US Debt Ceiling 英翻中 (part II)

承前一題發問,其實後面還有兩小點分析師的意見。

仔細瞧,還真有點乍看之下霧煞煞,敬邀高手切磋研究。(特別是藍字部份,很好奇中文可以怎麼表達)

We expect credit spreads to be range-bound as positive fundamentals, technicals and relative value versus risk free rates offset the negative macro headwinds.We continue to recommend a cautious approach and advocate adding exposure to credit on dips.

已更新項目:

TO Ed, RJ大師

只貼大綱的微言大義,不容易看到whole pic. 茲把內文相關段落列出如下,便可知此處credit spreads的主體為何。

The credit markets have held in remarkably well over the past month. Even in the last week as uncertainty increased over whether or not the debt ceiling would be raised, credit spreads widened only modestly.

2 個已更新項目:

Investment Grade (IG) spreads widened 1bp last week and finished July essentially where they started; however, the yield on the Barclays Capital US Aggregate Corporate Investment Grade Index dropped more than 30bp to 3.53%, due entirely to a rally in Treasury yields.

3 個已更新項目:

Not surprisingly, High Yield (HY) spreads widened more than 17bp on the week and finished the month roughly 22bp wider. Yet due to the rally in Treasuries, the spread widening was more than offset by a 14bp drop in the yield of the Barclays Capital US Aggregate Corporate High Yield Index to 7.15%.

4 個已更新項目:

這份報告是fixed income strategy & research group 所發佈的。我想它應該是對整個 credit market 各種debt instruments 作分析,即始這次危機主因國庫劵潛在default而起。

7 個解答

評分
  • 9 年前
    最佳解答

    各位看官:

    Inspired by 天助兄:“萬一被刪(knock on wood),可再另起一題貼文。士可殺身,不能滅魂!” I hereby have my kamikaze headband on, and translate the text as follows:· We expect credit spreads to be range-bound as positive fundamentals, technicals and relative value versus risk free rates offset the negative macro headwinds.我們預計,由於有利之基本面,技術面,與相對於無風險利率的比較價值,合力抵消不利之總體逆向因素,利率差將保持在有限範圍內。· We continue to recommend a cautious approach and advocate adding exposure to credit on dips.我們仍然看好一個謹慎為上的策略,並且主張在降價的時候增加債券的比例。

    我對台灣的金融術語知道有限,大致上來說,Credit Spread是國庫券與其他債券之利率差。Exposure to credit是債券在投資組合中所佔的比例。

    2011-08-04 10:51:56 補充:

    I checked just to make sure:

    http://www.investopedia.com/terms/c/creditspread.a...

    2011-08-04 11:24:05 補充:

    To 天助:

    I believe Barclays Capital US Aggregate Corporate Investment Grade Index is a bond index that serves as a good proxy for the non-treasure securities (corporate bonds).

    2011-08-04 11:36:58 補充:

    I have to say that I am surprise by the fall in yields of corporate bonds -- why is it moving in lock step with the US treasury securities?

  • 甲蟲
    Lv 4
    9 年前

    不才先把文章 COPY 下來,免得等下又不見了。

    誰叫台灣的七月特別不一樣==> 就是 鬼 多。

    ***

    剛剛接到天助老大的飛鴿傳書, 要我來 PART II。

    2011-08-04 18:19:29 補充:

    這類的高水準問答, 建議可以再貼到別的板, 只要不是英文板, 原則上是不會被刪的。

    鍾逵呢 ? 怎麼還不出來抓妖 ?

    我明白了, 為什麼我的信箱接二連三被放毒...

    我只是一個發問的學習者....也要遭授株連

  • Ed
    Lv 6
    9 年前

    Credit spread 或許應認定為長期債券與短期債券之利率差,而非期限相同的政府公債與公司債券之利率差。請教rjamesho大師對此看法。

    2011-08-04 12:38:55 補充:

    Thanks RJ to confirm.

    When treasury investors start to load up corporate bonds, it might explain why yields of corporate bonds fall. But I can't figure out why the credit spreads widened, albeit modestly.

  • 9 年前

    我們預期信貸蔓延到將範圍綁定,積極的基本面和相對價值與風險免費率抵消宏觀負阻力。我們繼續建議謹慎的做法,並主張暫上添加信用風險。

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  • 老登
    Lv 7
    9 年前

    說真的,還真懷念u大姐哩!..........

    "u大姐,見抱速速出面,否則一切後果,自行負責"

    ..................不曉得能否把她抱出來...........呵呵!

  • 9 年前

    馬路小道消息: 自從那日u大姐離開三助家後就直奔塑膠外科醫生診所 改頭換面. 如今以 BPP,SDD的 美眉/燒餅/小阿姨/小桃子(長得很正點的女老師,just in case u wonder) 等等 身份 遊走於 YK+, 無人知其 真正 代號.

    小阿姨: see http://www.youtube.com/watch?v=XBI6M-s7XxM

    Youtube thumbnail

    2011-08-04 07:54:54 補充:

    眼睛不要那麼大, 是: " 小阿姨...我朋友Wayne想跟你做個朋友..."

  • 9 年前

    專業~~~~~ 讚!!

    2011-08-04 07:17:32 補充:

    小阿姨...我朋友Jim想跟你做個朋友....0.0?

    2011-08-04 09:12:06 補充:

    XDD.... I like "漂亮大姊姊"

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