General Risks Disclosure for Bonds
債券的一般風險披露
General Risks Disclosure for Bonds
債券的一般風險披露
Investors should note that investment involves risks. The risk considerations and disclaimers in relation to bonds as set out below are not intended to be exhaustive. Investors should refer to the relevant offering documents/prospectus for details and product features, in particular the risk factors.
FULL PRINCIPAL IS AT RISK
1. RISK OF INVESTING IN DEBT AND DEBT-RELATED SECURITIES
Where the investor invests in debt and debt-related securities, such investments are exposed to credit risk and interest rate risk.
Credit risk is the risk of default on a debt that a borrower (bond issuer) fails to meet its obligations (pay principal and/or interest on redemption date). The issuer’s credit quality and security values may be adversely affected by factors which include, but are not limited to, changes in economic and political conditions or the issuer’s (and/or the guarantor’s) financial conditions. It should also be noted that credit ratings assigned by credit rating agencies do not guarantee the creditworthiness of the issuer.
Changes in interest rates will impact the performance of the investor’s investments. As long term interest rates rise, the capital value will likely to decrease. In general, securities with longer maturities and higher interest rate sensitivity involve higher degree of risk.
2. MARK-TO-MARKET RISK
The market value of a bond is expected to fluctuate significantly according to various factors including but not limited to the financial, political, economic and other events as well as level of the performance of the issuer, interest rates and time remaining to maturity. Investors seeking to sell the bond prior to maturity may be subject to the prevailing market value which may be substantially less than the original purchase price.
3. LIQUIDITY RISK
Some investments may not have active secondary markets. Liquidity may become scarce and it would be difficult or impossible to sell these investments before maturity. Unwinding of unlisted investment products before maturity can be expensive and may result in significant loss before maturity. BNP Paribas relies solely on its counterpart(s) (including BNP Paribas' affiliates and/or other third party counterparts, as the case may be) to provide secondary unwinding pricing before maturity and such unwinding costs will also be dependent on the counterpart(s)'s cost of funding, the discounted curve, the market condition, among other considerations, at the point of exit. The investor must be prepared to hold their investments up to maturity.
4. CURRENCY RISK
Where the investor invests in instruments denominated in currencies different to the base currency; such investments may be affected favorably or unfavorably by exchange control regulations or changes in the exchange rates between the base currency and other currencies. Changes in currency exchange rates may influence the value of an investment, the dividends or interest earned and the gains and losses realised. In general, exchange rates between currencies are determined by supply and demand in the currency exchange markets, the international balance of payments, governmental intervention, speculation and other economic and political conditions. If the currency in which an investment is denominated appreciates against the base currency, the value of the investment would increase. Conversely, a decline in the exchange rate of the currency would adversely affect the value of the portfolio.
Where the investor engages in foreign currency transactions in order to hedge against currency exchange risk, there is no guarantee that hedging or protection will be achieved.
5. MARKET DISRUPTION RISK
Markets may become disrupted. Local market disruptions can have a global effect. Market disruption can adversely affect the performance of the investment.
6. SOVEREIGN DEBT RISK
Where the investor invests in sovereign debts, the investor should note that sovereign debt issued by governments of certain developing countries or their agencies and instrumentalities (“government entities”) is a riskier investment than sovereign debt issued by governments of developed countries.
The stability of the issuing government is an important factor to consider as they may not be able or willing to repay the principal and/or interest. Key factors affecting the governmental entity’s possibility or willingness to repay the principal and interest include, but are not limited to, its variance of cash flow, debt service ratio, foreign reserves, the probability of sufficiently foreign exchange on payment day and the political risk.
A governmental entity will be requested to conduct sovereign debt restructuring and to extend further loans if it cannot meet its debt obligations.
7. CERTIFICATES OF DEPOSIT ARE NOT PROTECTED DEPOSITS
Certificates of deposit are not equivalent and should not be treated as a substitute for a term deposit. They are not a protected deposit and is not protected or insured under the Deposit Protection Scheme in Hong Kong and the Deposit Insurance Scheme in Singapore.
