world of tanks power leveling and benefit from a policy loosening - XXP

2011 the effects of depressed stock market, investor confidence to pass the test, and is widely regarded as the current market has entered the area at the bottom, but investors did not ease as a result of panic in the stock market, investors began to prefer relatively low risks of bond markets. In response, long the convertible bond fund manager Liu Bo said the proposed Fund, the current macro-More complex economic environment, market turbulence patterns may be more difficult to change in the short term, but with the loosening of policy, or will usher in new opportunities in the bond market, and from the angle of attack and defense needs and investors consider the current market environment, convertible bonds will be more popular. From the macroeconomic point of view, Liu Bo said that the macroeconomic environment is more complex in current equity markets, external demandDecline in demand, continued signs of economic decline became clear of macroeconomic regulation and control wot power leveling, Enterprise profitability and leverage levels are declining trend. Slowdown in investment, consumption, there is great as a case world of tanks power leveling, recovery still need policy loosening. Judging from the current pace of lending and management on banking risk management and control, active policy in the future possibility of stimulating the introductionBurning down, loose policy more into "amidst" the passivity of risk hedging, equity markets may experience a longer time of sustained turbulence, and benefit from a policy loosening wot power leveling, relatively large bond market opportunities. From the impact of policies on the bond market, Liu Bo that "Twelve-Five" period, the policy supports increase the proportion of direct financing, significantly improve the company class notesFinancing in the proportion of direct financing, research and pilot launch high-yield corporate bonds, municipal bonds, agency bonds new varieties such as debt. Policies to encourage debt financing for the bond market, especially the convertible bond market development provides a good environment. From convertible bond financing proportion remaining upside: 282 companies listed on the a-share market first for the year 2011, 220 companiesImplementation, equity financing, stock financing 507.3 billion yuan for the year; $ 170.74 billion bond financing of listed company; financing 41.32 billion of convertible bonds, convertible bond financing's scope, there is still some upside in the future. From bond investments, Liu Bo analysis pointed out that build and game articles at the end of the investment value of convertible bond interest to become clear. Interests of convertible bonds as assets and solidCombination of fixed income assets, reference to the valuation fluctuations in equity markets, bond and convertible bond interest rates change game articles. 2011 years in the convertible bond valuation fixed, current yield to maturity rate full being, go premium rate levels reasonable, high security. Current bond market environment better, bond yields in the slow decline of channels, pure debt in favour of convertible bondEnhancement of protection, common varieties of convertible bond yields close to or reach the same period level of financial bonds or corporate bonds, means the configuration value is obvious. The other hand, share more varieties of convertible bond, go premium rate close to 0, high risk than shares, end of convertible bond debt protection, so that the convertible bonds had defensive characteristics of both.