每日更新 - 操纵大选,墨西哥石油公司和破纪录债券交易 The Daily Update - Rigging, Pemex and record breaking bond sale

除了拉斯维加斯,你还能在哪看到史上最精彩的第三轮美国总统大选辩论呢。昨天特朗普维持了一贯不落俗套的风格,自称克林顿是一个“可恶的女人”,克林顿反击说“特朗普是美国历史上最危险的总统竞选人”,这显然是引用了她的仇敌伯尼·桑德斯的话。到大选还剩18天左右时间,民调显示克林顿会赢得大选,虽然特朗普不愿意接受失败,并声称选举被“操纵”。作为大选风向标货币的墨西哥比索昨天继续暴涨,目前成为本月最坚挺的货币之一,对美元汇率已上涨约4.5%。

 
我们在国有石油公司墨西哥石油公司(Petroleos Mexicanos)的业绩表现也很好,本月到目前为止,6.625%的2035号证券上涨了约5个点。在我们的全球债券投资组合中,本次发行继续提供超过24%回报率,收益率超过6%的证券,且风险可控,这点非常吸引人。我们预估债券可再上涨21.5个点,达到约165bps的公允价值范围,并具有足够的4.5信用缺口缓冲。

 
昨天我们提到沙特阿拉伯发起了最大的发展中主权债券交易,交易额高达175亿美元。该国会达到破纪录销售的传闻几乎已经传了一年,所以这次交易额达到3.8倍的超额认购也并不奇怪。三份信用评级为AA-/A1的债券定价为:5年期的为+135bps,10年期+165bps和30年期+210bps。我们在投资组合中增加了10年期和30年期债券,因为它们的预期回报率最具吸引力,可达到7.8%和20.4%,收益率分别可达3.4%和4.6%。我们会继续支持该地区高度评级的主权和准主权发行人的债券,这些债券在沙特的债券交易后出现回升。我们也会继续提供额外的价值和缓冲利差。

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