每日更新 - 梯瓦制药公司,俄罗斯铁路公司,收益率差 The Daily Update - TEVA, RZD, Yield Spreads

欧洲央行和日本央行举动似乎继续推动人们追逐利益。当然,我们每年的情形不尽不同,我们觉得这就是为什么那么多投资者受困于走低的收益率曲线,事实上,许多国家转向负收益率,现在人们都在追逐较低收益率。

我们总是说“过去的业绩并不能保证未来表现”, 但这么多人从过去得出结论,尽管世界变化了,而且央行都在实施新策略。

我们认为,收益率将继续走低,利差依据历史性措施来看不会低,而如果我们向前看,延长央行宽松货币政策的时间到明年甚至更久,当然利差也不会高。

然而,我们认为仍然有选择性信贷可能,利差能至少减少至2015年中期水平,那时,卡塔尔30有可能以大约+ 130个基点购买美国国债,如今为+ 176个基点,相差还是蛮大的,于去年价格水平相差7个基点。

从新发行证券来看,目前人们对收益率有相当难以抑制的渴望,迫使收益率和利差更低。上周梯瓦制药公司以各种货币面向市场发行$ 150亿,据报道投资者需要$ 700亿债券。

十年期美元35亿款项以+160基点的价差发行,自发行以来已上涨超过1½点,就需求来看这毫不奇怪,但在+160基点,根据计算,我们认为此次发行对+ 222基点'公允价值'的BBB评级而言高了近两个信用等级,对我们的投资组合不会产生很多兴趣。

我们倾向于提供利差缓冲的被低估的信用,比如俄罗斯铁路公司(RZD),它被惠誉评为BBB-,并拥有俄罗斯政府的所有权。我们认为他们的英镑发行证券, 其2031年到期时7.487%,产生利益6%,根据'公允价值'利差约为+272个基点,+461个基点的利差大约为三级信用等级,这需要价格上升23个基点。

从广义上看,我们的投资组合收益率差比政府曲线高出大约200个基点,加权平均信用质量为A3。至于我们的持股,如俄罗斯铁路公司需要重整获得“公允价值”, 而梯瓦制药公司发行证券需要跌落6个基点,以实现其“公允价值”。

Please read this important information before proceeding. It contains legal and regulatory notices relevant to the information on this site.

This website provides information about Stratton Street Capital LLP ("Stratton Street"). Stratton Street is authorised and regulated by the UK's Financial Conduct Authority. The content of this website has been prepared by Stratton Street from its records and is believed to be accurate but we do not accept any liability or responsibility in respect of the information of any views expressed herein. The information, material and content provided in the pages of this website may be changed at any time by us. Information on this website may be out of date and may not be updated or removed.

The website is provided for the main purpose of providing generic information on Stratton Street and on our investment philosophy for the use of financial professionals in the United Kingdom that qualify as Professional Clients or Eligible Counterparties under the rules of the United Kingdom Financial Conduct Authority (the "FCA"). The information in this website is not intended for the use of and should not be relied on by any person who would qualify as a Retail Client. Products and services referred to on this website are offered only at times when, and in jurisdictions where, they may be lawfully offered. The information on this website is not directed to any person in the United States. The provision of the information on this website does not constitute an offer to purchase securities to any person in the United States (other than a professional fiduciary acting for the account of a non-U.S person) or to any U.S. person as such term is defined under the Securities Act of 1933, as amended.

The website is not intended to offer investors the opportunity to invest in any Alternative Investment Fund ("AIF") product. The AIFs managed by Stratton Street are not being marketed in the European Economic Area ("EEA") and any eligible potential investor from the EEA who wishes to obtain information on the AIFs will only be provided with materials upon receipt by Stratton Street of an appropriate reverse solicitation request in accordance with the requirements of the EU Alternative Investment Fund Managers Directive ("AIFMD") and national law in their home jurisdiction. By proceeding you confirm that you are not accessing this website in the context of a potential investment by an EEA investor in the AIFs managed by Stratton Street and that you have read, understood and agree to these terms.

No information contained in this website should be deemed to constitute the provision of financial, investment or other professional advice in any way. The website should not be relied upon as including sufficient information to support any investment decision. If you are in doubt as to the appropriate course of action we recommend that you consult your own independent financial adviser, stockbroker, solicitor, accountant or other professional adviser. Past performance is not necessarily a guide to the future. The value of investments and the income from them may go down as well as up. An application for any investment or service referred to on this site may only be made on the basis of the offer document, key features, prospectus or other applicable terms relating to the specific investment or service.

Where we provide hypertext links to other locations on the Internet, we do so for information purposes only. We are not responsible for the content of any other websites or pages linked to or linking to this website. We have not verified the content of any such websites. Such websites may contain products and services that are not authorised in your jurisdiction. Following links to any other websites or pages shall be at your own risk and we shall not be responsible or liable for any damages or in other way in connection with linking.

By using this site, you should be aware that we may disclose any information that we hold about you to any regulatory authority to which we are subject, or to any person legally empowered to require such information.

This website uses cookies to improve user experience, by clicking the "I Accept" button below means you consent to the use of cookies on our website.