Financial Translation & Communication Solutions

投资者需要从收益率的角度对短融和利率产品进行比较。考虑免税效应后，AAA评级的短融与国债相比并不占优势。

考虑到短融面临的信用风险还需得到补偿，建议投资者只关注A+评级到AA+评级的短融。

Comparing the yields of short-term commercial papers (CP) with those of interest rate products, we found AAA rated CPs have no advantages over government bonds after taking tax exemptions into account.

Given that investors are still exposed to credit risks with investment in AAA CPs compared with government bonds, we recommend that investors focus on CPs rated A+ to AA+ instead of AAA issues.