收益债券

用VaR度量固定收益债券的市场风险

Measurement of Market Risk of Fixed Income Bonds with Value at Risk

很多投资者已经通过他们的401（k）计划曝光了他们的高收益债券。

Many investors have exposure to high-yield debt through their 401 ( k ) plans .

野心勃勃的高收益债券业务主管安德鲁柯克（andrewkirk）在2007年圣诞晚会结束后，坚持让公司公车改变路线，先把他送回家，因此被罚了100万美元。

Andrew Kirk , the ambitious head of high-yield debt , got docked $ 1m for insisting the company-chartered bus change its route and drop him home first after the 2007 Christmas party .

我们还和其他证券公司一起，率先建立了一个固定收益债券的交易平台，叫做BondBook。

We also pioneered , along with other securities firms , a new trading platform for fixed income securities called BondBook .

第三，欧洲高收益债券市场仍接近停滞状态。

Third , the European high-yield bond market remains in a near coma .

高收益债券和新兴市场债券是2012年表现最好的资产。

High-yield bonds and emerging market debt have been top performing assets in 2012 .

传统上，亚洲高收益债券不是为胆小者准备的投资品种。

Traditionally , investing in Asian high-yield bonds has not been for the faint-hearted .

在任何向优质资产出逃的行动中，亚洲高收益债券显然是一个遭到抛售的资产类别。

Asian high-yield bonds are an obvious asset class to dump in any flight to quality .

国库票据和债券则变动不大，但高收益债券和其他债券继续下跌，周五。

Treasury notes and bonds were little changed , though high-yield bonds and other debt continued to fall friday .

如果这预示着亚洲高收益债券市场的来临，那可是相当地鼓舞人心。

If this is an omen for the Asian high-yield market to come , it is an encouraging one .

亚洲借方发行的高收益债券为数甚少，年发行量约为150亿美元。

The number of international high-yield bonds from Asian borrowers is small , with annual issuance of around $ 15bn .

的确，通胀预期已大幅飙升，而通胀上升将侵蚀固定收益债券的价值。

True , inflation expectations have jumped sharply and higher inflation would erode the value of bonds paying out fixed returns .

中国房地产行业受宠的另一个原因在于，在亚洲高收益债券市场，它的境况好于其他国家开发商和行业。

Another reason for the dominance of China property is it towers over other countries and sectors in Asian high-yield universe .

高收益债券是灵敏的风险偏好晴雨表，价格上升通常表明市场信心出现好转。

High-yield bonds are an acute barometer of risk appetite and rises in their prices have often signalled a turn in sentiment .

亚洲高收益债券的表现已开始逊于更广泛市场（见图表），因为投资者采取了更为保守的立场。

Asian high-yield bonds have started to underperform the wider market ( see chart ) as investors take a more conservative stance .

在这种局面的推动下，投资者开始买入投资级债券、高收益债券及新兴市场债券，作为对手中美国国债和英国国债的补充。

This has encouraged investors to buy investment grade , high yield and emerging market bonds to supplement their treasuries and gilts .

如果美国高收益债券市场形势不好，亚洲美元高收益债券市场很可能会受到冲击。

If the US high yield market suffers , the Asian US dollar high yield market is likely to register the impact .

高收益债券的市场行情也许说明其将萎缩的最终结局，但是华尔街的经济学家却不这么认为。

While the market for junk bonds may be showing that a contraction is a foregone conclusion , Wall Street economists say otherwise .

在亚洲其他地区，高收益债券发行方主要集中在东南亚、澳大利亚和印度的矿业、能源和房地产行业。

Elsewhere the high-yield universe is concentrated largely in mining , energy and property spread across South East Asia , Australia and India .

针对私募债发行存在的问题，通过研究国外高收益债券的发展经验和风险防控机制，对我国私募债风险防控提出了相应建议。

The foreign experience of development of high-yield bonds and credit risk control mechanism give the corresponding suggestions for our private issuance problems .

不甘落后的优步从沙特阿拉伯的主权财富基金筹资35亿美元，并发行了11.5亿美元的高收益债券。

Not to be outdone , Uber raised $ 3.5bn from Saudi Arabia 's private wealth fund and issued $ 1.15bn in high-yield debt .

而且，今年从投资于日元固定收益债券的资金的外流明显下降，尤其是最近这几月更为显著。

Moreover , net outflows from Japan of investment in fixed-income bonds have actually declined this year - especially in the past few months .

这类基金的目标是从美国和非美国发行人发行的高收益债券的投资组合中挣去高额的收益。

The fund objective is to earn a high current income , from a portfolio of high-yielding bonds issued by US and non-US issuers .

随着违约的增多，很大一部分亚洲高收益债券的流动性状况更有可能在市场下行时加剧跌势。

Here the liquidity X factor in much of Asian high-yield is more likely to leave a sting on the downside as defaults rise .

垃圾债券也叫做高收益债券。目前垃圾债券的价格反映了经济增长放缓预期，但没有反映双底衰退的预期。

Junk bonds , also called high-yield bonds , are pricing in a slowdown in growth – but are not factoring in a double-dip recession .

这一奇怪分化的原因在于，在往往不透明的亚洲高收益债券市场，命运仅仅在一定程度上是由基本面因素决定的。

The explanation for this curious dichotomy is that in the often opaque , Asian high-yield market , destiny is only partly defined by fundamentals .

要了解高收益债券市场，一个良好起点是记住：与股票不同，投资者主要关心的是下行风险防护，而不是发行人的利润。

A good starting point with high-yield is to remember that in contrast to equities , downside protection and not earnings is the primary concern .

有一个市场股权投资者和固定收益债券投资者都可以涉足，以扩大其所持有的中国资产规模：那就是蓬勃发展的可转换债券市场。

There is one place where both equity and fixed income investors can go to ramp up their China exposure : the flourishing convertible bond market .

在欧洲，高收益债券市场曾是再融资的一大来源，但该市场自去年7月以来一直关闭，成为2003年以来最长的闭市期。

A big source for refinancing in Europe was the high-yield bond market , which has been closed since July , the longest closure since 2003 .

尽管高收益债券比例不足20%，但不能忘记的是，关键拐点往往是渐进式变化的反映。

And while less than 20 per cent of that is high yield , it is worth remembering that critical inflection points often reflect incremental changes .