问题如下:
Wang is a fixed-income analyst in a securities firm. One of his clients based in US invests in US and German corporate bonds. Suppose the currency risk is hedged. Wang believes that over the next 12-month, the interest in US will decline relative to that of German. Besides, in the US corporate market, the difference between average credit spread of 3-year BB corporate bonds and the average credit spread of 1-year BB corporate bonds will narrow.
According to the information above, which of the following strategy should Wang recommend to his client?
选项:
A.
B.
C.
解释:
A is correct.
考点:考察相对利率变动时对应的投资
解析:投资于预期收益率相对下跌的市场可以获得更多Return;Wang预测美国债券市场的收益率相对于德国债券市场的收益率下跌,因此Overweight美国市场的债券,Underweight德国市场的债券,可以获得更高的收益;因为收益率相对下跌,意味着可以获得相对的Capital gain,以增强投资收益。所以在此预期下,可以overweight US bonds,并且Underweight German bond;同时预测在美国市场,BB级债券,3年期B的Average credit Spread,和1年期BB级债券Average credit Spread之间的差距在缩小,也就是说3年期的Average credit spread相对变小,因此再此预期下,可以overweight3年期的债券,Underweight 1年期的债券,获得相对更高的收益。
3年的信用利差相对变窄,价格相对变高,那就不应该买价格高的债券?