债券投资者迎来提高收益的第三大机会
关键字：债券投资
著名投资金皮布尔斯近日在资产管理公司联博(Alliance Bernstein)博客上称，债券投资者历史上通过承担更大利率或信贷风险提高收益，今日第三个机会出现了：流动性溢价。
皮布尔斯称，：“通过舍弃快速将资产变现的能力，这为投资者提供了稳健的收益溢价。”
他在博客中写到：“数个催化因素正在创造非流动性投资机会。首先，中型和大型银行面临更大的成本压力和资产要求，这使其在参与一些资产类别上存在挑战。随着银行逐步退出特定贷款活动、融资者仍需要信贷，这为非银行放贷者打开了‘私人信贷’之门。我们看到，金融危机后，过去几年里，对于欧美银行这一趋势正在加速。信贷‘非中介化’(Credit disintermediation)创造了非流动性溢价，其形式为中间市场贷款和风险分担交易。
二级市场流动性下降是另一个催化因素。监管规定变化影响了银行及其固定收益做市能力，降低了二级市场的流动性。全球经济危机引发的持续担忧，也降低了二级市场一些固定收益债券的流动性。封闭式基金和市政债券是投资者因二级市场流动性下降而正获利的两大领域。”
本文来源： 大田环球贵金属
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