8. FINANCIAL BONDS (BONDS RELATED TO THE FINANCIAL SECTOR)
Where the investor invests in financial bonds with convertible or exchangeable features, such investments will be subject to both equity and bond investment risk. Bonds that have contingent write down or loss absorption features may be written-off fully or partially or converted to common stock on the occurrence of a trigger event. Some financial bonds (including subordinated or even senior bonds), though are not classified by the market as Contingent Convertibles (Cocos) with explicit capital trigger for loss absorption, may also have loss absorption features, including (1) those with contractual loss absorption at point of non-viability (PONV), (2) those in countries with statutory bail-in, and/or (3) those in countries that are likely to have statutory bail-in before the maturities of these bonds.
Holders of subordinated debentures will bear higher risks than holders of senior debentures of the issuer due to a lower priority of claim in the event of the issuer’s liquidation.
9. CONTINGENT CONVERTIBLE OR BAIL-IN DEBENTURE
Where the investor invests in (deeply subordinated) contingent convertible debenture / bail-in debentures, such investments have coupon payments that may be deferred or even suspended subject to the terms and conditions of the issue. Contingent convertible and bail-in debentures are hybrid debt-equity instruments that may be written off or converted to common stock on the occurrence of a trigger event.
10. PERPETUAL BONDS
Where the investor invests in (deeply subordinated) perpetual bonds with no maturity, such investments have coupon payments that may be deferred or even suspended subject to the terms and conditions of each bond issue. Perpetual debentures are often callable (and/or subordinated) and there could be reinvestment risk, and/or a lower priority of claims (e.g. on liquidation of the issuer).
11. BONDS WITH DISCRETIONARY COUPONS, VARIABLE / DEFERRED INTEREST PAYMENT TERMS OR EXTENDABLE MATURITY DATES
Some bonds have discretionary coupons, variable and/or deferral of interest payment terms. For any such bonds, investors would face uncertainty over the amount and time of the interest payments to be received, or investors may not receive any coupons.
Some bonds have an extendable maturity date and investors would not have a definite schedule of principal repayment.
12. RISK OF INFLATION-LINKED BONDS
Where the investor invests in inflation-linked bonds, such investments are subject to deflation risk. The capital value of inflation-linked bonds tends to be lower than other bond categories during deflationary periods. In addition, the full principal invested may not be returned at maturity for inflation-linked bonds during times of deflation. Lastly, inflation-linked bonds are generally less liquid than traditional bonds as they are primarily bought by buy-and-hold investors.
13. RISKS OF INVESTING IN HIGH-YIELD BONDS
High yield bonds are sub-investment grade bonds or non-rated bonds. Where the investor invests in high yield bonds, the investor should understand that high-yield bonds are generally of higher risk than investment-grade bonds and hence generally have a higher risk of default and higher price volatility. High yield bonds are issued by companies which might have a greater risk of default on interest and/or principal payments.
Investment in high yield bonds may not be suitable for all investors. In addition to a tolerance for risk, investors should be aware of the elevated volatility of high yield bonds in particular in an adverse market with possible market downturns or unexpected events that negatively impact individual issues. The ability for the bond issuer to meet its obligations may be negatively affected by its unexpected financing needs, or failing to meet its specific projected business forecasts, or its specific developments.
Credit risk and interest rate risk are two main concerns for investors in general.
Credit risk is the risk associated with a bond issuer’s ability to make timely principal and interest payments. For investors in high-yield bonds, credit risk can include, but are not limited to, the default risk, downgrade risk and event risk as follows:
• Default risk: Defaults may occur when a bond issuer fails to pay an interest and/or principal payment to investors as scheduled. The risk of default is greater for high yield bonds than for investment grade bonds.
