"The U.S. Treasury Department is not allowed to sell 'diplomatic bonds'?" Hearing this, Qiao Tianyu suddenly realized.

"No wonder the 'diplomatic bond' trading market has been dead in recent years, and there is no transaction happening, it turns out that the US Treasury is doing it!"

"In the past few years, the situation of 'diplomatic bonds' has been deteriorating day by day, and if the US Treasury Department had not stopped it, it is estimated that the 'diplomatic bonds' would have caused a major earthquake in the US treasury bond market long ago!" Wu Minghao shook his head helplessly and said.

"Yes, too!" Qiao Tianyu nodded in response, "Okay, you can go on, tell me what DBLP is all about?"

"Okay. Wu Minghao then explained.

At that time, the representative of Goldman Sachs Group spoke bells and whistles, and said how the DBLP was so unpredictable that the other delegates present were stunned. ”

"Later, I carefully studied the materials brought back by the Songkan family from the venue, and after some borrowing and peeling off the cocoon, I found that in fact, DBLP is not too complicated, and its core essence is secondary securitization!"

"Secondary securitization?" As soon as he heard this word, Qiao Tianyu's whole body trembled suddenly as if he had been electrified.

For experts in the financial industry, Qiao Tianyu naturally knows about "secondary securitization", in fact, to put it bluntly, secondary securitization is the same as "asset securitization", also known as "securities securitization".

In fact, it is not difficult to understand the concept of "secondary securitization", and only need to understand "asset securitization" to touch the analogy.

As explained in the previous chapters of the 2008 subprime mortgage financial crisis, "asset securitization" refers to the process of packaging and bundling some fixed assets as a whole, and using them as collateral to issue bonds to the public and investment institutions to raise funds.

The "secondary securitization", or "securities securitization", is the process of collecting some unique securities and packaging them as a whole, using them as collateral to issue bonds to the public and investment institutions to raise funds.

Therefore, "asset securitization" and "secondary securitization" are similar, the only difference is that the subject matter of the package and bundle as collateral is different.

In fact, when Wu Minghao mentioned the word "secondary securitization", Qiao Tianyu already basically understood it, and it seems that this time Goldman Sachs Group is indeed "financial innovation" again, but I don't know what mines Goldman Sachs Group has buried in it this time.

"Yes, secondary securitization!" Wu Minghao nodded, and then explained.

Goldman Sachs Group said that since the U.S. Treasury Department does not allow them to sell 'diplomatic bonds', the 'diplomatic bonds' take up too much financial space. ”

"Therefore, in order to clear the capital space, they proposed that all the delegates attending the meeting should package all the 'diplomatic bonds' in their hands as collateral, and the participating investment institutions such as Goldman Sachs Group would jointly issue DBLP bonds. ”

"Although these DBLP bonds are issued by a number of investment institutions such as Goldman Sachs Group, which belongs to the category of corporate bonds, it stands to reason that the credit rating of the bonds will not be too high, and the issuance may be hindered. ”

"However, the subject matter of the DBLP bonds is a 'diplomatic bond' issued by the U.S. Treasury Department, which is guaranteed by U.S. National Credit. ”

Therefore, in the credit pre-assessment, the DBLP bond was rated as the most creditworthy triple-A bond by the three major credit rating companies of Standard & Poor's, Moody's and Fitch International, and Goldman Sachs presented the pre-assessment certificate at the secret meeting. ”

"In other words, as long as the DBLP bonds are issued, such a high credit rating will definitely make the DBLP snap up, and when the time comes, the sale of the bonds will return most of the funds to make up for the capital space occupied by the major institutions by the 'diplomatic bonds'. ”

"And considering that the 'diplomatic bonds' will mature at the end of this year, the repayment period of the DBLP bonds has been set for June this year, and as soon as the DBLP is repaid, the 'diplomatic bonds' that have been bundled will be released. ”

"In other words, the issuance of DBLP bonds not only solves the problem of the funds of major institutions being occupied, but also does not hinder the repayment of 'diplomatic bonds' at all, and now we use 'diplomatic bonds' to contain the United States. ”

"The DBLP bond was a perfect work, taking care of all aspects, so the idea of a DBLP bond was immediately supported by the vast majority of delegates at that meeting. ”

"And after I carefully analyzed the DBLP bond, I also think that this bond is indeed too suitable. ”

"You know, the 'diplomatic bonds' have taken up to $700 billion of our capital space, and we have been constrained by them over the years, and in order to prepare for this war in the world's offshore financial market, we are indeed too short of funds. ”

"So at that time, my uncle and I studied it carefully and decided to take out all the $700 billion 'diplomatic bonds' we held and issue DBLP bonds to withdraw funds. ”

Later, under the leadership of Goldman Sachs, the DBLP bond issuance process went very smoothly, and unsurprisingly, the three major credit rating agencies gave DBLP the highest 3A rating at the same time, and the bonds were sold out immediately after issuance. ”

"The whole process of Goldman Sachs Group is almost voluntary labor, and no issuance fees are withdrawn, so most of our funds have also been successfully withdrawn, which is indeed a happy situation. ”

"Please wait!" Hearing this, Qiao Tianyu shouted again to stop Wu Minghao.

No, didn't Goldman Sachs plant a mine in the design of the DBLP bonds? When did Goldman Sachs become so benevolent? This is not at all like Goldman Sachs' style!

"Secondary securitization, packaging and bundling, highest credit rating, and ?...... of repatriated funds"

Qiao Tianyu carefully recounted these key information of the DBLP bond issuance process several times, and felt more and more that this whole process would be so familiar, Qiao Tianyu must have seen it somewhere!

But where exactly have I seen it, Qiao Tianyu really can't remember it for a while, but this process is indeed too familiar!

"Tianyu, have you found something wrong?" After being shouted to stop by Qiao Tianyu, Wu Minghao asked busily.

"I can't say it at the moment, but there must be a big problem inside!" Qiao Tianyu said with a frown.

"And I don't believe that Goldman Sachs Group will be so polite this time, and did not bury mines in the DBLP issuance process, which is completely different from their style!"

"Tianyu, this time you guessed it right again! But no, how could the Goldman Sachs Group not bury mines? If it doesn't bury mines, it won't be called Goldman Sachs Group!" Wu Minghao clenched his fists and said angrily.

"Hmph, that's true!" Qiao Tianyu snorted coldly when he heard this, and sure enough, it was still that familiar feeling, and it was still that familiar taste!

"Let's talk about it, what kind of thunder did Goldman Sachs Group bury this time?" Qiao Tianyu asked impatiently.