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What are the requirements of sinking fund in bond issuance? Do you agree that the sinking fund clause in bond issuance is beneficial to investors? Why?
The sinking fund is mainly to protect bond investors from the cash flow needed for bond repayment.

The sinking fund clause is beneficial to investors, and we disagree, because the sinking fund clause is for bond issuers to issue bonds and improve the credit of bonds, and issuers make sinking fund clauses according to their own conditions. Generally speaking, the issuer does not need to use this sinking fund clause without financial problems. If there are financial problems, especially those unsecured credit bonds, when investors want to use this clause to protect their rights and interests, they will find that these clauses are actually very fragile and cannot stand the actual test.