在线词典,在线翻译

美国垃圾债券再度受追捧

所属:财经报道 作者:webmaster 阅读:19315 次 评论:0 条 [我要评论]  [+我要收藏]

Investor interest in junk bonds rebounded sharply last month as strong returns from the sector fuelled a sharp increase in issuance.
上月,投资者对垃圾债券的兴趣急遽回升,强劲的回报推动垃圾债券发行量猛增。

In recent weeks, money has again poured into US funds focused on buying junk bonds – debt issued by risky companies with relatively high levels of debt and lower credit ratings.
近几周来,资金再度源源流入专事购买垃圾债券的美国基金。所谓垃圾债券,是指负债相对较重、信用评级较低的高风险公司所发行的债券。

Demand for higher-yielding bonds has intensified in response to reduced concern about the eurozone debt crisis and expectations that the US Federal Reserve will keep its interest rates at near-zero levels for at least another year.
由于对欧元区债务危机的忧虑减轻,加上预期美联储至少一年内还会继续把利率维持在接近于零的水平,投资者对收益率较高的债券需求增加。

Junk bonds, also called high-yield bonds, are pricing in a slowdown in growth – but are not factoring in a double-dip recession.
垃圾债券也叫做高收益债券。目前垃圾债券的价格反映了经济增长放缓预期,但没有反映“双底衰退”的预期。

In July, junk bond returns were 3.4 per cent, according to BofA Merill Lynch indices. Bonds from less risky companies with investment grade ratings were up 1.9 per cent, with 10-year US Treasury debt down by 0.2 per cent.
根据美银美林(BofA Merill Lynch)相关指数,7月份垃圾债券的收益率为3.4%。风险较低、拥有“投资级”评级的公司的债券收益率上升1.9%,而美国10年期国债收益率下降0.2%。

Oleg Melentyev, strategist at BofA Merrill Lynch, said that the combination of low, but positive, US growth and low interest rates was “the best environment for high-yield credit”.
美银美林策略师奥莱格•梅伦提夫(Oleg Melentyev)表示,美国经济小幅正增长和低利率的组合是“高收益债务的最佳环境”。

Higher interest rates tend to affect bonds adversely because prices on existing debt falls as yields rise, and a stronger growth environment tends to favour even riskier investments such as equities.
利率上升往往对债券构成利空,因为现有债券价格会下跌,而收益率上升。经济增长强劲则倾向于利好股票等风险更高的投资资产。

BofA Merrill Lynch is not forecasting negative US growth – a double-dip recession – which could lead to increased corporate defaults. “[A] double-dip [recession] is the greatest concern anyone in this market has,” said Mr Melentyev.
美银美林目前并不认为美国经济会出现负增长,即陷入“双底衰退”,那种情况可能导致公司违约增多。梅伦提夫表示:“目前这个市场上人人最担心的是双底(衰退)。”

In July, global sales of new junk bonds reached $26bn, according to Dealogic.
据Dealogic 统计,7月份全球新发行的垃圾债券达到260亿美元。

That compares with $12bn in June and $7.2bn in May, when jitters about the eurozone debt crisis meant that investors remained on the sidelines.
5月份和6月份这一数据分别为72亿美元和120亿美元,当时投资者对欧元区债务危机感到焦虑不安,继续离场观望。

标签:美国
171
2010-08-03 20:31 编辑:kuaileyingyu
分享到:
关注海词微博:
发表评论:
表达一些您的想法吧!已有0条评论>>
登录,再发表评论
文明上网,理性发言!
您可能还感兴趣的文章:
>>精华推荐阅读
热门评论文章