• Downgrade risk: Downgrades would happen when the respective rating agencies lower the ratings on specific bonds. Downgrade risks may arise if the issuer’s financial condition deteriorates. Downgrades are usually accompanied by declines in market prices for the downgraded security. During economic downturns high yield bonds typically fall more in value than investment grade bonds as investors become more risk averse and default risk rises.
• Event risk: There is possibility that an issuer misses a coupon payment to investors due to an unexpected event. Credit rating agencies may downgrade the issuer’s credit rating as a result of such event(s).
Where the investor invests in fixed income securities, they are also subject to interest rate risk. If interest rates increase, the value of such investments generally declines.
Where the investor invests in callable high yield bonds, they face reinvestment risk when the issuer exercises its right to redeem the bond before it matures.
14. SUBORDINATED BONDS
Investors should pay attention to the credit information in relation to the bond and the implications of its “subordinated” nature. Investors should note that holders of subordinated bonds will bear higher risks than holders of senior bonds of the issuer due to a lower priority of claim in the event of the issuer’s liquidation.
15. KEEPWELL - BONDS WITH MULTIPLE CREDIT SUPPORT PROVIDERS AND STRUCTURES
Bonds with special feature “multiple credit support providers and structures” cover structures such as a bond having multiple guarantors. Such bonds are considered as complex products given that some of these bonds may have multiple credit support providers with no material operations, or may involve complex structures which subordinate the bondholders’ rights to those of the multiple credit support providers.
16. CONFLICTS OF INTEREST
