| 摘要 |
A pension support fund provides disintermediation between capital markets and a pension fund whose credit rating is so poor it cannot access the capital markets on its own. The pension support fund, having a high credit rating (for example, AAA) facilitates access to capital on a non-recourse basis, and provides principal insurance such that capital invested is protected at term. Furthermore, it facilitates the creation of domestic investment vehicles in local currency to facilitate achieving liability hurdle rates of return-thereby hedging against long term liabilities.
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