企业债券的投资策略（Investment strategies for corporate bonds）.docVIP

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企业债券的投资策略（Investment strategies for corporate bonds）.doc

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企业债券的投资策略（Investment strategies for corporate bonds）

企业债券的投资策略（Investment strategies for corporate bonds） I. Changes in the market price of corporate bonds The trend of corporate bond prices, i.e., corporate bond prices or yields. Compared with the stock market, there are three characteristics of the changes in the market price of corporate bonds: 1, market changes show integrity Despite the different bond change rate is not exactly the same, but generally speaking, the direction of change in the basic agreement, bond prices rise, almost all of the bond prices rise; while bond prices fall, but also almost all bond prices fall. This is obviously different from the price change in the stock market. 2, changes in market prices and interest rates are more closely related Compared with the stock, the evaluation index of the bond investment value is relatively simple, and the risk is mainly the interest rate risk. As a result, bond price movements are more closely related to changes in interest rates. From recent interest rates, we can see that the correlation between stock market movements and changes in interest rates is weaker. 3, changes in the market to yield as the basis for evaluation The price of the bond does not fully reflect the investment value of the bond, and the evaluation index is mainly the yield. The price is inversely related to the yield; when the bond price rises, the yield falls; when the price falls, the yield increases. Two, the choice of corporate bond investment varieties should be considered indicators Investors should consider the following factors in the selection of corporate bond investment varieties: rate of return (including interest rate, yield to maturity, etc.) sensitive period, credit quality, guarantees, interest rate changes (duration to measure) and trading activity. We briefly describe these factors. 1, yield For bond investment, the yield index mainly includes the following four kinds: (1) nominal yield, the coupon rate; (2) direct return, also known as the spot rate, investors buy