Negative covenants与Affirmative covenants的比较

　　Negative covenants(消极契约)：

 

　　prohibitions on borrower(cannot)：

 

　　Restrictions on asset sales;

 

　　Negative pledge of collateral;

 

　　Restrictions on additional borrowings.

 

　　消极契约是债券条款中限制或禁止借款人活动的条款，除非是债券持有者准许的，因此在法律上约束发行人并保护了债券持有者的利益，一般来说，消极契约会限制以下行为：支付股利的数额，资产的处置，进行额外的发债，抵押品重复抵押等；

 

　　Affirmative covenants(肯定契约)：

 

　　promises by borrower(should do)：

 

　　Maintain financial ratios;

 

　　Timely payment of principal and interest.

 

　　肯定契约是要求债券发行人必须做的行为，比如说按时支付利息和到期归还本金，维持一定的财务比率，其中对于财务比率这一块需要注意的是，要根据字眼来判断属于肯定性还是消极契约，如果说要保证维持某一财务比率是肯定契约，如果要求某一比率不能低于多少或高于多少时，是消极契约。

 

　　例：An analyst reviews a corporate bond indenture that contains these two covenants:

 

　　1)The borrower will pay interest annually and principal at maturity.

 

　　2)The borrower will not incur additional debt if its debt/capital ratio is more than 30%.

 

　　What types of covenants are these?

 

　　A.Both are affirmative covenants.

 

　　B.Covenant 1 is negative and Covenant 2 is affirmative.

 

　　C.Covenant 1 is affirmative and Covenant 2 is negative.

 

　　【Answer：C】

 

　　解析：Explain the purposes of a bond’s indenture and describe affirmative and negative covenants.

 

　　C is correct because to pay interest and principal is one of the most common affirmative covenants.Negative covenants set forth certain limitations and restrictions on the borrower’s activities.The more common restrictive covenants are those that impose limitations on the borrower’s ability to incur additional debt unless certain tests are satisfied,such as a debt/capital ratio.

 

　　按时支付利息与归还本金是肯定契约中较常见的一种，而消极契约包含了一些对借款人的限制性契约，常见的有限制借款人额外的借款数额。看完CFA知识点，再来了解下CFA相关备考资料吧→>>点击领取CFA免费资料大礼包　

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