美收益债风险溢酬下滑 利差跌破500基点
关键字：美国高收益债、美国公债殖利率利差
在进入2014年前夕,美国高收益债与美国10年期公债的殖利率利差跌破五年来坚守的400个基点大关,显示高收益债补偿投资人的风险溢酬(risk premium)已有降低迹象。 barron`s.com 12月31日报导,美银/美林高收益债指数最新数据显示,高收益债与美国10年期公债的利差跌破400个基点整数关卡、来到397个基点,相较之下过去的历史平均利差皆有近500个基点之谱,而前五年也都保持在400个基点以上。2007年6月信用循环高峰时,两者的利差则写下240个基点的新低纪录。
根据报价,2014年元旦前夕,高收益债平均殖利率目前来到5.59%,仅较到期日相似的公债殖利率高出不到4个百分点。
不过,许多分析人士认为,高收益债目前对信用风险的溢酬仍然合算。另外,市场也预期2014年高收益债的违约率(目前为2.4%)将保持稳定。
举例来说,高收益债平均殖利率曾在2013年5月首度跌破5%,但巴克莱信用策略长Brad Rogof当时在接受barron`s专访时仍表示,平均利差(当时为406个基点)依旧相对合理,和历史低点相比还有颇大一段距离,这是吸引投资人继续买进高收益债的主因。
以下是美国两档高收益债ETF的股价表现。嘉实XQ全球赢家报价显示,iShares iBoxx高收益公司债券ETF (iShares iBoxx $ High Yield Corporate Bond Fund,代号为HYG.US) 12月31日终场上涨0.06%,收92.88美元;2013年全年度总计下跌0.5%。SPDR巴克莱高收益债ETF (SPDR Barclays Capital High Yield Bond ETF,代号为JNK.US) 12月31日终场上涨0.12%,收40.56美元;2013年全年度总计下跌0.37%。
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本文来源： 大田环球贵金属
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