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【2.10】
2.10每日一篇|熊猫外刊精读
BUTTONWOOD：Dontbelievethe?hype
Themarketfor?corporate?bondsisred-hot--andashadowofitsformerself
【1】Therearenormallyfew?thrills?tobehadfrominvestment-gradebonds,whichisjustthewayitshouldbe.Afterall,thisislendingtothevery?safest?companies.Justnow,however,bondholdersare?throwing?a?veritable?rave.
【2】To?gauge?theirmood,lookatthe“credit?spread”,oradditionalinteresttheycharge?corporate?borrowersoverandabovethe?yield?onequivalentgovernmentbonds.At?0.8?percentagepoints,theaverage?credit?spreadonAmericaninvestment-gradebondswaslastthislowin?2005,amidalending?surge?thathelpedsetthestagefortheglobalfinancialcrisis.Asian?spreads?aresimilar,andEuropeanonesnotmuchhigher.Thebankerswhohelp?companies?issuenewbondshavenotbeensobusysincepolicymakersfloodedmarketswith?liquidity?duringthecovid-19?pandemic.
【3】Interestratesspentmuchofthepasttwodecadesonthefloor.Nowtheyhaveincreased?sufficiently?that,evenwhen?accounting?for?razor-thin?credit?spreads,theall-inyieldsonplentyofhigh-grade?corporate?bondsarewellabove?5%.Thatlooksrathergoodcomparedwiththe?4%earnings?yield?whichisimpliedbytheratioofAmericansharepricesto?underlying?profits?expected?in?2025.Smallwonder?investors?arekeenonbonds,orthat?companies?are?exploiting?their?enthusiasm?toissuemore.PandaForeignMagazineIntensiveReading:RespectforOriginality,PiracyMustBePunished
【4】Yetinanothersense,today’s?seemingly?red-hotmarketcomesasashock.Racierformsof?corporate?debt,?ranging?from?risky?“junk”bondsto?modish?private?credit,havebeen?booming?fordecades.Incontrast,the?stature?ofthe?bog-standard?corporate?bondhastrended?firmly?inonedirection—down—fornotjustdecadesbutcenturies.
【5】First?issued?by?municipal?Veniceinthe?1100s,bondsoncemadeupthe?entirety?ofcapitalmarkets.?companies?startedsellingtheminthe?
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