每日新闻更新 - 阿布扎比债券 The Daily Update - Abu Dhabi DO!

过去几周新股发行市场表现格外热烈,新发了多支引人注意的债券,比如昨天约旦王国发行的总额10亿美元的债券,其互换率中价价差为496.6点,这支2047年到期的30年期债券票息为7.5%,评级为B1/BB-。根据最好评级BB-,我们得出其目前的风险调节预期回报率和收益率为17.16%,信用缓冲仅有1档。经常阅读我们新闻的读者都会知道,我们不会把该债券纳入我们的投资组合,哪怕它有非常吸引人的预期回报。这是因为,第一,约旦的评级为垃圾级;第二,根据我们的NFA模型,约旦评级仅为1星;最后,该债券的价差缓冲非常有限。但是,毋庸赘言,最近处于极度饥渴状态的收益追逐者昨天疯狂购买该债券,使得该债券超购4.3倍。

我们更愿意持有阿布扎比预期将于今天发行的30年期主权债券。据称,其对美国国债的价差将在150点左右,我们算出这支Aa2评级的债券的预期收益率和回报率约为20%,信用缓冲大约为5档。这是阿布扎比首次发行的长期债券,预期该债券的需求将非常大。有至少两家评级机构将该债券评为投资级,我们预期它将被纳入多个指数。但持有该债券并非受这些信息的影响,因为我们不跟任何基准挂钩,我们有自己的内部评估标准,这包括NFA模型,我们只投资按照NFA模型评级在3星及以上的国家。而阿布扎比的评级非常高,为7星和投资级,因此被划入我们的投资范畴

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