Various potential and actual conflicts of interest may arise from the overall investment activities or the roles of the parties involved in any investment product or transaction, their investment professionals and/or their affiliates. In particular, the counterparty / issuer / provider or its related entities or affiliates can offer or manage other investments which interests may be different to the interest of your investments in that investment product or transaction; or for cases where the product counterparty or issuer is BNP Paribas or its related entity or affiliate, BNP Paribas may also act as distributor, guarantor, calculation agent and/or arranger of the same product.
17. EARLY TERMINATION/EXIT
Bonds may subject to risk of early termination and/or penalty for early exit, please refer to the termsheet / product documentation for details.
債券的一般風險披露
投資者應注意，投資涉及風險。以下所列有關債券的風險考慮因素及免責聲明，並未能披露所有可能風險。投資者應參閱相關發售文件/發行章程，以了解產品特徵及詳情，尤其是風險因素。
可能損失全部本金
1.投資債務及債務相關證券的風險
投資者投資於債務及債務相關證券時，此類投資面對信貸風險與利率風險。
信貸風險是指借款人（債券發行人）未履行義務（在贖回日支付本金和/或利息）而帶來的債務違約風險。發行人的信貸品質及證券價值可能受到以下因素的負面影響，包括但不限於經濟與政治環境，或發行人（及/或擔保人）財務狀况的變動。此外，應值得注意的是，評級機構給予的信貸評級概不保證發行人的償債能力。
利率變動會影響投資者投資的表現。長期利率上升時，資本價值可能會下降。一般而言，年期較長及對利率敏感度較高的證券面對的風險更高。
2. 按市價計值風險
債券的市值可受多項因素影響而大幅波動，這些因素包括但不限於金融、政治、經濟及其他事件，以及相關資產的表現、期權、利率及剩餘年期。投資者若要在到期前出售債券，將受發行人當時提供的市場價值所限，而該價值可能比最初購入價格顯著較低。
3.流動性風險
部分投資的二級市場可能並不活躍。有關市場可能變得缺乏流動性，因此難以或無法在到期日前沽售這些資産。在到期日前沽售非上市産品可能涉及高昂成本，並可能在到期日前構成重大虧損。法國巴黎銀行僅依賴其交易對手（包括法國巴黎銀行之聯營公司及/或其他第三方交易對手，視乎情況而定），以在到期日前提供二級市場平倉價，而有關平倉成本也取决於沽售時交易對手的融資成本、貼現率曲線、市場環境和其他考慮因素。投資者須準備好持有其投資至到期日。
4.貨幣風險
如果投資者投資的工具並非以其基礎貨幣計價，此等投資可能因外匯管制法規或基礎貨幣與其他貨幣之間的匯率變動而受到利好或利淡影響。匯率變動可能影響投資的價值、賺取的股息或利息，以及已實現的收益和虧損。一般而言，貨幣之間的匯率取決於外匯市場的供求、國際收支平衡、政府干預、市場投機活動以及其他經濟和政治環境。如果投資的計價貨幣兌基礎貨幣升值，該投資的價值將會上升。相反，該貨幣的匯率下跌對該投資價值有負面影響。
如果投資者參與外幣交易以對沖外匯風險，概不保證可達成對沖或提供保障。
5.市場中斷風險
市場可能被中斷。當地市場中斷可帶來環球影響。市場中斷可對産品表現構成負面影響。
6.主權信貸風險
投資者投資於主權債券時，投資者應注意某些發展中國家政府或國家機關及機構（「政府實體」）發行的主權債券比已發展國家政府發行的主權債券風險更高。
