채권의 원리금이 계약대로 지불되지 않을 가능성을 말하는 것으로 채무불이행위험을 평가하기 위해서는 당해 증권의 계약내용과 동시에 발행주체의 채무변제능력을 여러 가지 각도에서 검토하지 않으면 안 된다. 미국에서 발달한 채권등급평가는 독립된 기관이 채무불이행위험을 평가하여 그 결과를 간단한 등급기호로 나타낸 것이다.
(NEW 경제용어사전, 2006. 4. 7., 미래와경영)
Default Risk
It is the probability of the borrower not honoring the security contract (they default).
Losses may range from a small loss if interest is paid late to a complete loss of principal in the case of bankruptcy.
Risk averse investors want adequate compensation for expected default losses.
Thus bonds with higher default probabilities are issued at higher coupon rate or trade at a higher interest rates than comparable bonds with low default risk.
Default Risk
It is the probability of the borrower not honoring the security contract (they default).
Losses may range from a small loss if interest is paid late to a complete loss of principal in the case of bankruptcy.
Risk averse investors want adequate compensation for expected default losses.
Thus bonds with higher default probabilities are issued at higher coupon rate or trade at a higher interest rates than comparable bonds with low default risk.
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