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Seedr首席执行官Jeff Lynn:迷你债券长期回报率前景堪忧

上周,Seedrs公司首席执行官Jeff Lynn在伦敦金融科技会议上分享了他对迷你债券的一些看法。

Lynn对迷你债券表示了担忧,因为他认为投资者没有正确评估风险与回报。风险债务的问题就在于,投资者承担了很多下行的风险,却很少能从总值上升中获益。

也就是说在如今的低利率时代,投资者却获得了非正常的高回报承诺,这必然会导致他们无法正确理解投资创业企业的风险:

如果企业破产了,债券持有人将获得零回报。但是如果项目的确成功了,债券持有者除了可以收回本金,还能得到一些利息。以风险换取一些收益补偿,这的确没有什么不合理的。

Lynn继续讲道:

"我认为对于迷你债券的市场定位已经有些偏离本质了,人们总是高估了迷你债券的安全性。当要借一笔钱给别人的时候,大多数人会本能地认为这是一个相当安全行为。但是"亲和力投资"的概念--让人们有机会去投资自己喜欢的东西,并希望成为其中的一部分--这本身并不是一件坏事。"

在谈到Seedrs未来迷你债券发展情况时Lynn表示:

"比如人们支持Chilango的债券,是因为看好他们这个项目本身。我关心的是这种经济模式何时会遭遇经济风险。目前我们已经放弃了迷你债券及一般债务工具,因为我们认为投资者应该拥有更有意义的投资收益上涨空间,而迷你债权的长期回报恐怕难以满足投资者的期望。"

Last week, CEO of Seedrs Jeff Lynn sat down with Business Insider to reveal why he believes that minibonds are not as great as they claim to be.

According to the media outlet Lynn laid into minibonds, the debt instruments startups are increasingly turning to when they want to raise cash on crowdfunding platforms like UK-based website Crowdcube. Lynn shared at Fintech Connect conference in London:

“I’m particularly concerned about minibonds because I really think investors are not properly evaluating risk versus returns. The problem with venture debt is that you get all the downside and none of the upside.”

Lynn revealed that he thinks the promise of relatively high returns in an era of record low interest rates is blinding investors to just how risky it is to lend money to a startup:

“The problem is, if it doesn’t work out the bondholders are going to get zero. But if it does work out, all they’re going to get is their principle back and a bit of a coupon. I guess philosophically in this space it’s important for people to be compensated for risk with some upside.”

Lynn also discussed Crowdcube alum, Chilango, and its success so far:

“In the case of a Chilango, it’s established, it’s doing well I’m sure — but it’s still an early stage business, it’s still a long way from being a massive success.”

He then continued:

“I think in some cases, particularly with minibonds, I think they’re being marketed as something a little different to what they are. I would like to see a little bit more focus on making sure we get the financial communications a little bit more accurate. I think that the impression is being created that they’re safer than they are. When people think about debt, think about making a loan to somebody, the instinctive reaction is that this is going to be a pretty safe bet. The notion of affinity investing — the notion of giving people the chance to invest in things they like and care about and want to be a part of — is not in itself a bad thing.

“To the extent that people are backing Chilango’s Burrito bond because they like their burritos, that’s not in and of itself a bad thing. Where I get concerned are where the economic terms are so far out of whack with the economic risks.”

In regards to Seedrs’ future with minibonds, Lynn added:

“We’ve stayed away from minibonds and debt instruments generally on the basis that we think it makes much more sense for investors to have full upside. I worry with the minibonds that the long-term returns are going to be disappointing.”

Disclaimer: This article was previously published on Crowdfund Insider. The content is being reproduced with the express permission of the Crowded Media Group, the publishers of Crowdfund Insider. Copyright 2015”


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