發行政府的穩定性是一項需要考慮的重要因素，因發行政府可能無法或無意願償還本金和/或利息。影響政府實體還本付息的可能性或意願的關鍵因素包括但不限於：其現金流變動、償債比率、外匯儲備、付款當日外匯充足的概率以及政治風險。
如果政府實體無法履行債務義務，則將被要求進行主權債務重組並進一步延長貸款。
7.存款證並非受保障存款
存款證並不等同於定期存款，亦不應被視為定期存款之替代品。存款證並不屬受保障存款，且不受香港存款保障計劃及新加坡 Deposit Insurance Scheme 保障或保險。
8.金融債券（與金融業相關的債券）
投資者投資於可換股或可交換金融債券時，此類投資會面對股票及債券投資風險。具備應急減記或損失吸收特徵的債券，在觸發事件發生時，可能被全部或部分減記或轉換成普通股。一些金融債券（包括次級債券或甚至高級債券）儘管未被市場劃分為具有明確資本觸發損失吸收的應急可換股債券（Coco債券），但亦可能有損失吸收特徵，包括（1）合約上所定發生無法存續事件時具備損失吸收的債券，（2）債券所在國家擁有法定自救措施，和/或（3）債券到期前其所在國家可能會有法定自救措施。
在發行人清算時，次級債券持有者會因受償順序靠後，而承擔比高級債券持有者更高的風險。
9.應急可轉債券或自救債券
投資者投資於（最底層後償）應急可轉債券/自救債券，根據發行條款及細則，此類投資的票息支付可能會遞延或甚至暫停。應急可轉債券及自救債券屬債券-股票混合工具，在觸發事件發生時，可能被減記或轉換成普通股。
10. 永續債券
投資者投資於無到期日的（最底層後償）永續債券時，根據債券發行條款及細則，此類投資的票息支付可能會遞延或甚至暫停。永續債券通常為可贖回（和/或次級）債券，存在再投資風險、且/或受償順序較靠後（比如在發行人清算時）。
11. 含酌情支付票息、利息支付可變/遞延條款或可延長到期日的債券
部分債券含酌情支付票息、可變和/或遞延利息支付條款。任何此類債券的投資者所收到的利息款項數額和時間可能面對不確定性，或者，投資者可能不會收到任何票息。
部分債券到期日可延長，投資者無法獲得本金償付的確切時間表。
12. 通脹掛鉤債券風險
投資於通脹掛鉤債券時，此等投資面臨通縮風險。通脹掛鉤債券的資本價值在通縮時期往往低於其他類別的債券。此外，在通縮時期，投資於通脹掛鉤債券的全部本金於到期日可能無法償還。最後，通脹掛鉤債券的流動性通常不如傳統債券，因為它們主要是由買入並持有的投資者購買。
13. 投資高收益債券的風險
高收益債券為非投資級別或無評級債券。投資者投資於高收益債券時，投資者應明白，高收益債券的風險往往高於投資級別債券，因而其違約風險及價格波動風險均更高。高收益債券的發行公司可能存在更高的利息和/或本金償付違約風險。
高收益債券投資可能並不適合所有投資者。除了承險能力外，投資者還應留意高收益債券較高的波動性，特別是當市場可能下行或發生意外事件時的不利市況，對個別債券發行產生負面影響。債券發行人履行其義務的能力可能因其意外的融資需求、未能達到其特定的預期業務預測或其特定發展而受到負面影響。
信貸風險及利率風險是投資者普遍關注的兩大問題。
信貸風險是與債券發行人及時還本付息能力相關的風險。高收益債券投資者面對的信貸風險包括但不限於如下違約風險、降級風險及事件風險：
·違約風險：債券發行人未能如期支付利息和/或本金給投資者，即可能出現違約。高收益債券的違約風險高於投資級別債券。
·降級風險：相應評級機構下調特定債券的評級時，即出現降級。若發行人的財務狀況惡化，可能出現降級風險。降級通常伴隨著被降級證券的市價下跌。在經濟下行時，由於投資者更加厭惡風險，且違約風險上升，高收益債券的價值往往比投資級別債券的跌幅大。
·事件風險：發行人有可能由於意外事件而無法向投資者支付票息。信貸評級機構可能因此等事件下調發行人的信貸評級。
投資者投資於固定收益證券時，亦面對利率風險。若利率上升，此類投資的價值通常會下跌。
投資者若投資於可贖回高收益債券，當發行人在債券到期日前行使贖回權時，投資者面對再投資風險。
14. 次級債券
投資者應注意與債券有關的信貸信息及其「次級」屬性的含義。投資者亦應注意，在發行人清償時，次級債券持有人所承受的風險高於該發行人發行的高級債券持有人，因其受償順序較靠後。
15. 維好協議 - 具有多個信貸支持提供者及結構的債券
