Study On Credit Risk Management Of Inter-Bank Short-Term Financing Bonds

While in recent years, inter-bank debt financing instruments as short-term financing bonds developed rapidly in our country, the incidents of default risk happened a lot, which arouse the capital market’s serious attention on issuers’ credit risk management. In the special environment of "financing difficulties" for private enterprises and the "implicit guarantee" from government bond market, standardizing the credit risk management system of short-term financing bonds issuers and changing the issuing regulatory model is of great significance for the development of the inter-bank bond market.This paper takes instance of "The First Short-term Financing Bonds of Huatong Road & Bridge in 2013" redeem crisis, and discusses the current developments of the inter-bank short-term financing bonds market and the existing issues in credit risk management. First, it combines the credit risk with the theoretical background of bond market, and does a specific comprehensive analysis for "Huatong Road & Bridge" redeem crisis by collecting and arranging case data, news and reports.etc. Secondly, this paper analyses the causes and credit risks of this case, and discusses the reasons why credit risk management of this short-term financing bond is insufficient from three aspects, before issuance, bond duration and after crisis. Finally it puts forward advices and concrete solutions.