开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

ZAA · 2021年03月12日

为什么经济好选低评级债券

NO.PZ2015121810000038

问题如下:

During an economic period where spreads between corporate and government bonds are narrowing, and spreads between higher and lower rated corporate bond categories are also narrowing, it can be expected that:

选项:

A.

government bonds will outperform corporate bonds.

B.

lower rated corporate bonds will outperform higher rated corporate bonds.

C.

higher rated corporate bonds will outperform lower rated corporate bonds.

解释:

B is correct.

When spreads are narrowing, investors seem to be less discerning between issues with weak versus strong credit, and the rate of improvement will tend to be greater for those bonds issued by entities with a relatively weaker ability to pay. Thus, during times when corporate bond spreads are narrowing relative to government bonds, and the spreads between higher and lower rated bond categories also narrowing, corporate bonds will generally outperform government bonds, and lower rated corporate bonds will tend to outperform higher rated corporate bonds.  

考点:Credit-risky bonds

解析:公司债与国债spread变小、评级高的债券与评级低的债券的spread变小,都可以推断出经济正在变好。经济变好时,公司债的业绩好于国债,低评级债券的业绩好于高评级债券。

备注:rated-评级,rate-利率。所以high rated bond指的是高评级债券,high rate bond/ high yield bond指的是高利率债券(又叫垃圾债)。

如题

请回答一下谢谢

1 个答案

星星_品职助教 · 2021年03月12日

同学你好,

经济好的时候,所有的公司违约概率都很低。既然都不大可能违约,投资者就会倾向于去买高收益的低评级债券。例如投机级别债券,垃圾债,低信用公司债等;

而当经济差的时候,这个时候非常容易违约,投资者会转而购买不容易违约的高评级债券,例如国债,信用质量好的公司债等。

----------

以上的推导过程不需要掌握,只需要掌握结论就可以了。这个结论为:

经济好,垃圾债表现好(outperform);经济差,国债好。

  • 1

    回答
  • 0

    关注
  • 799

    浏览
相关问题

NO.PZ2015121810000038问题如下 ring economic periowhen sprea between corporate angovernment bon are narrowing, ansprea between higher- anlower-ratecorporate boncategories are also narrowing, it cexpectethat: A.government bon will outperform corporate bon.B.lower-ratecorporate bon will outperform higher-ratecorporate bon.C.higher-ratecorporate bon will outperform lower-ratecorporate bon.B is correct.When sprea are narrowing, investors seem to less scerning between issues with weversus strong cret, anthe rate of improvement will tento greater for those bon issueentities with a relatively weaker ability to pay. Thus, ring times when corporate bonsprea are narrowing relative to government bon, anthe sprea between higher anlower rateboncategories also narrowing, corporate bon will generally outperform government bon, anlower ratecorporate bon will tento outperform higher ratecorporate bon. 考点Cret-risky bon解析公司债与国债sprea小、评级高的债券与评级低的债券的sprea小,都可以推断出经济正在变好。经济变好时,公司债的业绩好于国债,低评级债券的业绩好于高评级债券。备注rate评级,rate-利率。所以high ratebon的是高评级债券,high rate bon high yielbon的是高利率债券(又叫垃圾债)。现在国内经济很差,但信用利差也在收窄,集体下了很多,这个怎么呢?

2022-06-25 18:12 1 · 回答

这里指低信用评级还是低利率啊?怎么区分?

2019-03-04 14:08 1 · 回答

    请问老师,怎么理解这里的OUTPERFORM,知道经济好的时候选择评级低的债券,但是和这里的OUTPERFORM有什么关系,谢谢老师!

2019-02-20 19:24 2 · 回答

outperform指的是债券价格问更高吧?

2019-01-31 18:25 1 · 回答