具有「多個信貸支持提供者及結構」這一特徵的債券，包括具有多個擔保人的債券等結構。此等債券屬於複雜產品，因為其中一些債券可能有多個信貸支持提供者(而無實質性操作)，或者可能涉及複雜結構，使債券持有人之權利從屬於多個信貸支持提供者之權利。
16. 利益衝突
某投資產品或交易參與的各方、其投資專家及其聯營公司從其整體投資活動或其參與角色中，可能産生若干潜在或實際的利益衝突。特別是交易對手/ 發行人/ 提供者、或其相關實體、或其聯營公司，可提供或管理其他投資，而其投資利益可能與閣下在有關投資產品或交易中的投資利益不同；或當法國巴黎銀行或其相關實體或聯營公司為產品之交易對手或發行人，法國巴黎銀行亦可能擔任同一產品的分銷商、擔保人、計算代理人和/或安排人。
17. 提早終止/退出
債券可能面對提早終止的風險及/或提早退出產生的罰款，請參閱條款單張/產品文件了解詳情。
债券的一般风险披露
投资者应注意，投资涉及风险。以下所列有关债券的风险考虑因素及免责声明，并未能披露所有可能风险。投资者应参阅相关发售文件/发行章程，以了解产品特征及详情，尤其是风险因素。
可能损失全部本金
1.投资债务及债务相关证券的风险
投资者投资于债务及债务相关证券时，此类投资面对信贷风险与利率风险。
信贷风险是指借款人（债券发行人）未履行义务（在赎回日支付本金和/或利息）而带来的债务违约风险。发行人的信贷品质及证券价值可能受到以下因素的负面影响，包括但不限于经济与政治环境，或发行人（及/或担保人）财务状况的变动。此外，应值得注意的是，评级机构给予的信贷评级概不保证发行人的偿债能力。
利率变动会影响投资者投资的表现。长期利率上升时，资本价值可能会下降。一般而言，年期较长及对利率敏感度较高的证券面对的风险更高。
2. 按市价计值风险
债券的市值可受多项因素影响而大幅波动，这些因素包括但不限于金融、政治、经济及其他事件，以及相关资产的表现、期权、利率及剩余年期。投资者若要在到期前出售债券，将受发行人当时提供的市场价值所限，而该价值可能比最初购入价格显著较低。
3.流动性风险
部分投资的二级市场可能并不活跃。有关市场可能变得缺乏流动性，因此难以或无法在到期日前沽售这些资产。在到期日前沽售非上市产品可能涉及高昂成本，并可能在到期日前构成重大亏损。法国巴黎银行仅依赖其交易对手（包括法国巴黎银行之联营公司及/或其他第三方交易对手，视乎情况而定），以在到期日前提供二级市场平仓价，而有关平仓成本也取决于沽售时交易对手的融资成本、贴现率曲线、市场环境和其他考虑因素。投资者须准备好持有其投资至到期日。
4.货币风险
如果投资者投资的工具并非以其基础货币计价，此等投资可能因外汇管制法规或基础货币与其他货币之间的汇率变动而受到利好或利淡影响。汇率变动可能影响投资的价值、赚取的股息或利息，以及已实现的收益和亏损。一般而言，货币之间的汇率取决于外汇市场的供求、国际收支平衡、政府干预、市场投机活动以及其他经济和政治环境。如果投资的计价货币兑基础货币升值，该投资的价值将会上升。相反，该货币的汇率下跌对该投资价值有负面影响。
如果投资者参与外币交易以对冲外汇风险，概不保证可达成对冲或提供保障。
5.市场中断风险
市场可能被中断。当地市场中断可带来环球影响。市场中断可对产品表现构成负面影响。
6.主权信贷风险
投资者投资于主权债券时，投资者应注意某些发展中国家政府或国家机关及机构（“政府实体”）发行的主权债券比已发展国家政府发行的主权债券风险更高。
发行政府的稳定性是一项需要考虑的重要因素，因发行政府可能无法或无意愿偿还本金和/或利息。影响政府实体还本付息的可能性或意愿的关键因素包括但不限于：其现金流变动、偿债比率、外汇储备、付款当日外汇充足的概率以及政治风险。
如果政府实体无法履行债务义务，则将被要求进行主权债务重组并进一步延长贷款。
7.存款证并非受保障存款
存款证并不等同于定期存款，亦不应被视为定期存款之替代品。存款证并不属受保障存款，且不受香港存款保障计划及新加坡 Deposit Insurance Scheme 保障或保险。
8.金融债券（与金融业相关的债券）
投资者投资于可换股或可交换金融债券时，此类投资会面对股票及债券投资风险。具备应急减记或损失吸收特征的债券，在触发事件发生时，可能被全部或部分减记或转换成普通股。一些金融债券（包括次级债券或甚至高级债券）尽管未被市场划分为具有明确资本触发损失吸收的应急可换股债券（Coco债券），但亦可能有损失吸收特征，包括（1）合约上所定发生无法存续事件时具备损失吸收的债券，（2）债券所在国家拥有法定自救措施，和/或（3）债券到期前其所在国家可能会有法定自救措施。
