每日新闻更新 - 美国石油公司债券,非农就业报告 The Daily Update - US oil company issuance, NFP

美国国内能源企业正在发行巨额债券。然而不同的是,前些年桶石油超过80美元(截至2014年),债券融资用于拓展生产、支持宏伟的发展战略,但现在的融资却用来偿债。

九月份美国发行的高收益能源债券筹资70亿美元,占当月发行的所有高收益债券的31%。能源领域中投资级别的债券共发行了19支,融资总额为152亿美元。高收益能源债券被疯狂逐利的投资者包揽,即使评级最低的垃圾债券也很受欢迎,这让垃圾级债券对美国国债的价差缩紧至三年来的最低水平。

然而,根据标普的报道,到2019年美国的石油和天然气公司将面临710亿美元的到期职权,因此仍在新发债券,但油价保持在每桶50美元,而能源行业利用当下的充裕流动性为风险更高的债券发行商融资。我们对高收益债券一向很谨慎,特别是美国能源领域债券,该领域一向习惯用发展的名义容忍负现金流。遗憾的是,这在我们看来就像不断膨胀的泡沫,最终很有可能归于剧烈的泡沫破碎。

有众多观点分析九月份的飓风浩劫将对美国经济指数产生怎样的影响,即使有相关数据和阐释,也很难预测美国九月份的经济。今天公布了九月份非农就业报告,进行了两处修订:新增就业减少33,000个至38,000个,失业率下降0.2%至4.2%。通胀指数九月平均时薪环比上涨0.5%,同比上涨2.9%,平均每周工作小时数为34.4小时。

正如前文所述,经济预期的范围较宽泛,十月份数据的修订将更大,10年期债券收益趋低,截至发稿仅为5/32nds。祝大家哥伦布日快乐。

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