2013-11-24 [Info] 为什么MBSB建议发行的结构性资产担保回教债券（Structured Covered Sukuk）？

source: [investalks: flysky]

为什么MBSB建议发行的结构性资产担保回教债券（Structured Covered Sukuk）？不懂什么是Sukuk的MBSB投资者，一定会很想知道到底什么是Sukuk,为什么建议发行总值70B的 Sukuk.  

Sukuk are asset-based securities — not debt instruments — they fit the bill. In other words, sukuk represent ownership in a tangible asset, usufruct of an asset, service, project, business, or joint venture. Each sukuk has a face value (based on the value of the underlying asset), and the investor may pay that amount or (as with a conventional bond) buy it at a premium or discount.

Sukuk may be issued for existing assets or for assets that will exist in the future. Investors who purchase sukuk are rewarded with a share of the profits derived from the asset. They don’t earn interest payments because doing so would violate sharia.

As with conventional bonds, sukuk are issued with specific maturity dates. When the maturity date arrives, the sukuk issuer buys them back (through a middleman called a Special Purpose Vehicle).
However, with sukuk, the initial investment isn’t guaranteed; the sukuk holder may or may not get back the entire principal (face value) amount. That’s because, unlike conventional bond holders, sukuk holders share the risk of the underlying asset. If the project or business on which sukuk are issued doesn’t perform as well as expected, the sukuk investor must bear a share of the loss. In practice, some sukuk are issued with repurchase guarantees just as conventional bonds are. Although not all sharia scholars agree that this arrangement complies with Islamic law, a product called sukuk ijara may come with a repurchase guarantee.

Sukuk 其实和一般的普通债券有一些分别，主要的分别就是普通债券会派发固定的利息，Sukuk呢则是从一个有形资产或是生意或是工程的市价提供一个类似股份的债券给投资者，那么投资者的获利就从他们投资的资产或是生意得到的利润，如果投资失败的话投资者也有可能失去部分原有的本金。说到底，这就有点类似众所周知的public mutual fund（但不完全是）, 基金赚钱的话投资者就能获取一些利息(Sukuk 是投资利润)， 但是亏损的话投资者不但无法获得年利还会失去原来的投资本金。

那么MBSB这回建议发行的结构性资产担保回教债券（Structured Covered Sukuk）是好事还是坏事呢？我个人认为Sukuk 能不能帮投资者赚钱这就要看管理这笔基金的经理的投资功力，投资获利的话当然能帮公司赚到钱，万一亏损的话投资者也得一起分担，公司毕竟是比较占优势的。发行Sukuk也许是MBSB扩展生意的踏板石，那这发行的Sukuk究竟是要在那方面投资及由谁来掌舵是成败的关键之一，大家就敬请期待吧。