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WTHAT KINDS OF SECURITIES MAKE SENSE?

机译:哪种证券具有意义?

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摘要

In our April article, we argued for the satellite industry to pursue higher-grade investment in the resurgent economy and to turn from its historic reliance on high-yield debt. Here are some thoughts on how to do it. High-yield debt is an investment deemed to be at substantial risk and which therefore offers the investor a high rate of return known as the "risk premium," compared to other debt. It is available at an early stage of corporate or project development, is very flexible in its attributes and is relatively illiquid. It shares those characteristics with early-stage strategic or financial investors' equity. Unlike equity, the cost to the issuer of high-yield debt, payable in the form of interest, is tax deductible. Because of the availability of high-yield debt and early-stage equity when investment grade capital is not available, many emerging companies have recourse to them.
机译:在四月份的文章中,我们主张卫星产业在复苏的经济中追求更高等级的投资,并摆脱其对高收益债务的历史依赖。以下是有关如何操作的一些想法。高收益债务是一种被认为具有重大风险的投资,因此与其他债务相比,它为投资者提供了称为“风险溢价”的高回报率。它可以在公司或项目开发的早期阶段使用,其属性非常灵活并且相对缺乏流动性。它具有早期战略或金融投资者权益的那些特征。与股本不同,发行人以利息形式支付的高收益债券的成本是可抵税的。由于在无法获得投资级资本时可获得高收益债务和早期股权,因此许多新兴公司都可以利用它们。

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