the mechanism , since it will help mitigate the risk of a prolonged deviation of the trading prices of fund units from the market value of the underlying bonds
尽管小投资者不会直接参与实物交易，但由于这机制可减低基金单位的成交价长期偏离相关债券市值的风险，因此他们仍可受惠。 |
| 5. | The trading price of the paif and other funds may rise or fall according to the demand and supply of the units of the funds in the market , while the net asset value of the funds may fluctuate in tandem with price movements of the underlying bonds
沛富基金及其他基金的成交价会因应基金单位的市场供求情况而升跌，基金资产净值亦会跟随相关债券的价格变化而波动。 |
| 6. | The trading price of a bond etf may rise or fall according to the demand and supply of the units of the fund on the stock exchange , while the net asset value of the fund may fluctuate in tandem with price movements of the underlying bonds
债券交易所买卖基金的成交价会因应基金单位在交易所的供求而上升或下跌，基金的资产净值亦会随?相关债券的价格变动而有所波动。 |
| 7. | For instance , the indices can be adopted by private sector fund managers as benchmark indices for their fixed income products . derivative products can also be structured around these indices , generating additional liquidity and trading activity to the underlying bonds
例如，私营部门基金经理可利用这些指数来作为它们定息产品的基准指数，或根据这些指数来组合发展衍生工具产品，从而促进相关债券的流通量及买卖活动。 |
| 8. | One set of securities , known as an equity tranche , pays the highest returns but is the first to suffer if the underlying bonds default ; other securities offer a much lower yield but a triple - a credit rating , because a lot of defaults would be needed to trigger losses
其中一套被称为“平等分额”可享受最高回报，但同时，如果优先债券欠债，这种债券也将首先遭受损失；其他一些债券，虽为3a级，但收益较低，因为引起损失的是大量的欠债。 |
| 9. | The in - kind transaction mechanism works in the following way : when the trading price of the fund units is higher than the net asset value of the underlying bonds , investors will have an incentive to purchase the underlying bonds and exchange the bonds for units of the fund , and then sell the units on the stock exchange , and vice versa
实物交易机制的运作方式如下：若基金单位的成交价高于相关债券的资产净值，便会吸引投资者买入相关债券，并以有关债券换取基金单位，然后在交易所出售其基金单位，反之亦然。这种套戥机制有助确保基金单位的成交价贴近其资产净值。 |
