论文部分内容阅读
美国高收益债券的估值已经处于历史的相对高点,下行和大幅调整的风险不能排除。在此背景之下,有一个不为人关注的产品CSO(即美国公司债券的合成产品——抵押合成票据)正在悄然恢复,美国的几大投行正重返这一市场。在全球债券市场估值过高和高收益债券市场泡沫显现的情况下,对于投资者来说,特制CSO的优先板块可能提供了另一个值得考虑的投资机会。
The valuation of high-yield bonds in the United States is already at a historical high and the risks of downward adjustments and drastic adjustments can not be ruled out. Against this backdrop, there is a quiet recovery of CSOS, a synthetic product of US corporate bonds - the mortgage-backed composite product, and the major U.S. investment banks are returning to the market. Given the overvalued global bond markets and the emergence of the bubble market for high-yield bonds, a priority plate for a tailor-made CSO may offer another investment opportunity worth considering for investors.