在发行人清算时，次级债券持有者会因受偿顺序靠后，而承担比高级债券持有者更高的风险。
9.应急可转债券或自救债券
投资者投资于（最底层后偿）应急可转债券/自救债券，根据发行条款及细则，此类投资的票息支付可能会递延或甚至暂停。应急可转债券及自救债券属债券-股票混合工具，在触发事件发生时，可能被减记或转换成普通股。
10. 永续债券
投资者投资于无到期日的（最底层后偿）永续债券时，根据债券发行条款及细则，此类投资的票息支付可能会递延或甚至暂停。永续债券通常为可赎回（和/或次级）债券，存在再投资风险、且/或受偿顺序较靠后（比如在发行人清算时）。
11. 含酌情支付票息、利息支付可变/递延条款或可延长到期日的债券
部分债券含酌情支付票息、可变和/或递延利息支付条款。任何此类债券的投资者所收到的利息款项数额和时间可能面对不确定性，或者，投资者可能不会收到任何票息。
部分债券到期日可延长，投资者无法获得本金偿付的确切时间表。
12. 通胀挂钩债券风险
投资于通胀挂钩债券时，此等投资面临通缩风险。通胀挂钩债券的资本价值在通缩时期往往低于其他类别的债券。此外，在通缩时期，投资于通胀挂钩债券的全部本金于到期日可能无法偿还。最后，通胀挂钩债券的流动性通常不如传统债券，因为它们主要是由买入并持有的投资者购买。
13. 投资高收益债券的风险
高收益债券为非投资级别或无评级债券。投资者投资于高收益债券时，投资者应明白，高收益债券的风险往往高于投资级别债券，因而其违约风险及价格波动风险均更高。高收益债券的发行公司可能存在更高的利息和/或本金偿付违约风险。
高收益债券投资可能并不适合所有投资者。除了承险能力外，投资者还应留意高收益债券较高的波动性，特别是当市场可能下行或发生意外事件时的不利市况，对个别债券发行产生负面影响。债券发行人履行其义务的能力可能因其意外的融资需求、未能达到其特定的预期业务预测或其特定发展而受到负面影响。
信贷风险及利率风险是投资者普遍关注的两大问题。
信贷风险是与债券发行人及时还本付息能力相关的风险。高收益债券投资者面对的信贷风险包括但不限于如下违约风险、降级风险及事件风险：
·违约风险：债券发行人未能如期支付利息和/或本金给投资者，即可能出现违约。高收益债券的违约风险高于投资级别债券。
·降级风险：相应评级机构下调特定债券的评级时，即出现降级。若发行人的财务状况恶化，可能出现降级风险。降级通常伴随着被降级证券的市价下跌。在经济下行时，由于投资者更加厌恶风险，且违约风险上升，高收益债券的价值往往比投资级别债券的跌幅大。
·事件风险：发行人有可能由于意外事件而无法向投资者支付票息。信贷评级机构可能因此等事件下调发行人的信贷评级。
投资者投资于固定收益证券时，亦面对利率风险。若利率上升，此类投资的价值通常会下跌。
投资者若投资于可赎回高收益债券，当发行人在债券到期日前行使赎回权时，投资者面对再投资风险。
14. 次级债券
投资者应注意与债券有关的信贷信息及其“次级”属性的含义。投资者亦应注意，在发行人清偿时，次级债券持有人所承受的风险高于该发行人发行的高级债券持有人，因其受偿顺序较靠后。
15. 维好协议 - 具有多个信贷支持提供者及结构的债券
具有“多个信贷支持提供者及结构”这一特征的债券，包括具有多个担保人的债券等结构。此等债券属于复杂产品，因为其中一些债券可能有多个信贷支持提供者(而无实质性操作)，或者可能涉及复杂结构，使债券持有人之权利从属于多个信贷支持提供者之权利。
16. 利益冲突
某投资产品或交易参与的各方、其投资专家及其联营公司从其整体投资活动或其参与角色中，可能产生若干潜在或实际的利益冲突。特别是交易对手/ 发行人/ 提供者、或其相关实体、或其联营公司，可提供或管理其他投资，而其投资利益可能与阁下在有关投资产品或交易中的投资利益不同；或当法国巴黎银行或其相关实体或联营公司为产品之交易对手或发行人，法国巴黎银行亦可能担任同一产品的分销商、担保人、计算代理人和/或安排人。
17. 提早终止/退出
债券可能面对提早终止的风险及/或提早退出产生的罚款，请参阅条款单张/产品文件了解详情。
Please note that Chinese versions are for reference only and the English version shall prevail.
請注意，中文版本僅供參考，概亦英文為準。